The Academy Interview: CoinGecko
If you are looking for analysis and ranking data on the various digital currencies in the market today, there are multiple sources from which to choose. One of our favorites is CoinGecko. We like it for a variety of reasons, including their reporting on projects by developer and community activity levels. CoinGecko provides a snapshot of the intangibles surrounding digital currency projects; a view lacking on other analysis platforms.
We cornered Bobby Ong and TM Lee, the cofounders of CoinGecko and got them to answer a few questions for us, which we share below. TM is responsible for the technical aspects of CoinGecko while Bobby is responsible for the marketing and community building. They started the CoinGecko project in April of 2014.
1. Why are you involved with digital currencies?
We are both very interested in the potential of Bitcoin and the blockchain technological innovation. We also see similarities in the growth potential of Bitcoin just like the Internet in 1993.
2. Which digital currencies do you actually own?
We both own many different digital currencies and trade frequently so it will be a long list. Our main holding is BTC.
3. Do you have a favorite wallet?
Coinbase and Blockchain.info
4. Do you have any favorite exchanges?
We trade cryptocurrencies using exchanges with the highest trading volume. CoinGecko tracks the trading volume of each cryptocurrency. Here are a few examples: Litecoin, Dogecoin, Monero.
5. Do you actively spend digital currency in retail environments?
We do spend them occasionally.
6. What was the last purchase you made with a digital currency (& which currency did you use)?
Hotel booking on Expedia using Bitcoin.
7. How many employees does CoinGecko have?
Two – TM and Bobby
8. How is CoinGecko funded?
CoinGecko is bootstrapped and is ramen profitable.
9. What is your background in this field?
TM is a Computer Science major while Bobby is an Economics graduate.
10. Tell us more about why you wanted to start CoinGecko, and what makes is so different than other cryptocurrency ranking sites.
There are many different ways of evaluating cryptocurrencies but many traders are only looking at market capitalization. We noticed that the savvy traders look at various metrics such as trading volume, developer activity and community. These traders spend many hours researching by aggregating various data points but there is no single website to help put all these metrics onto one page. We wanted a tool to help our own research so we created CoinGecko to start tracking all these metrics and help the community at the same time.
11. Who uses CoinGecko?
The people using CoinGecko are mainly cryptocurrency traders doing their cryptocurrency research.
12. Why do you feel it is important to chart data other than just Market Capitalization?
Market capitalization is an important metric but it is a crude measure of a cryptocurrency and may be easily manipulated whenever there is a small float. There are many other ways of evaluating a coin that is not reflected in the market capitalization figure and CoinGecko would like to help traders get a 360 degree overview of the various cryptocurrencies in the market.
13. Where do you see CoinGecko in 3 years?
We predict that there will be an exponential growth in the number of altcoins in the market. In a world with 10,000 different coins, there is a strong case for users to need to research the various coins by using a website like CoinGecko.