Crypto-Currency & The Blockchain Optimizing the Local Economy Prepared by: Paul Busch paul@bitswift.tech
Background History / Quick Summary Growing up Education Work Experience Technology Tech companies Crypto / Blockchain Alternative Economics Autonomous Societies Economy 2.0
The Basics : Bitcoin vs Blockchain ? Bitcoin is a digital currency Blockchain is the technology behind it Blockchain can power many apps (not just currency) There are many different types of blockchain platforms
Bitcoin, What classifies as a currency ? A medium for exchange A store of value A measurement of value A unit of account A shared ledger Whatever a community decides Traits of traditional currency: Scarce Divisible Durable Interchangeable
Types of currency used Examples (Commodity currencies & Fiat): - Gold, Silver, Precious Metals, Jewelry - Tulips, Mashed Potatoes, Salt - Playing cards, Pearls, Pelts - Notes and coins The trend is to move digital : Digital Currency Virtual Currency Crypto-Currency -Blockchain based, Open source, Public Ledger, -Compatible, Community Driven, No controller
Problems with Monetary and Economy 1.0 - Currency subject to devaluation, inflation -Fake notes and coins (Security and trust issues) -Central trust, management, mint, verification and friction -Heavy, bulk, not easy to transfer -Requires middle men processors and fees -Not equipped for autonomous society of tomorrow (where are the jobs going to be at ?) -Promotes separation of citizens -System is backed by debt, which does not make sense or cents
What is a Blockchain and what problems can it solve ? -A shared, public, distributed ledger -Immutable chain of events with time stamping and verification -Tamper proof storage -Accessible, Open, Transparent -Autonomous conditional transactions and processes -Can not be turned off, shut down or controlled by any central party -A universal system for an accessible Economy 2.0, a peer to peer economy, which exists without middle men, dividers or controllers -Supports nextgen business models (micro txns, p2p lending, autonomous corps)
Blockchain tech will advance industries 83% Lorem Ipsum
Types of Tokens and Discussing their Applications for your Business ● Currency tokens — Tokens like Bitcoin, Monero, Litecoin, Etc Utility tokens — Tokens that allow you to use or perform an activity on a ● network, such as ETH or Bitswift. On the Bitswift network you would need to spend Bitswift tokens to register an alias. ● Asset tokens — Tokens that represent an actual asset or product, either physical or digital. Equity tokens — Tokens that basically act like a share, and gives you some ● kind of voting right or consensus participation ● Reward and incentive tokens - Tokens that represent value tailored for a specific function or purpose
Benefits of blockchain based Disadvantages of blockchain Crypto-currency based Crypto-currency You and only you are in control -You and only you are in control -Low fees (Depending) Volatile -No chargebacks -Easily transportable Hacks and scams -Instant global transactions -Convertible Technical and ecosystem learning curve -Secured through blockchain Compatibility -Low friction -Automatic Interest Adoption level -Predictable inflation and total supply -Open source Lack of formalized support - satoshi on vacation -Open ledger -Always on and open / accessible High Fees (in some cases) -Community backed Graphics card prices have increased, so gaming is -New Business models expensive
Boosting the local economy Go digital - Go cashless Remove the middle men Remove fees and friction Enable alternative payment options which benefit you and your customers Enable microtransactions and new business models, new sales options and new opportunities Create value and share it, pass it down to the consumers stimulate the economy Control and manage your own assets Trust in community, trust in transparent ledgers Integrate secure and reliable autonomous systems The workplace of tomorrow looks much different from today, and we should be preparing for it. Automation and AI are coming faster than you think.
Understanding Blockchain Token Ecosystems Merchant Exchanges Platforms Fiat to Crypto, Bitpay, Coinbase, Bitswift Merchant Crypto to Crypto Miners / Wallets Stakers Transaction Processors Software based Minters Hardware based
Blockchain Markets & Options coinmarketcap.com
Digital Currency Exchanges Allow you to convert between alternate commodity and fiat based currencies Centralized Exchanges -Quadriga -Bitstamp -Bittrex Decentralized Exchanges -Ardor Coin Exchange (ACE) -OpenLedger DEX
Types of Hardware Wallets Different blockchain networks each have their own separate wallet applications which interface with their blockchain Hardware and software based wallets may support multiple tokens Use wallets in which you remain in control of your private key Exchanges do not make good wallets Web based wallets: https://bitswift.network https://bitcoin.org/en/choose-your-wallet Software wallets are just apps on your device
Merchants, how and who is accepting crypto / blockchain tokens ? Merchant Processors Process crypto payments on behalf of merchants Allow conversion % to fiat Overstock.com, Expedia, Newegg, Shopify Stores, Gyft, Dell, Bitcoincards, Dish, Microsoft, Intuit, Steam, Virgin Galactic, Wikipedia, Namecheap, OkCupid, Tesla, Mega many many more.
Mining, Staking, Bundling Miners secure the blockchain network and may mint new currency Rewarded in crypto-currency at a rate the blockchain protocol defines Anyone can invest in mining or staking / bundling and participate in processing transactions and securing the network Mining can be expensive, requires hardware, software and technical capability Fact : Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa: Research by energy tariff comparison service
My Closing Thoughts Why are we collectively opting to continue to use an outdated monetary system which is built upon debts, stifles growth, promotes competition and is not equipped for the economy of tomorrow. As lifestyles turn digital, the line will become thin as to when a virtual economy stops and where the physical economy begins. At some point they will intersect. Communities create currencies. Money and wealth naturally flow up stream, not down. Install a new system that makes cents in the hands of the people on the bottom, and watch it flow back up. Perhaps taxes could be made irrelevant along with man made poverty itself. The token economy is real, it’s coming, people like us will install and support it. Keep the value in the new system, you will be better off in the long term.
Bitswift Summary Bitswift Technology Solutions Bitswift.tech , Bitswift.shop ● Bitswift Decentralized Applications Bitswift.network, Bitswift Blockchain ● Tokens Thank you for your attention and participation. Paul Busch paul@bitswift.tech Bitswift Decentralized Applications Inc Bitswift Technology Solutions Inc
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