Bitcoin: Scalable Payment Method or Digital Gold?
There’s an ongoing debate with Bitcoin.
On the one hand, it’s the revolutionary new payment method devoid of a central controlling authority; a digital currency that will one day take over from fiat.
On the other, it’s a replacement gold — a means to store value with little use in the day-to-day.
The truth is, no-one truly knows. But whether it’s the brainchild of an apocryphal creator designed to become a “Peer-to-Peer Electronic Cash System” or just a dollar 2.0 devised by the intelligence agencies — a secret stockpile to fund covert operations — the discussion highlights one point.
The meaning of ‘cryptocurrency’ seems yet to be defined.
Ongoing Innovation
Ten years on from its creation, Bitcoin is yet to establish itself as a mainstream anything. The technology remains slow; it can be expensive to use, not to mention painful to scale.
Yes, optimizations emerge by the day (projects such as Grin promise to overcome the shortcomings, potentially heralding the long-awaited crypto-revolution).
But until such an overhaul arrives, there’s a compelling case for Bitcoin as a store of value: a digital gold with features similar to those of its real-world counterpart.
- Difficult to move
- Limited circulation
- An asset to hold
After all, few would be willing to pay a fee on every transaction. Nor have to pay taxes just for buying coffee. But before you decide to put your Bitcoin in a vault — first consider the case for Bitcoin as a currency.
Bitcoin (versus the rest)
A currency is a ‘medium of exchange for goods and services.’ It is an asset people can use to settle transactions (such as the soon-to-be-rolled-out JPM Coin — courtesy of US bank JP Morgan).
But only a select few projects — Monero for anonymous transactions, XRP for inter-bank transfers, and Bitcoin for possibly anything — appear to be mediums people are willing to use for exchange of goods and services.
They each have a use case, and so they each have the potential to evolve into genuine currency. But scrutinize the majority of other crypto-currencies, and you’ll soon realize that few if any, offer any use at all to settle transactions.
Instead, most appeared from thin air, capitalizing on a pioneering project that made it all-too-easy for speculators to raise money via an ICO.
As a result, many Ethereum-based coins hold little value as a currency at all.
So it’s hardly surprising that — from a pool 26,000 cryptocurrencies launched in the last three years — more than 90% have already failed.
The Ecosystem Determines the Outcome
Taking the point further: a currency only holds value when it has the support of an ecosystem.
Take the US Dollar — people in its ecosystem (America, and most of the world) believe the dollar is valuable. So, you know you can purchase goods and services with it across the globe.
If you held Venezuelan Bolivars, you might not have the same confidence.
The same holds true for tokens and coins. They only become valuable if they have the support of an ecosystem, and it is in the power of the ecosystem that Elitium believes it has found its niche.
Elitium aims to help people to live the ultimate luxury lifestyle.
Here, the project has identified a user base that wants a secure, stable, and global payments ecosystem — within the simplicity of a smartphone app.
Further, by growing its network within a single app in which wealthy consumers can purchase any luxury product or service of their heart’s desire — anywhere in the world at the touch of a screen — EUM can earn the support a currency needs to thrive.
The Elitium Proposition
Using the smart contract technology of EOS, Elitium promises to simplify the luxury lifestyle. No more admin-laden processes like chartering a yacht or renting a private jet.
Moreover — with:
- Tokenized insurance
- Streamlined payments
- Member’s rewards
- Exclusive deals
EUM is much more than your average cryptocurrency.
Elitium is creating a network of consumers and partners that will establish the value of EUM. And the strategy is enabling the development of innovations such as the Online ATM: a tool that will quickly and securely convert fiat currency into EUM coins, and vice-versa.
These features will simplify the onboarding of new users. Ultimately, they will encourage support for the coin’s long-term growth. They are the building blocks of the ecosystem.
The cornerstone of the cryptocurrency’s success.
Beyond Currency
For Elitium, the ultimate ambition is clear: to build a stable cryptocurrency that exists long into the future. A payments solution with which users can buy a coffee and enjoy a meal out — as much as charter a yacht.
A digitized credit card. A status symbol. A luxury lifestyle enabler.
All with the added bonus of payments protection via tokenized insurance and exclusive rewards — encouraging loyal users who appreciate the value of the cryptocurrency.
Where many coins, including Bitcoin, still struggle to define where their value lies, Elitium knows: enabling the future of luxury lifestyles.
Limitless opportunity at the touch of a screen.
DISCOVER THE EXCLUSIVE BENEFITS OF MEMBERSHIP AND SEE HOW THE ELITIUM NETWORK WILL TRANSFORM THE FUTURE OF LUXURY
