Meet Adam, the Owner and Director of Liverpool's largest cryptomining company

Adam is Managing Director of the digital agency he founded, Launchcode Digital. In late 2017, Adam became owner and director of Liverpool's first cryptocurrency mining company - cracking code to release different types of cryptocurrency.

We've all heard of someone who deals in Bitcoin. Actually I know one person, my Mum's neighbour's, daughter's partner. So many questions, so little opportunities to ask. Is it acceptable to meet them for the first time and to grill them entirely on what on earth a Bitcoin is? Do you think they get sick of people staring dumbfounded and being met with 'I still don't get it?' Probably. 

So instead of hunting down the never-seen-before but definitely heard of apparently 'Bitcoin expert,' we decided to speak to what we'd call a 'certified' cryptocurrency and 'internet expert', his name is Adam Galloway. If the fact that he runs a cryptofarm isn't enough, last year, Adam was honoured at the Internet Society's 25 Under 25 Awards. 25 Under 25 recognises people under 25 who are using the internet as a force for good.

In this blog, we'll hear from Adam as he explains what cryptocurrency is, how we can use it and how he got into this crazy game in the first place.

This infographic 'sort of' explains the whole process around Cryptocurrency.

1. So we have heard of Bitcoin, but we don't really know what is is or how to use it. So Adam, what is it and how on earth do we 'use' cryptocurrency? 

"So the easiest way to describe a cryptocurrency is by likening it to traditional currency (monies). Originally, the pound Sterling was backed by sterling silver. This meant that every single pound corresponded to a real amount of silver. "

"One of the issues with this, was that is would be impossible to prove the existence of every piece of physical silver, corresponding to the currency. Cryptocurrencies solve this issue, because they are backed by a distributed digital ledger* of every single token in existence, and how it has been transferred between wallets."

"The maths of how this can be done securely is difficult to explain, but its reasonably secure for the next few decades."

On using cryptocurrency, Adam says:

"If you'd like to use cryptocurrencies to buy a coffee from your local cafe, you'd probably be out of luck. Most outlets won't accept cryptocurrencies due to their volatility and the cumbersome technology behind using them. As more startups implement cryptocurrencies into easier systems and governments improve their regulation, we will see much higher adoption."

2. How did you get involved in cryptocurrencies? 

"I started getting into cryptocurrencies back in around 2010." - First off, we didn't even know it is existed in 2010. 

"Since digital rights and cryptography are a couple of my interests, the concept cryptographically-backed currency was very interesting to me."

"Back then, cryptocurrencies (mainly just bitcoin) were used for silly things like exchanging files on technology forums. A lot of people who were involved in technology were aware of them but would never have imagined their ultimate worth."

"My involvement in the mining of cryptocurrencies was actually very recent. One of the people on my team had been involved in mining on a small scale before, but nothing major. We were approached by a group of investors who were keen to get involved in cryptocurrencies and we agreed to start a mining company."

3.   What’s the crypto scene like in Liverpool?

"As ever, Liverpool is a great place to be to meet like-minded techies. Over the past few years I’ve met plenty of people who are interested or involved in cryptocurrencies and related technologies. As far as I’m aware, we operate the largest mining farm in Liverpool, but I am aware of others that are doing similar."

"Additionally, Liverpool will likely be one of the first cities to really adopt cryptocurrencies for normal payments, as one of the startups currently providing local payments is looking to integrate cryptocurrencies."

How long will it be before we can pay for our drinks with Cryptocurrencies?

How long will it be before we can pay for our cocktails using cryptocurrencies?

4. In your opinion, what does the future hold for cryptocurrency? How long do you think, if ever will it be before people can make everyday purchases using crypto?  

"As I mentioned, I think crypto is a big opportunity for us to overhaul how we think about money. We have seen financial collapses brought about by the over-issuance of currency. This can be partly mitigated by a provable asset like bitcoin or ethereum*."

"What we need now is for the government to put better laws in place to simplify the taxation and purchasing of cryptocurrencies. Many people believe that regulation will be detrimental for crypto, but it’s necessary for it to be taken mainstream."

In June 2018, Adam will be speaking at the International Business Festival, held in Liverpool. Adam is the youngest speaker on the agenda so far. We asked him what he's going to be speaking about on the Future's Stage. 

"At the Business Festival, the focus will be on creative disruption and how tech entrepreneurs like myself go against the status quo. I decided in my last year of college that I would pass on university in order to try and grow my main business (LaunchCode Digital), which builds websites and mobile apps for our clients."

"I've always hoped that I could inspire change and support other young people to pursue their dreams and work for themselves, so hopefully the Business Festival will get that message across."

So there you have it. A quick insight into one of Liverpool's most exciting and inspirational tech entrepreneurs. If you are interested in hearing from Adam Galloway at the Business Festival, he will be speaking on 27 June on the Future's Stage. 

In case you were wondering...

*Distributed Digital Ledger
distributed ledger (also called a shared ledger, or distributed ledger technologyDLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralized data storage.

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether, is a cryptocurrency whose blockchain is generated by the Ethereum platform.

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This blog has been written by Jess Cavendish, Digital Marketing Executive for Marketing Liverpool. Jess looks after all things website and content related for VisitLiverpool/its liverpool, Marketing Liverpool and Liverpool Convention Bureau digital channels!

Jess is originally from Chester and started out at Visit Chester.

She is 22 years old, loves music, travelling, singing and a good night out.