14 October 2017
Bitcoin Is ALREADY Changing The Way We Do Business
by KVA Leader
Since its conception in 2009, there has been no shortage of Bitcoin skeptics. Just recently, in fact, the CEO of JP Morgan, Jamie Dimon and the infamous “Wolf of Wall Street,” Jordan Belfort came out of their treasure troves to call Bitcoin a “fraud.” Interestingly, both JP Morgan and Jordan Belfort have been penalized for fraud by the government, with Belfort having to spend twenty-two months in prison for pleading guilty to stock market fraud. People like Belfort and Dimon, who have actually participated in widespread fraud, will not make a dime from the rise of Bitcoin. In fact, both look to lose money as more people transition from traditional banks (cough, cough… JP Morgan) to cryptocurrencies like Bitcoin.
The facts tell a different story about Bitcoin.
Bitcoin’s value has skyrocketed since 2011, moving from around $0.30 per coin to about $600 today. Now, with almost 12 million bitcoins circulating in the digital world, Bitcoin has a total value of $7 billion. This new, decentralized form of currency is making some big splashes in the world today, fundamentally changing how money is exchanged.
For one thing, bitcoin owners can send and receive payments without the need for a pesky middleman like JP Morgan, Bank of America, Wells Fargo, Visa or Mastercard. Imagine: I can purchase a product from you and I can pay for it. I don’t have to worry about an ATM fee, or a credit card fee, or a bank transaction fee, or a PayPal fee. I can send money from the U.S. to a family member in Poland and it will arrive in mere moments without any major fees that would be tacked on if I were using a traditional banking system! Bitcoin is cash in the digital world.
Already, we are seeing a huge push for cryptocurrency, especially in small businesses that are looking to avoid the added costs from credit card transactions and bank fees. Startup companies like Bitpay have popped up in order to process Bitcoin payments for vendors. Some of these have raised millions of dollars in order to help facilitate the push to cryptocurrency for small businesses and work-from-home entrepreneurs. In 2012, Bitpay announced that 1,000 merchants had signed up to use its Bitcoin transaction service. According to The Washington Post, the number of merchants using their service jumped to 10,000 in just one year.
The Bitcoin revolution has arrived, and we could soon be looking at a major change in how we do business around the globe. Learn how you can get involved with bitcoin and begin your journey to financial success. Reach out to me with any questions you have, so I can help you get started today.