Bitcoin Adoption – the writings of Falkvinge

In May of 2011, a political evangelist for the Swedish Pirate Party, Rick Falkvinge, posted that he was putting all his savings into Bitcoin, which was trading at the time for $8.30 USD per coin.

https://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

People thought he was crazy, but history has shown it was an astonishingly smart move, with Bitcoin trading at $18,000 a coin today in November of 2020, roughly a 2,100x on his initial investment.

What really caught -my- attention was what he wrote in June 2011, outlined below, which looked at the long term strategy for Bitcoin, and the things it needed to overcome to be adopted.

First, the drivers. What is it making people interested in a crypto currency, why were people using it, what was the motivation?

Bitcoin’s Four Drivers:

9 years later, the world is a different place. Illegal usage, which at one time was more than 80% of the transactions, thanks to Silk-Road and others, has dropped to an estimated 5% or less. International trade hasn’t caught up, but Merchant trade has risen sharply, with merchants like Bitpay (https://bitpay.com/) doing millions of dollars a day for big names like Microsoft, Newegg, Twitch, etc. Even Paypal got in on it, announcing the ability to buy/sell Bitcoin via their service. (https://news.bitcoin.com/paypal-crypto-service-venmo/)

Investment has also exploded, with Wall Street investment firms offering funds, like Grayscale, who, as of this article, holds more than $5 billion in Bitcoin. The Chicago Mercatile Exchange (CME) even sells Bitcoin Futures (https://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html)

With the price threatening the ATH of $20k, even the top 0.1% have noticed. According to a poll this month, 73% of billionaires will invest in Crypto before the end of 2022, or already have. (https://news.bitcoin.com/millionaires-fomo-73-own-bitcoin/)

Another set of challenges that Falkvinge outlined were the hurdles to adoption:

Bitcoin’s Four Hurdles:

While Usability and Transactions raised some valid points, Escrow and Exchanges are far stronger today than they were in 2011.

Escrow Services haven’t taken off as much as exchanges, but there are several active ones today.

  • Bitrated
  • Coinsavr
  • Escaroo
  • IBC Group
  • ItBit Escrow

Exchanges

https://coinmarketcap.com/rankings/exchanges/


So the questions of the day.. Should I buy Bitcoin? How do I buy Bitcoin? If you made it this far, you deserve short answers. 🙂

Unless you have a clear use-case, Cryptocurrency should be looked at as an investment. And like any investment, you shouldn’t risk any money you can’t afford to lose. Don’t mortgage your house, don’t raid your kids college fund, only play with money you won’t miss. At this stage in the game, investing in crypto is just like investing in a stock. There are really smart people who have spent years learning market movements, staring at screens 18 hours a day, who still lose massive amounts of money in the stock market. Trading is a skill you refine with education and practice.

Important – Bitcoin (and others) can be sub-divided down to 8 decimal places. That means you can buy 0.00000001 BTC – which today is $0.00018 USD if you want. you do NOT have to buy a complete coin.

Should you decide you’d like to by some Crypto, you have multiple ways to do it, from the exchanges listed above, to Bitcoin ATM’s. Bitcoin ATM’s?? Yep – there are more than 12,000 ATM’s planet wide, buying and selling Crypto. You’ll pay more in fees than using an exchange, but check the Bitcoin ATM Map, you might be able to just walk into the local mall, insert some cash, and leave with a some fractional coin. Sit on it, watch the market, and enjoy the ride.

-donn

Bitcoin News from Finland!

Outstanding news for Bitcoin today, from Finland.

“Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power”

 

Finland Central Bank Praises Bitcoin

It’s a jungle out there!

So, it may surprise some of you to know that there are other Crypto currencies other than Bitcoin. One of the most dominant is a coin called Ethereum, which has a feature allowing sub-coins/aka-tokens to be created by anyone. This, in turn has opened up the door to abuse. Take a few minutes to read the article below, and walk the brave new world of digital money with the same care you would your real money. Be safe!

 

The ICO world is full of pump-and-dump schemes — don’t be a victim

Happy Thanksgiving

Just wanted to take a moment and thank all of our customers for a great year! November is turning out to be our best month ever, and we owe it all to you!

YSyErOM

 

Send #Bitcoin to any Cell Phone with our Bitcoin ATM!

Exciting news! In a trend of adding new features to an already powerful product, any user of our Bitcoin ATM can now send money directly to someone else via SMS! After making the transaction, the recipient is sent a text message where it can be claimed by registering either online or at our Bitcoin ATM.
phone2
(from blog.robocoin.com)
Today, we announce that customers can send bitcoin to any mobile phone number. Previously, customers could only send bitcoin to addresses or existing Robocoin users. We believe this is a necessary step in the right direction of introducing bitcoin payments to others.

#Bitcoin is for money, as email was for letters…

Great quote, and it puts the potential of bitcoin into simpler terms…Electronic money for an internet age. Email used to be the “new” thing.. back up not very far, and your grandparents had no idea what email was.. Today the internet is used by millions of all ages.

Bitcoin allows you to send money instantly, electronically, across all corners of the planet.

I was reading a great article last night on Business Insider, by Wences Casares, in which he postulates that Bitcoin may end up being a bigger deal than the Internet was!

Bigger than the internet

That’s why I think bitcoin is important: It’s relevant, and I think it will take time, just like the internet took time. But it may have more impact than the internet. If you go to Africa or Latin America, parts of Asia, and you sit down with not even a poor person, just an average person, and you ask, “Look, what would you prefer — free access to information [which they’re getting now with their phones] or a secure place to store the fruits of your labor and to receive and make payment?”

If they didn’t have either, which was true until recently, they would choose the second because it is more relevant to them. Right? So for 5 billion people, I think that bitcoin will be more relevant than the internet.

Great article, you can read the rest here:  http://www.businessinsider.com/how-bitcoin-may-have-more-impact-than-the-internet-2015-2

 

 

#Bitcoin #ATM now open in #Vancouver #Westfield!

After -way- more delay than expected, Point of Coin is excited to announce the opening of our #Bitcoin ATM in Vancouver, Washington, at the Westfield Mall location.

We’re located on the first/ground floor, main mall entrance, across from Cinetopia.. Easy to find!

If you’re coming to use the machine for the first time, you’ll need to bring your ID with you, as well as your cell phone. Second-time usage only requires your PIN & cell phone.

Thank you to Westfield for their patience while we waited for Washington State to complete their MSB/MT process.

 

20150109_142255_sm

-donn