Old Moore recommended buying Bitcoin last year. If you did, you would be laughing all the way to the Bitcoin vault.
Old Moore has predicted the possibility of another global financial meltdown, and has recommended people to buy gold and silver. But he has also suggested that people should take another look at Bitcoin. For those who aren’t familiar with the electronic currency, Bitcoin is an online payment system invented by Satoshi Nakamoto, who published his invention in 2008, and released it as open-source software in 2009.
The interesting thing about Bitcoin is that you don’t need to use banks and or a financial intermediary. I can use my Bitcoin to pay you without having to go near a bank at all. The system works without a central repository or single administrator. It is a decentralised virtual currency, and it’s exciting stuff for early adopters.
Bitcoin is often called the first cryptocurrency, although there were predecessors. It is the largest of its kind in terms of total market value. Bitcoins can be exchanged for paper money, products, and services.
If you are a merchant, here is why you should accept it: if your customers use a credit card to pay for your stuff, then you pay the 2-3% fee imposed by the credit card companies. But if you accept Bitcoin, then your customers pay the fee. Customers who don’t like using credit cards are happy to bust such fees to use Bitcoin.
The use of Bitcoin by criminals has attracted the attention of financial regulators. Bitcoin has the potential to be used for money laundering, financing of illicit activities, theft, fraud, tax evasion, and use in black markets. While this is all possible, normal money is used in all of the above, and it isn’t banned. Crims will always do what Crims will do.
But as of last year, the Bitcoin landscape in Europe has changed. Economic powerhouse Britain has suddenly become a big supporter of Bitcoin and the new companies that have sprung up which provide services within the Bitcoin universe. Britain has announced it would regulate digital currencies for the first time by applying anti-money laundering rules to exchanges. In fact, the UK is aiming to become a centre for digital currencies…a “FinTech” capital. While the governments of U.S. and China have not as yet supported Bitcoin, the UK has. And Bitcoin’s supporters are numerous, saying the technology behind it could be revolutionary. Come on Ireland, let’s catch up!
And Old Moore says that the UK is doing exactly the right thing at the right time. Take for example, a new company called Elliptic. They claim to be the world’s most secure bitcoin vault. They say, “Our clients’ bitcoins are safer with us than any other vault because they are subject to the same high security and standards you’ll find with traditional custodian banks.” And this is where corporates should park their Bitcoins, especially if they are worried about the euro falling further in value.
So who in Ireland is trading in Bitcoins? Sinéad Nic Clámha Pilates now accepts Bitcoin payments for five and ten class packages for group Pilates classes in Dublin 15. SNC Pilates is the first Pilates instructor in Ireland to accept Bitcoin payments. The five class package is €60 or around 0.3 BTC and the ten class package is €100 or 0.46 BTC. Want to book? It’s firstname.lastname@example.org.
Happy Bitcoining, fellow humans.