For those who follow the motto of Groucho Marx and refuse to join clubs that want you as a member, a new form of ultra-exclusivity might suit you just fine. Despite what users claim, Bitcoin is the new back alley club of finance with one hellava confusing address. And this group of new exclusives wear nerd glasses and pocket protectors. With their mining pools, hash rates, USB ASICs, and digital signatures these nerds have their computers yoked up and digging for geek gold. And while it feels like monopoly money to many, a number of bitcoin nerds have already become filthy rich. As this confusing currency is making a play to unseat gold or even the dollar. But don't get caught by surprise. Nerd domination is nothing new. Even if we forget the recent history of nerd billionaires highlighted by Steve Jobs and Bill Gates, we don't have to dig too deep to find how nerds have commanded their fair share of history. In fact two of the most powerful families of all time were double ledger number crunching geeks. Much like bitcoiners today, the Rothschild and the Medici used secret codes and decentralized networks to amass some of the greatest fortunes in history. Indeed, the Medici were so rich, they personally funded a good chunk of the Renaissance. While the Rothschilds brought down Napoleon and dictated the outcomes of major wars. But while the Medici and Rothschild were comfortable with their greed, today's nerds are playing a different game. Modern geeks claim they are working with full transparency and using tools available to anyone. Tell them they are running an exclusive club and they'll scream Bitcoin is open source, anyone can mine, and the server is run by the masses. They ignore the fact the most of the world is not as tech savvy as they are and bitcoin is still years away from being as user friendly and accessible as they claim. Worse, they conveniently forget the billions of people in underdeveloped countries who don't have reliable internet or even electricity. They'll say bitcoin can function without phones or even computers, but that's like a bit like a jet-setter telling others that donkeys work just fine. Given such poor access, its believed that 80% or more of the world's population still hasn't even heard of bitcoin. Its a troubling situation given that this nerd mafia has already mined half of all future stocks. Ask these hoarding geeks what the rest of the world will use and they'll tear into you, claiming that the bitcoin protocol allows for infinite divisibility. There will always be enough. While true, this argument paints over the fact that a tenth of a Satoshi might work great in commerce but it holds one billionth of the value of each of their Bitcoins. Sure, a billion dollars and a penny are both liquid forms of currency but they do also define status & dictate powers. So beware, of this nerd frenzy and don't just wait until understanding is clear. Because, sadly, that may never happen. As the world catches up, the nerds are stocking up, creating an Ivory Tower of money. And if all goes to plan, global nerd domination will repeat itself once again. World power hand picked from the Usual Suspects...nerds. Still its not yet too late. If you want to join the party and you have trouble reading open-sourced code, perhaps we can recommend a new pair of glasses. For some, these specs are making the future look very bright indeed.
Adds Support for Quickbooks Import of Bitcoin Sales
ATLANTA -- September 16, 2013 -- BitPay Inc, the world leader in business solutions for virtual currencies, announces it has over 10,000 approved merchants in 164 countries using its service to accept bitcoin payments. This milestone was reached almost exactly one year after the company approved its 1,000th merchant.
The merchants in BitPay’s directory are diverse internationally, with approximately 50% located in North America, 25% in Europe, and 25% in the rest of the world. eCommerce merchants account for over 90% of the business, including consumer electronics, precious metals and IT services. Bitcoin lowers the risk and cost of accepting payments in a card not-present situation, such as eCommerce.
BitPay’s merchant service continues to expand its feature set at a rapid pace. Merchants using the popular Quickbooks small business accounting software can now download and import their BitPay sales into Quickbooks.
“Our merchants are thrilled with this ability to import into Quickbooks,” says BitPay CFO Bryan Krohn. “It makes reporting their bitcoin sales just as frictionless as the payment itself.”
The month of August was another record month for BitPay, processing over 10,000 merchant transactions worth over $6.4 million. Year-to-date in 2013, over $34 million worth of Bitcoins have been spent on goods and services through merchants using BitPay’s platform.
BitPay’s story is unique in the start-up space. Founded by two graduates of Georgia Tech, the company built a working product, acquired customers, and achieved profitability with only the two founders.
After raising their round of seed capital, BitPay has chosen to establish their roots in Atlanta and build their company culture in a city known for innovation, but often overlooked by the Silicon Valley insiders.
“Atlanta is a hub for financial technology, especially in the payment and merchant acquiring space,” states BitPay CEO Anthony Gallippi. “There’s a cluster of amazing companies here, focused on delivering real results through innovation.”
With pre-built plugins or embedded solutions for 20 of the most popular shopping cart platforms, adding bitcoin as a payment option to a merchant’s web store can be done in a few minutes, without any programming code.
About BitPay BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.
With the Forbes online article this week interviewing Rob McEwen, once again we are given a glimpse at Bitcoin's potential to unseat gold. The billionaire head of McEwen Mining and previous owner of Goldcorp conceded that "it's a mistake to write off bitcoin as a bubble or fad." And industry insider Naval Ravikant of AngelList goes further saying that "All the things that gold does, Bitcoin does better." Leading some to the conclusion that bitcoin is "gold on steroids." Indeed, Gold, the ancient currency was once prized for how easy it is to recognize and transport and how difficult it is to counterfeit. But in this global economy, the weight of gold is now its greatest burden. Gold is a nightmare to transport and impossible to send over the internet. While bitcoin has the very sci-fi aspect of brain storage, Bitcoins unlike any other money, can be stored just in your mind. Clearly helpful if you're crossing government borders. Further, modern counterfeiters have challenged the most pristine aspect of gold, with many recent forgeries being crafted with Tungsten, an element with nearly the same density as gold. In a recent case in New York, hundreds of thousand of dollars were lost to complex tungsten-based gold forgeries. Indeed, as Bitcoin appears entirely exempt from counterfeiting, its wider use could save billions in policing and loses from forgery. Bitcoin and Gold are often compared in terms of scarcity. Creating true deflationary currencies. But while new gold can always be pulled from the ground, Bitcoin has a hard limit of 21 million. And once reached no more will ever be produced. While its possible to subdivide each bitcoin into millions of units called Satoshi's to maintain its fluidity, even Satoshi's have a fixed and hard limit. With all this, it appears that gold might be running into the same pitfalls that newspapers and music companies felt when hit by digital online alternatives. It appears that with crypto-technology, for the first time in history, gold has finally met its match. When it comes to inflation, transport, trust, counterfeiting, and usability, Bitcoin stacks up pretty good against the precious metal. So... as gold prices tank in recent months, one can only wonder if Bitcoin's surge & Cyprus's troubles have anything to do with the fall. And others have suggested that as Bitcoin's price multiplies ever higher... bringing the masses into the fold, whether we are seeing the beginning of the world's first digital gold rush.
This piece was re-shot based on the original version "Bitcoin vs. Gold", 1 week ago. We re-shot and edited to fix some errata and include some updates.