Ben, a chatbot that lets users learn about and buy Bitcoin

Feb 13, 2018 | 2823 Views

It is quite true that whenever a new technology comes up, everybody rushes to build something related to that and then the process of natural selection takes place whereby a few of the things built survive. For instance, chatbots became part of the main trend last year and we saw so many chatbots coming up related to weather, personal finance, movie recommendations and more. Some of them proved to be useful but till the time Natural Language Processing improves dramatically, we are going to be on our own to get the tasks done.


However, there are a few exceptions. One noticeably being the case of chatbots designed to make a very complex task or topic accessible to the average person. Take the case of Cryptocurrencies.


Ben, a chatbot lets a person become familiar with cryptocurrencies using a easy chat interface. Talking to "Ben", users can achieve tasks like take lessons and learn about cryptocurrency, buy and sell bitcoin and read about latest industry related news.


Ben focuses on an underserved market and thus has the unique advantage of not having to rival with established players in the market. Ben is a part of the Y-Combinator Winter 2018 batch and has previously raised $580K pre seed from various angel investors and Third Kind Venture Capital.


Once users from 21 states complete a KYC check, they can buy and sell bitcoin with other states. The startup charges around 1% for the buys and sells, which is infact in line or lower that most of the major exchanges. Their app also has a social feature whereby one can link with friends to see their returns in order to find who is a better investor.


Cryptocurrency of users is stored in the cloud, however their private keys reside on their own personal device. This is not as secure as complete cold storage but it does ensure that your bitcoin cannot be spent without a person having to access your phone. Ben also provides new users backup seed to write down in the event they lose their phone.


It is important to note that Ben is not necessarily meant to support someone who is an experienced crypto user and has a high-value portfolio. He/she may require advanced features and security which Ben does not offer presently. The main goal of the startup is to make learning, buying and selling of cryptocurrency available to anyone, especially those who lack knowledge about this field.

Source: HOB