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What is bitcoin used for? The top 5 answers show how bitcoin is our modern day financial super hero. Bitcoiners may vary on their top things, but all uses are a break with the rusty old rail banking system. There are an infinite number of financial and non-financial use cases and five practical applications make bitcoin a powerful choice.
Use #1) International Remittances
Cross border payments are a multi billion-dollar industry scraping off about 10% in fees for every dollar transferred. I wrote a chapter in my book, The Ultimate Bitcoin Business Guide, called Money Transfer Madness™ to describe the insanity of this non-value added service. Similar to Credit Card Chaos™, Money Transfer Madness™ can have 8 or more parties in the transaction each grabbing some fees along the way which don't justify the value of the service anyway you slice it.
A reasonable person will tell you a fair price is 1-2%, but 5 to 10 times your hard earned money...
Asking what is bitcoin worth and what is the price of bitcoin are not the same question. Securities markets are considered highly efficient yet investors find and buy stock in undervalued companies all the time. An efficient market is one where the price matches the value because all information is reflected in the price. Bitcoin worth is not reflected in the price of bitcoin. There's a whole range of people who value bitcoin much higher than its price so now is a great time to buy bitcoin before the market catches up to itself.
I'm a Bitcoin Evangelist so I'm very biased towards bitcoin being undervalued. Bitcoin is impossible to price accurately because it's true potential has yet to be realized. An infinite number of use cases will continue to provide value as they are rolled out and deployed over the coming years. The birth of altcoins, appcoins and fundamentally new protocols are proof of an accelerating expanding Bitcoin Universe.
The price of...
The Bitcoin Blockchain is known as The Blockchain and all other blockchains need qualification such as The Ethereum Blockchain, The IBM Blockchain or The Dutch Central Bank Blockchain and so on. You don't need to add the word Bitcoin to the phrase The Blockchain because Bitcoin reserves the right as the godfather of all cryptocurrencies. The technology is getting repurposed to an infinite number of mind-blowing applications while most folks around the world are just finding out about Bitcoin. Blockchains are one source for an entire record of activity.
The cyrptocurrency headlines over the past 12 months have been filled with big banks and big businesses investing millions in blockchain projects and consortiums of like minded players. Less than a year ago Big Four accounting firms, the DTCC, banks and many others had a few boots on the ground reporting back about this cool blockchain thing that could saves lots of money. Now all these organizations have...
Financial education has been left out of the US school system yet experience with money may be the single most important life skill. It's no surprise the US banking system mirrors this unexplainable exclusion. There's math, science, social studies & English in every grade but finance is always absent. The unspoken message is kids are not responsible and capable enough to handle their own money until they finish high school and start learning it on their own. They can't open a bank account until the age of 18 so why teach money in grades K-12? Can you sense the sarcasm?
In all fairness financial education is starting to creep in albeit sometimes from third party groups or clubs. It's hard to give this much credit though when money and finance should be right beside math and science. Young people can have a savings account in their name, but they can't make any withdraws. So they are allowed to learn one thing, how to save money. Saving money is one dimensional and...
I couldn't believe how fast the Banking Burnout Bonanza™ (BBB) struck again since the last blog. This one's been going for awhile though since March of 2016. It took 6 months before I got back to solving it again so you know it's a good one. By stories end l'll once again demonstrate how bitcoin effortlessly solves this headache.
It never hurts to review the basics of the Banking Burnout Bonanza™ so here they are again:
1) Wait a long time to use your money
2) Pay lots of fees to use your money
3) Have lots of headaches to use your money
A One Off
Unfortunately, I was paying one lonely bill via big bank online bill pay. This is the kind of bill pay where you click pay but a check spits out into the mail. Everybody is bound to have at least one of these for one reason or another. Surprisingly this worked for 2 years until the inevitable breakdown began.
One day the vendor emailed saying they hadn't received 2 months of payments....
For a W-2 employee or a classic under the table cash guy nothing feels better than getting paid on Friday after work. But don't get me wrong 'cause that's not what I'm talkin' about. I'm talkin' about a business that delivers services on terms and then waits to get paid. Actually it's more like hopes to get paid. Businesses shell out cash delivering excellent service to customers and then find themselves in a cash flow squeeze play.
47 Days Later
Back in July 2016 we completed a bitcoin tax and accounting engagement for our client, Coin Rack, LLC, and we proceeded to bill for the remaining 50% per the agreement. Forty-seven long days ticked by working for our money a second time to collect the balance due. If you don't follow up, then another company will and it's all about competition for limited resources. After all customers would pay on time is they weren't having cash flow issues.
Insult to Injury
Working for your money twice is bad enough. Then having to wait...
This is another blog post in a series called Banking Burnout Bonanza™ inspired by a chapter in my book, The Ultimate Bitcoin Business Guide™, of the same name. Let's review the 3 biggest Banking Burnouts draining your energy from everyday banking:
1) Having to wait a long time for your own money
2) Having to pay lots of fees to use you own money
3) Having to deal with lots of headaches when using your money
We were excitedly onboarding a new client, ABC, who finally got the power of The Ultimate Paperless Back Office™ by invizibiz.biz, our sister site. It's a virtual bookkeeping service of sorts that transforms every aspect of the business operations with technology and processes. The banking part of this transformation is always fun as we uncover a patchwork of dysfunctional processes assembled without forethought by clients. We didn't think this was possible but it continues to show up with every client. Our new client (embraced this transformation)...
Remember 2008? How many times do I have to say it? When we hear 2008 we immediately think of The Great Recession aka The Great Worldwide Recession of 2008 which then makes us think fraud and shenanigans in the financial markets. Michael Lewis does an excellent job telling the tale in his book, The Big Short, also brought to life in the theatre. This is required ready and watching.
For the First Time
I'm a Certified Fraud Examiner (CFE) among other specialties and I dedicated a chapter on explaining how 2008 episodes happen in my book, The Ultimate Bitcoin Business Guide™. My mind was completely ripped apart after watching the movie even though I've studied every other documentary on the topic. I was overwhelmed by the 2008 financial meltdown as told in The Big Short as if I was hearing it for the first time or it was from a time before I was born.
There's no better segue for spotlighting the raw power of bitcoin and cryptocurrencies than The Big Short. Do...
Have you heard the buzz about bitcoin and blockchains? It's actually been going on for 8 years now and gaining momentum everyday. The actions are louder than words cliché couldn't apply more in the world of bitcoin. Many people are saying bitcoin is the best money innovation in the last 500 years. We're in the midst of a technological renaissance we haven't seen since the 1500's.
Many things have been used as a medium of exchange over the centuries from clam shells and salt to pottery. The oldest form of exchange is the barter but the matching problem, you don't always want what the other person has to trade, transformed more valuable stuff into money. For example, the preservation properties of salt were highly valued so everybody wanted and needed it. Salt went from a barter item to money where anyone could use it to buy anything. Rolling forward, salt morphed into coins and bills issued by central governments and that's the only choice we've had...