From the desk of Bit-Media
We have taken the unusual step to write this manifesto because we have a wholehearted belief in this message that we are about to share with you and the world,
You see, we believe that we are at the start of a revolution that could be of more importance than the industrial revolution and it could well be the most important change that we as humans have ever made.
What are we talking about? We are talking about technology that underpins Bitcoin and the Bitcoin Blockchain which we view to be the most important innovation since the internet and as we said above perhaps our most important innovation ever.
In the pages below we will set out why we are planting our feet firmly in the Bitcoin / Cryptocurrency world and why we believe you should do the same.
So what is this Bitcoin? We are not going to bore you with long explanations as we believe that most people reading this have had some exposure or knowledge of Bitcoin, so let’s use the Wikipedia definition for purpose of explanation.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
We have listed the underlying principles of Bitcoin as this should help you, the reader to understand the potential of the technology.
Anonymity – all Bitcoin transactions are only between cryptographical pseudonyms without the need to have their true identity of the transacting parties revealed.
Security – all confirmed Bitcoin transactions are with mathematical certainty irreversible, all bitcoins are with mathematical certainty non-counterfeitable
Decentralization – Bitcoin has no central authority and is voluntarily run by consenting autonomous peers in a peer to peer network
Finiteness – unlike the infinite supply of fiat currencies the total supply of bitcoins to ever exist is forever arbitrarily limited and fixed
Tangibility – issuing new Bitcoins requires labor in the form of finding a specific number by solving a cryptographic math problem
Transparency – all Bitcoin transactions are public and forever stored in the blockchain for anyone to see
Integrity – all bitcoins are counted equally(are fungible), virtually can’t be frozen or blocked from being spent
Practicality – Bitcoin works anywhere, for anyone, non-stop, and the protocol allows for many practical layers on top, just like email
Rationalism – the Bitcoin software is written under the MIT open source license and is not a logically inconsistent intellectual property of anyone but merely organized information everyone can use as they wish
These are just a few principles that underpin Bitcoin and by now you should be getting ideas on the enormous application of this technology.
As you can see this technology has the power to disrupt the whole financial industry and the banks are seeing the dangers…
So what do the banks do in response?
8 Banking Giants Embracing Bitcoin and Blockchain Tech
Here are eight of the biggest institutions to go public with their interest so far:
1. BNP Paribas
2. Société Générale (SocGen)
3. Citi Bank
6. Goldman Sachs
7. Banco Santander
8. Standard Chartered
In 2016, we learned that bitcoin is probably not going away anytime soon, as evidenced by the continued rise in transaction volumes and legitimization from mainstream leaders and institutions.
Not only are the statements positive, though, they’re increasingly bullish. For example, Summers, the head of US Department of the Treasury under the Clinton Administration, said he is behind the technology as he wanted to side with the “history of change”.
Elsewhere, everyone from politicians to musicians was seeking to find new and novel ways to use and support the technology.
The list goes on: Patrick Byrne’s blockchain-backed stock platform was recently approved by the SEC; Cameron and Tyler Winklevoss launched their long-awaited exchange Gemini; more bitcoin investment vehicles have been started; the Coinbase service reached 3 million users, and Bitcoin startup funding surged to total almost $1bn all-time.
More bullish factors…
More than anything else, 2015 was the year of the “blockchain”. The blockchain is the distributed public ledger on which all bitcoin transactions are recorded.
“Blockchain” became the buzz word in financial technology this year, with everyone from banking and financial institutions (like Goldman Sachs and the New York Stock Exchange) to payment processors (Mastercard, Visa, and American Express) publicly announcing interest in it, often in the form of startup investments.
And on Dec. 30, Nasdaq announced that it completed the first ever stock transaction—a private investment into a bitcoin start-up—to be documented using blockchain technology.
Record Venture Capital Investment
In 2014, Bitcoin-related startups raised around $315 million in private venture capital funding. That was more than three times the total of 2013.
In 2015 bitcoin companies raised $485 million.
It also brings the total amount of venture capital pumped into Bitcoin startups since 2012 very close to $1 billion. The current market cap of all Bitcoins, by the way, is close to $50 billion (mid 2017).
Where can you use your Bitcoins?
It turns out at a lot of places…
Buying physical goods with Bitcoin
Online e-commerce sites
Global computing giant Microsoft added bitcoin as a payment option for a variety of digital content across its online platforms in December 2014. According to the company’s payments information page, US-based customers can now use bitcoin to add money to their accounts, which can then be used to purchase content like apps, games and videos from its Windows, Windows Phone and Xbox platforms.
Dell, the multinational computer technology specialist, announced in July that it is accepting bitcoin through a partnership with Coinbase. As an introductory offer, people buying with bitcoin will get a price reduction of 10% on high-end Alienware PCs. With annual revenue approaching $57bn, Dell is roughly four times the size of DISH Network – the previous biggest bitcoin-accepting business.
Overstock became the first major retailer to accept Bitcoin when it made the announcement back in January 2014. The firm offers everything from furniture to jewelry to electronics. Prices are in dollars but there is an option to pay in BTC on the checkout page. Initially a US-only offering, the firm opened up bitcoin purchases to over 100 countries in September.
Newegg, also a retail giant, is a Los Angeles-based company that recorded $2.8bn in annual revenue in 2013. It specializes in computer hardware and software, but also sells a variety of appliances and goods.
Showroomprive.com took the crown of the largest European company to start accepting payment in bitcoin in September 2014. The merchant, which sells a variety of products including clothes, fashion accessories, cosmetics, and homeware, is to accept bitcoin via European cryptocurrency company Paymium. At the time of the announcement, its websites in France and the Netherlands were accepting bitcoin, with other countries to follow over coming weeks. It has not yet announced a plan to integrate the digital currency with its mobile app platform.
Monoprix is a major French retail chain that has announced plans to start accepting bitcoin payments on its merchant website this year. The company further indicated that it is also working on a mobile payment solution for physical stores and bitcoin could eventually be used there too.
Bitcoinshop.us offers products from air-conditioners to watches, all priced in bitcoin (and, as of July 14th 2014, litecoin and dogecoin too), for those wanting to make a purchase. The catch: it only ships to people in the continental US.
Memory Dealers carries a range of networking hardware equipment and computer memory. It has been a ‘bitcoin believer’ from the beginning.
AirBaltic, the Latvian airline, may be the first to accept payments in bitcoin, after starting accepting the cryptocurrency on 17th July. A company representative said that the Bitcoin payment option is offered for basic class fares, excluding China, Indonesia, India, Iceland, Jordan, Japan, Lebanon, Malaysia, Russia, Taiwan and Vietnam. After initially and controversially charging a fee of 5.99 euros per bitcoin transaction, airBaltic changed its mind and now has no fee.
Air Lituanica, another Eastern European airline, is now accepting bitcoin for flight tickets as part of its ongoing bid to embrace new and innovative methods of serving customers.
CheapAir.com, the California-based online travel booking website, started taking bitcoin in November 2013 and announced in July that it has completed more than $1.5m in Bitcoin sales on flights, around 200,000 hotels, and Amtrak railway bookings via its platform.
BTCTrip is an online flight and hotel booking service that was one of the first in its industry to serve the bitcoin community. As of August 2014, the firm also accepts payments in dogecoin and litecoin.
The UK’s Theatre Tickets Direct has recently started accepting bitcoin, offering a ticket booking service for most London shows, such as West End theatre and musicals.
Honest Brew is a UK-based online beer platform that specializes in craft beers from its own and guest breweries – including quirky labels like Weird Beard, BrewDog and Pressure Drop.
Coco Mats ’n More offers bitcoin-logoed doormats for fans of the cryptocurrency, as well as ‘Bitcoin Accepted Here’ mats for merchants wanting to advertise the payment option.
CoinDesk frequently discovers interesting local sellers: Keystone Pet Place will handle all your pet’s needs, The Java Nomad will ship you fresh coffee beans from Bali and Persian Shoes will sell you handmade shoes and bags from Iran. Several local, niche merchants accept bitcoin only and will not/can not accept fiat currency.
The good news is that there are hundreds of small retailers accepting bitcoin too. One of our favorites at CoinDesk (We’d love one in our office) are these beautiful, hand-made Water Filter Crocks. Coinmap and UseBitcoins.info keep up-to-date databases of these shopping destinations.
Using Bitcoin to obtain discounts
Purse.io is a peer-to-peer marketplace that matches individuals wanting to buy items on Amazon at a discount with others wanting to buy bitcoin with a credit card or via PayPal. The service claims potential discounts of up to 20% for Bitcoin shoppers. Read a review of the service here.
Bitcoin gift cards
If you can’t find physical or online stores that accept bitcoin directly for the item(s) you require, the easiest way to turn your digital currency into ‘real-world’ goods and services is via gift cards.
Plenty of gift card businesses accept bitcoins and these cards can be used at a surprising number of major retailers like Walmart, Amazon, Target and Nike. For US customers, companies like Gyft, eGifter, iTradeBTC and GiftCardZen have the widest range of options.
In the UK, Gift Off lets customers use 15 cryptocurrencies to buy gift cards for 177 retailers, such as Amazon, Marks & Spencer, Ryan Air, and American Apparel. The service is currently rolling out to the EU too, with France and Germany being first to receive a more limited number of gift card options. More countries and retailers are planned to follow soon.
Note: many gift cards are only valid in their country of issue, which is usually the United States (although overseas shoppers may still make purchases with gift cards from US retailers in many cases). Other countries have their own options; for example, Australians can see what’s available at Bitcoin Gift Cards. You will usually pay a little more to trade your bitcoins for gift cards (around 5-10% is normal) but on the upside, you don’t need to deal with exchanges or transfers.
Physical stores that accept bitcoin
REEDS Jewelers, a large jewelry chain in the US, is one of the most notable merchants to accept bitcoin as a form of payment. The firm is headquartered in Wilmington, North Carolina, and has 64 retail locations in the eastern US, as well as an online presence. The retailer, which has been in business since 1946, is allowing its customers to pay using bitcoin both in-store and online.
CeX, a UK technology exchange, and retailer, launched a one-store bitcoin-only payments initiative in Glasgow this May, as well as Scotland’s first bitcoin ATM. It has now rolled out ongoing bitcoin acceptance to 30 stores across Britain, with more to follow soon.
The Sacramento Kings NBA franchise accepts bitcoin for products including tickets, jerseys, hot dogs and beer. The team says it will accept the currency online and at the Sleep Train Arena, its home stadium.
The San Jose Earthquakes, a soccer club from California, implemented bitcoin integration at the team’s Buck Shaw Stadium on 25th May. Coinbase is acting as the stadium’s Bitcoin payments processor, leveraging the exchange’s tablet app to accept payments. Game attendees can use bitcoin to buy tickets at the box office and additionally pay for concessions at certain locations and buy merchandise at the stadium gift shop.
Perhaps stretching the definition of a store, a private hospital in Warsaw, Poland, which is run by the Medicover Group, will soon let patients pay their bills in bitcoin. The medical facility is probably the first to accept payments for the full range of healthcare services, including major surgery.
Check out CoinMap.org for a large number of smaller bricks-and-mortar bitcoin stores across the globe.
Although this list is extensive, it also shows that Bitcoin has not even started to scratch the service and if this adoption continues, then the Bitcoin price is set to soar!
So where can the Bitcoin price go?
The way I see it is Bitcoin is not going anywhere away the way Internet is [not] going away. So, if any of you think the Internet might go away, then Bitcoin might go away. As long as the Internet is with us, Bitcoin will be with us because it’s really the world’s first and most successful form of electronic money and value that’s not controlled by any government or system. Bitcoin is already moderately successful, I would say. The reason it is moderately successful is that people actually value this, so the genie is out of the bottle.”
Recently, The Street took Bitcoin blogger Datavetaren’s word in a recent interview that not only will Bitcoin reach $1 million USD in value, but it will replace gold as the economic “safe haven” of choice…
Here are even more compelling reasons to be bullish:
Bitcoin daily transactions are setting records the December 2015 holiday season, passing 100k per day, so demand and usage are at all-time highs.
See graph of confirmed transactions from July 2016 to June 2017
Bitcoin underwent the scheduled halving on 9 July 2016, dropping production to 12.5 BTC every ten minutes, which certainly won’t hurt Bitcoin’s price in the long run.
A factor no one talks about is the long-term value of the “global reserve currency,” the USD…
Real-world inflation–not the contrived and manipulated CPI–is more like 5% per annum, not 2% or less.
Many experts are also forecasting the end of the U.S. dollar’s run as the global reserve currency by the end this decade. Superpowers like Russia and China are working night and day to upset the global economic dollar-based shopping cart.
The AIIB (Asian Infrastructure Investment Bank) and the BRICS (Brazil/Russia/India/China/South Africa) have created a we-hate-the-dollar investment bank, and new Silk Road construction from China, through Russia, into Eastern Europe are all signs of a geopolitical economic shift for the ages.
The U.S. is $18 trillion in debt, where non-dollar denominated bilateral trade agreements are the norm and countries worldwide are using the Chinese yuan for global exchange, the US dollar is on the clock.It’s not a matter of if, but when there is a changing of the guard.
The dollar has lost over 97% of its value over the last century, and why wouldn’t that model of consistent economic debasement continue?
We think we have made it clear that we are, to say the least, slightly bullish on the Bitcoin price but we believe there is an even bigger play here.
Enter the world of Internet / online marketing:
The advent of Bitcoin has created an exponential amount of new opportunities for online marketers and online business.
In assessing the factors mentioned above and potential opportunities that will open up in the future we formed a Vision of building the largest Bitcoin / Cryptocurrency online community and attached to it, a business opportunity that would bring wealth to an enormous amount of people.
Our mission is as follows:
Here is our invitation to you:
We are throwing our hats into the Bitcoin ring in a big way, we are changing and reorganizing our online business around the Bitcoin niche and we are also transferring as many of our assets as we can into Bitcoin.
We thus invite you to take hands and join our community and together we can build something spectacular in this new economic order that will soon engulf all of us.
Join our Community!
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