Bitcoin and Blockchain Roundup for April 11, 2017
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To see how big the Darknet is, go to DeepDotWeb. The Darknet is a perfect early bitcoin april 11 2017 market for bitcoin. The market may be a niche, but it is a big enough niche to prove the technology. There are plenty of people who do things that are illegal in some jurisdiction or another.
Crooks and good people co-exist in these markets. Bitcoin needed Darknet users because they are motivated. Reality check in one chart — bitcoin is a tiny, tiny part of the world economy. That is why bitcoin needs to move to the Clearnet phase.
I am not suggesting that the Darknet will disappear. It will coexist with the Clearnet. The Darknet serves a real purpose. Darknet users may move to Altcoins such as Z Cash and Monero that are more private. Or they may stay with Bitcoin and use mixers to obfuscate the transaction. Clearnet does not just mean retailers adding bitcoin as a payment option. We had lots of Press Releases about that and it is not much more significant than adding some obscure Fiat currency.
If you think you will get a lot of visitors from bitcoin land you might offer to accept payments in bitcoin. The bitcoin market cap not quite GDP but the closest parallel with easily verifiable data is about 10x higher than Swaziland and 10x lower than Switzerland.
The Clearnet phase will be bitcoin april 11 2017 thousands or even millions of free agent knowledge workers charge for their digital products code, writing, designs, movies, music, etc primarily or entirely using bitcoin. These buyers and sellers care about bitcoin, but unlike the Darknet these bitcoin april 11 2017 for legal transactions. These Clearnet digital vendors will price in bitcoin or in Satoshi, depending bitcoin april 11 2017 the price point and maybe offer conversion to Fiat and maybe an option to pay using legacy payment rails maybe for an additional fee.
This is the bitcoin-first option. You are invited to pay in bitcoin and those who do not already have a bitcoin wallet are given links to help them get into the bitcoin economy. That network effect will drive adoption. Let me break that down:. Bitcoin april 11 2017 Lunn is a Fintech thought-leader and deal-maker. Get fresh daily insights from an amazing team of Fintech thought leaders around the world.
Ride the Fintech wave by reading us daily in your email. I have earned 5 BTC in 2 months by spending 30 minutes daily on http: This is the best work from home plan I have ever seen. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. April 10, January 10, Bernard Lunn. Why Bitcoin will move to Clearnet phase Clearnet does not just mean retailers adding bitcoin as a payment option.
Two key points about this transaction: It does not move the needle for the retailer. It is easier in e-commerce sites, but it is still not a game-changer for them. Retailers will probably convert immediately to Fiat.
That could depress bitcoin price leading to lower interest in bitcoin. That is very different from Darknet, where bitcoin payment is critical to both buyer and seller. Let me break that down: This means an individual or micro business. These are people with a lot to offer. They know a lot.
However they are also free agents, not working for a big brand name company. They are high end gig economy workers. The bitcoin Clearnet will happen first in digital products, because bitcoin april 11 2017 no bitcoin april 11 2017 irrevocability of bitcoin is easier in digital products where delivery and payment can be concurrent. I pay for an hour and get an hour. I bitcoin april 11 2017 for a report and get a report. That is very different from ordering Extra Virgin Olive Oil from a micro producer and getting it some days later depending on how much I pay for shipping.
The price is high enough for Bitcoin as it works today with on-chain verification. If somebody in Swaziland wants bitcoin april 11 2017 pay somebody in Sweden very close in the country pick listwhat currency do they choose and what payment rail?
Bitcoin is like cash but it is smart programmable cash. Three reasons why this is starting to happen: When the price goes up, the mainstream notices. This varies by country.
Switzerland is one where you can buy bitcoin at any train station, pay your taxes and speeding fines and it bitcoin april 11 2017 all totally legal and normal.
Japan is another country where bitcoin is legal and increasingly mainstream. The highly educated knowledge worker gig economy is real. In Fintech that market is becoming bigger as managers leave incumbents voluntarily or involuntarily to set up shop as consultants.
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