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Cypto Thoughts — Building The Infrastructure For Bitcoin Commerce

Crypt Bytes Tech
CRYPT BYTES TECH
Published in
6 min readSep 18, 2017

In many if the Bitcoin forums we hear how the Banks as a custodian of our money are doing such a horrible job of providing access to our own finances. They not only monitor what transactions done by you but also keep a tab on your spending habits and also go as much as to create a customer profile to access your personality to not only offer you services but to punish you by blocking your cards or freezing your account if you choose to change your habits. Which puts one to the question who is the owner of your money, you or the Banks.

Unfortunately our democratic values have been diluted over the years to follow more dictatorial or centralist ruling system where the ruling class enjoys their exclusive right to squander away the public money but punishes the general citizen if they want to grow in life or challenge the status quo.

I know my words would seem as someone who is writing propaganda or is anti-establishment. Well my conclusions are not based on mere unfounded thoughts but the realities that we face day in day out. We see Banking system failing, economies collapsing and even people’s life saving in Banks vanishing because of illegal agreements and because global financial system choosing to be greedy and letting the savings in Banks become defunct while investment banks and high frequency traders loose away they money of pension funds and banks in creating toxic financial instruments or trigger happy speculative trading. If we thought Bitcoin and Cyryptocurrency markets were speculative, wait till you see how far and deep the speculative market has gone. There is even a market to speculate which dog wins in a dog-race or which cock dies in the cock-fight.

Background

Digital commerce has made the financial transactions cashless. But we have already seen the risks of it. Governments, Banks and even companies who have no business to see what we buy from our nearest grocery store or what we eat and what we wear building our profiles, keeping a tab on what we do and also sending offers by monitoring our activities similar to what sites we just surfed, reminding us that we are being watched.

For the poor or the common trader still today the direct way to trade is peer to peer and in many countries parallel or the informal economy do exist. Many governments try to bring them to the Banking system but it has come at a very steep price and with huge cost to economy and public funds. Rather reaching out to the informal economy and understanding how they operate and supporting them more often the State tries to implement its own vision of economy with devastating consequences.

All this claptrap of banking, taxation regulations to make the whole process or trade and commerce more optimized and safe but with each new law, with each new treaty and with each new financial layer our current financial system has been over burdened from the basic value of commerce that we used to have. Today the society has become more centralized, more job oriented and more dependent on the Government and few corporations and banks to run the financial system or shall I say a ticking time bomb to financial disaster. We have seen it quite often how one wrong move, one wrong decision or few greedy politicians or groups can easily take flourishing economies to deep recession. Hence it is very important that we also find alternative modes of trade and commerce and alternative currencies that can hedge or safeguard us even if these centralized infrastructures fail.

How Can Bitcoin Or Crypto Currencies Change It?

One has to understand Bitcoin and other Crypto currencies are merely a tool or a medium to do transactions. The unique aspect if Bitcoin is that it can be an asset and also a mode of transaction. While we know it as Digital Gold but its value comes from the way we can use it as the gateway to other crypto currencies and use it as an exchange for other Cryptos in the Virtual currency trading and markets.

But the real change will come when we start using Bitcoin as the real mode of commerce and when apart from becoming just an asset it becomes the real source of value and a way of transaction. One of the biggest impediment people say is the highly volatile nature of Bitcoin but for me I see the volatility decreasing as more and more supporters start using it for commerce and as the alternative currency of value. I know the question will come, “Will Governments consider it as a currency or legal tender”. It depends and also one question to ask is does it even matter. Because it has proved in conflict and during financial crisis the only currency that has value is which the other one is ready to take. Either USD or food or even guns. The real legal tender will be what we a people will identify. And the wide acceptance of Bitcoin by millions of people has given strength to its credence, over the years people are realizing the fact that Bitcoin or Crypto currencies though volatile are resistant and more is its support and the more people will adopt it and in turn the more its value grows. And end of the day its real value can only grow when more and more people can adopt it and use it. And it is commerce and daily use in trade that will help it grow as a viable legal tender or currency.

Now the question will arise, is it not raising to a parallel economy, well we should not close our eyes to the obvious fact that the so called parallel economy is the real economy that has been operating since ancient times. The so call peer-to-peer economy where the you pay some amount for some service or good without bothering about KYC and AML, is the purest form of economy that has existed or will exist and if we can increase the adoption of Bitcoin or Crypto currencies in this realm, then only we can make it the de-facto mode of transaction and help to its explosive growth and finally get the power of financial independence to the people themselves.

How Can You Use Bitcoin Be Used For Commerce Or In Business?

I have a short list of sites that can help you use Bitcoin in your daily financial transactions or help you start using Bitcoins in your business.

Source: Reddit

But if you want to really popularize Bitcoin then meanwhile start convincing all your suppliers to accept BTC. Be insistent. And if you want to explore more about how and where you can use Bitcoin then please check these links.

Finally

For any work, donation or enagaement accept Bitcoin or Ether as way of payment, I do this, while this not only helps to support my bit as a Crypto-Entrepreneur, but it also make financial sense. While having a bank account and transfer of money across geographies is so much restricted, cryptocurrencies do not have such limitations. And with more and more real world solutions coming out to allow you to spend your cryptocurrencies,its not long when we can see many of real businesses dealing in Crypto currencies.

But again to truly make Bicoin as the only mode of transaction we have to make it as the primary mode of our business and ask people dealing in fiat to start using Bitcoin and we should start Crypto-Business with main mode of transaction, service or commerce as Cryptocurrencies. Only then we will see a society transformed to a true Crypto-economy doing the purest form of peer to peer commerce that defines the true people economy.

Bitcoin
Trade
Economy
Commerce
Opinion

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Crypt Bytes Tech
CRYPT BYTES TECH

Written by Crypt Bytes Tech

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