2017 is going to be a pivotal year for bitcoin. Getting other involved is important but we also need to do more as the established bitcoin community.
I own bitcoin but rarely ever use it. I very much believe it’s going to continually go up in value so i’m guilty of looking at it as an investment rather than the next currency.
I need to look at my bitcoin holding differently. For every person i give bitcoin too in a purchase, the bitcoin I hold become more valuable. We all have things we purchase on a regular basis. I’m making it a goal to spend and then purchase $100 worth of bitcoin each week.
There is legislature in Washington right now (SB-5264 see this article) to make it illegal for marijuana dispensaries to use bitcoin. This is an industry that the same lawmakers won’t allow them to have bank accounts. The bitcoin community and the marijuana industry should both be outraged and look at this as the first major attack on both industries.
Corporate greed needs to be leveraged to forward the cause of making bitcoin a respected day to day currency. If we don’t push bitcoin forward the regulators are going to slowly strangle bitcoin to death.
Let’s pick a day like 1/30/2017 for example, so stores that get wind of this can get a free wallet. Lets cal it Crush Corp Geed Day. Everyone in the bitcoin community needs to go to an establishment that they frequent and politely ask “do you except bitcoin?” This can be a grocery store, fast food, mini mart or anywhere else across the planet. If the answer in “no” simply leave without buying anything.
If 100 bitcoiners went into every McDonald’s in the world and left without spending $9.00 it would cost them $31,042,800.00 in lost revenue. The global corporate leverage numbers here are astronomical and impossible to ignore.
If you want bitcoin to be the savior of mankind as I do, we need to step it up this year. There is legislature being pushed in Washington (SB-5264) to make it illegal for pot stores to except bitcoin. We need to flex our global muscles to stop the erosion of our beloved blockchain technology.
Bottom line, if we are vested in bitcoin and blockchain technology we need to buy bitcoins frequently and start using them everyday for as many purchases as possible. I just heard fivrr.com quit taking them because of lack of use. Ok, I get people are too stupid to understand bitcoin. But what’s our excuse?
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Who’s with me?
People in other countries around the world that don’t carry as much emotional baggage or maybe their money has already crashed are all considering alternative currencies. Its that or go back to bartering. I found the article below on bitcoin.com. Its about Denmark going to their own digital currency.
The global war on cash, initiated by some of the leading economies and governments across the world, is starting to impact financial ecosystems. According to various sources, cash usage in countries including the US, South Korea and Denmark has decreased drastically and is presumed to decline even more in the foreseeable future. As cash continues to devalue, bitcoin is becoming a strong alternative to government-issued money.
Denmark Cash Usage Below 20%, Minting E-Krone
The central bank of Denmark, also known as Danmarks Nationalbank, has long considered substituting cash with a blockchain-based currency called E-krone. Using its national currency the Danish krone as basis, the Nationalbank is considering replacing cash with an electronic form of money.
Lars Rohde, the governor of the Danish central bank who oversaw the bank’s cash printing press for years, stated in an interview that cash usage in Denmark already dipped below 20%, He also noted that the rest of the Danish population rely on online banking systems or alternative financial service providers to settle payments and transfer assets. Thus, following the global trend of cash suppression, Rohde is moving forward with the concept of e-krone in 2017.
However, like any centralized digital currencies or assets, e-krone does not make an efficient form of money as it fails to be decentralized. The e-krone providers the Danish central bank with a high level of control, which ultimately would lead to the compromisation of security and privacy.
If Denmark continues to pursue the path of restricting cash and development of digital payment networks, it is likely that bitcoin would emerge as a strong alternative. As Rohde stated, if a digital payment network takes over, cash will no longer the economy as an alternative. It will be substituted and replaced for good.
“Cash and notes are not an alternative to electronic payments. We went beyond that many years ago,” said Rohde.
US Cash Usage to Reach 24% by 2026
The U.S., which houses some of the largest fintech and bitcoin firms in the world, is also seeing a drastic change in payments and financial settlement. Recently, prominent law firm Paul Hastings released a research paper which stated that non-cash payments in the U.S. and U.K. will reach US$46 trillion and $1.75 trillion respectively by 2026.
That means, within the next decade, cash transactions will only account for 24% of all payments in the U.S., with 76% of all transactions being handled with non-cash payment networks and methods.
The analysis of Paul Hastings is based on reliable market data and financial trends, which was conducted in association with the Centre for Economics & Business Research and YouGov.
Optimistically, the growth of the global fintech industry and startups are on par with the declining usage of cash, offering the general population more options to select from apart from banks and traditional financial service providers.
However, Accenture, a multi-billion dollar research firm, recently noted in an article entitled “Global Fintech Investment Growth Continues in 2016 Driven by Europe and Asia” that the U.S. is falling behind Asia and Europe in terms of fintech investment and startup growth, which can be accounted to the government’s inability to present practical regulatory frameworks.
I realized today 9/14/16 how long it takes to download and update a new bitcoin wallet to the blockchain. I’ve had the same wallet since 2010. I have not started a new one in a few years. When I started it was at 7 years, 37 weeks behind. It took one full day to get to 5 years, another day to get to 1 year, 7 weeks. It seems like its going to take the better part of today to finish updating.
You can really tell how many more transaction are happening now compared to the first years. Here is a screen shot of it updating as I write this post.
You can see in the green bar that I have 1 year and a few weeks to go. I started this wallet 2 full days ago. This brings up an interesting possible situation. Think about how fast things happen on the internet. Uber didn’t take 43 years to work their way through the minutia of the taxi industry. They completely took over that industry in about 5 minutes.
One day bitcoin is going to blow up. Its already proved itself as a 100% reliable means of exchange over the past 7 years, 37 weeks. Yes, an exchange got attacked, someone somewhere bought dope. Bitcoin itself has never faltered and never will. Do you really want to compare the criminal history of bitcoin with the dollar? It works a thousand times better, faster and more secure than dumb ass dollars.
Whoa…I almost got on my soapbox. The point to this post is this. Its takes 5 days to buy and store bitcoin in a software wallet. Bitcoin is at $609 right now
When something weird happens and bitcoin goes viral the price is going to go through the roof. Not like go to $700 or $800 but go to $6000 then $60,000 in a matter of hours. While bitcoin is going viral the dollar is going to be crashing.
When I first bought bitcoin in 2010. My big bank would not link to an exchange for obvious reasons. I had to open an account at a local credit union just for the purpose of buying bitcoin. It took a few days. then I had to link the account to an exchange. They made some small deposits of like .35 and .08, then I told them the amounts and the accounts were linked. It then took a few days for my wired funds to become available.
If you have your head buried in the sand concerning bitcoin. You are going to miss what I think is the biggest opportunity in the history of mankind to a mass a fortune. Not giving financial advice, not telling you to invest all your broken dollars in bitcoin. Just telling you to get a wallet. Its free. Update it to the blockchain. Buy $5 worth of bitcoin just to see how it works.
Less than 1% of the world population has ever heard the word bitcoin. Imagine what bitcoin will be worth when 1% knows about it? Imagine 10%. This is not opinion, its math. Check the video this guy is from Agentina.
Remember, Bitcoin is world wide.
Thanks for reading;
Thomas Meyers-Bitcoin Expert
Call me crazy but I know of a handful of bitcoin advocates that all where going strong with their bitcoin projects such podcast, blogs and social media account. All at once about a month and half ago decided to stop. Coincidence? maybe Or something more sinister. Government mind control? you tell me. Bitt Holes
I just read this article
Here is some of it-
“Although it seems to have largely gone unnoticed, the European Union introduced new Value Added Tax (VAT) laws on 1st January this year.
As a consequence of this legislation, companies selling electronic goods or services to customers within the EU are now legally required to record the country of residence of their customers, which – according to some – spells bad news for bitcoin.
The new legislation was put in place to make sure that VAT is actually paid in countries where the products in question are consumed, as is the purpose of these kinds of taxes.
More specifically, the new VAT laws are supposed to prevent a certain form of tax evasion, where – mostly – large corporations open up an office in a VAT-friendly country in order to sell their products throughout all of the EU, while paying as little tax as possible.
But according to some tax lawyers, such as Richard Croker, head of corporate tax at London-based law firm CMS, these new VAT laws are consequently disadvantageous for anonymous (or pseudonymous) methods of payment such as bitcoin.”
What they don’t talk about is that the EU is a house of cards dependent on and created by the banking cartel. If everyone switched to the bitcoin today there would be no EU tomorrow. Who really needs these organizations that’s only goal is to enslave the populations. Fuck you EU and your crooked bitch the CFR!
Let’s imagine for a moment that some big Hollywood star made it cool to own Bitcoin. Everybody in America took all the money they had in cash, checking and savings and bought Bitcoin. The first thing that would happen is Bitcoin would go from $600 per coin to $6000 to $60,000 to several million per coin. By the time the banks realize that their empire has dissolved it will be too late. Millionaire fat cats will rush to buy in. The problem for them will be that the price of Bitcoin will be in the millions.
Average people like myself that already own over 100 Bitcoin will be in a powerful position. The Government will come to a screeching halt. The CIA, FBI and NSA will become empty buildings as the government will have nothing to pay anybody with. The military will grind to a stop. The IRS will try to collect taxes but will have to ask nicely as they will have no way to seize Bitcoin. Since we the people now have all the power we can rebuild the government so that it serves the people. We can demand complete transparency.
We don’t get to vote on what goes on at area 51. What exactly that super computer in Utah is doing. The entire spending budget of the Government needs to be made public. A fairtax.org will have to be implemented as the Government will have no way of knowing what we are buying or saving. No longer will corporations have a voice in politics. No longer will the central bankers be able to deflate our currency.
A government that operates in the light instead of the shadows is better for everyone. Terms like “classified documents” or “risk to national security” are words that crooks hide behind. Today it is not legal to film a war in progress or to film the police. Yet we are being filmed everywhere we go. In the 60’s soldiers coming home from the “war for profit” were called baby killers. Now that we can’t see the horror of war we call them hero’s.
This post won’t change anything in the world. Stupid things people post on social media won’t either. If you want things to change you must take action. You need to have courage and stand up for what you believe. When I say courage I don’t mean taking a bullet for your country. I mean making a powerful statement like “I’m not using your worthless dollars anymore!” Have the courage to make changes, or just shut the fuck up.
Currency unlike Bitcoin is a very old idea that dates back thousands of years. The idea of currency made exchanging goods and services much easier than using precious metals, sea shells, goats and chickens. There is no way the inventors of currency could have ever foreseen computers, internet or smart phones.
The dollars is arguably the most powerful currency to have ever existed. That is something for Americans to be proud of. Our country is only a couple of hundreds years old and the dollar is as iconic as the stars and bars on the flag. We have some favorite saying in this country like “these colors never run” which I think also includes the color green.
So why in “God We Trust” would we ever want to turn our back on our currency? If you ask anybody to make three wishes one wish is always about money. We go to work everyday because of money. We go to college to get a job that pays more money. We desire expensive things so that people recognize our social standing and the first thing a woman looks for in a mate is money.
It seems every time I read an article about Bitcoin it mentions Silk Road and now this Charles Shrem dude. They call it things like a renegade currency and say it is used for money laundering and tax evasion. None of that is true and nothing needs laundering more than the dollar. It starts at the very top with the people who make it and the people who tax it. Every time they print more they are stealing the value from the money you have already earned. Not only does nobody seem to care but people will actually defend this system as if without it our country will not survive.
Here are a few characters you could associate with the dollar, Bernie Madoff, Al Capone and Pablo Escobar. Nobody ever bought booze from Capone or Coke from Escobar with Bitcoin. In fact Al Capone was convicted of income tax evasion. It would take bitcoin a thousand years to catch up to the dollar as far as a means for illegal activity. In fact all the worlds drug activity is based on the dollar not the Pound or Yen.
So the next time you read a negative article about the bitcoin, look a little deeper. Find out who owns the publication that wrote it or televised it. The ones that opposed the bitcoin are people either too stupid to understand basic mathematics, blinded by misdirected patriotism or make their income from the money corruption business.
Bitcoin is not inflatable, its anonymous, secure, mobile, international and designed for an internet based economy. Bitcoin by design is almost virtually free of corruption. Anyone who speaks out against it has to be from a source of corruption because who else would not want to end the deficit, income tax, inflation and corruption?
Craig Ruttle/Associated PressCameron, left, and Tyler Winklevoss, at a hearing about virtual currency on Tuesday in New York. The hearing gave five Bitcoin advocates the chance to discuss what they view as the advantages of Bitcoin over current systems.
A hearing Tuesday on the regulatory future of Bitcoin instead turned into a forum on the shortcomings of the traditional banking industry.
The hearing, called by New York State’s top financial regulator, Benjamin M. Lawsky, gave five Bitcoin advocates the chance to discuss what they view as the advantages of Bitcoin over current systems of moving money around the world.
“Solutions don’t really come from the current industry,” said Cameron Winklevoss, who, with his twin brother, Tyler, has invested in Bitcoin companies. The two were early players inFacebook.
Even Mr. Lawsky got in some digs when he complained that it takes three days for his bank to transfer money to pay a credit card bill at the same bank.
When Mr. Lawsky asked about efforts by banks to create their own Bitcoin alternatives, Fred Wilson, a leading venture capitalist at Union Square Ventures, doubted that anyone would build software around a currency created by the conventional banking system. “No one is going to build on top of JPMorgan Chase’s Bitcoin,” he said.
JPMorgan’s chief executive, Jamie Dimon, last week publicly played down the potential of virtual currencies like Bitcoin, which have become so hot over the last year. Bitcoin aficionados argue that digital money could provide a way to dispense with the transaction fees and penalties charged by banks.
The hearing underscored just how ambitious Bitcoin advocates are in their desire to create a new payment system. For his part, Mr. Lawsky showed openness to regulations that would encourage the new technology.
“We need to think internally about how we can be a more modern, digital regulator,” he said. Mr. Lawsky has proposed the creation of a BitLicense for virtual currency firms, but the concept barely came up on Tuesday.
Regulators have so far been reluctant to come up with specific rules for virtual currencies or even to specify who should be supervising them. Mr. Lawsky indicated on Tuesday that he hoped to make New York the first state to provide regulatory clarity.
The panel Tuesday morning was the first of five in a two-day hearing, and testimony Wednesday may provide a more critical look at Bitcoin. But even Tuesday morning’s panel was not entirely friendly. The panelists suggested they were suspicious of any regulations that would force virtual currency start-ups to follow the same money-laundering laws imposed on traditional banks.
“If that’s the condition of a company starting, than maybe we don’t do it in the United States,” said Jeremy Liew, a partner at Lightspeed Venture Partners, a firm that invests in Bitcoin companies.
But Mr. Lawsky and his colleagues said that the industry was going to need to find a way to operate under the same laws as other financial firms.
“If the choice for regulators is to permit money-laundering on the one hand, or to permit innovation on the other, we are always going to choose squelching the money-laundering first,” he said.
Hanging over the hearing was the criminal complaint unsealed on Monday against a leading Bitcoin entrepreneur, Charles Shrem, and a business partner, who were accused of helping people buy drugs online using virtual currencies.
During the hearing, the Bitcoin Foundation, where Mr. Shrem was vice chairman, put out a statement indicating that Mr. Shrem had resigned on Tuesday.
Mr. Lawsky said the arrests showed the potential that virtual currencies have to smooth the way for illegal activity. But the people testifying said that Mr. Shrem’s arrest showed that current laws are enough to stop wrongdoing in the Bitcoin universe, particularly because all transactions are recorded on a public ledger.
In the end, the panelists did much more than defend Bitcoin — they spoke about it as an almost messianic force for good in the world.
“It’s about freedom, ultimately, and whether you want to live in a society that embraces innovation and free speech and freedom or not,” Mr. Wilson said.
A minute later, Tyler Winklevoss echoed that: “Back to what Fred said: Bitcoin is freedom. It’s very American.”