Problem with Bitcoin "Store of value over CryptoCurrency".
We all know what bitcoin is and who created Bitcoin. Created back in 2009 by "Satoshi Nakamoto" and that's how we know the fraction of Bitcoin as "Satoshi". Taken from his name of course. They are restricted to only 21 Million and only 4 Thousand being mined per year until the max supply is reached.
Bitcoin has seen high usage over the past two years and is actively gaining recognition. It's not only gaining the spot Light but also being used by many companies. Besides big companies like Microsoft using bitcoin, there are smaller store that have accepted using bitcoin and Central Asia is the highest user of Digital Assets.
List of Companies Who Accepts Bitcoins as Payment!
Many companies are accepting bitcoins, many are not. Here is a list of the biggest (and smaller) names who accepts bitcoins as a currency.
WordPress.com – An online company that allows user to create free blogs
Overstock.com – A company that sells big ticket items at lower prices due to overstocking
Subway – Eat fresh
Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
Reddit – You can buy premium features there with bitcoins
Virgin Galactic – Richard Branson company that includes Virgin Mobile and Virgin Airline
OkCupid – Online dating site
Tigerdirect – Major electronic online retailer
Namecheap – Domain name registrar
CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
Expedia.com – Online travel booking agency
Gyft – Buy giftcards using Bitcoin
Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment
Dell – American privately owned multinational computer technology company
Wikipedia – The Free Encyclopedia with 4 570 000+ article
Steam – Desktop gaming platform
Alza – Largest Czech online retailer
The Internet Archive – web documatation company
Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
Pembury Tavern – A pub in London, England
Old Fitzroy – A pub in Sydney, Australia
The Pink Cow – A diner in Tokyo, Japan
The Pirate Bay – BitTorrent directories
Zynga – Mobile gaming
4Chan.org – For premium services
EZTV – Torrents TV shows provider
Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom
Lumfile – Free cloud base file server – pay for premium services
Etsy Vendors – 93 of them
PizzaForCoins.com – Domino’s Pizza signed up – pay for their pizza with bitcons
Whole Foods – Organic food store (by purchasing gift card from Gyft)
Bitcoincoffee.com – Buy your favorite coffee online
Grass Hill Alpacas – A local farm in Haydenville, MA
Jeffersons Store – A street wear clothing store in Bergenfield, N.J
Helen’s Pizza – Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register
A Class Limousine – Pick you up and drop you off at Newark (N.J.) Airport
Seoclerks.com – Get SEO work done on your site cheap
Mint.com – Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more
Fancy.com – Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy)
Bloomberg.com – Online newspaper
Humblebundle.com – Indie game site
BigFishGames.com – Games for PC, Mac and Smartphones (iPhone, Android, Windows)
Suntimes.com – Chicago based online newspaper
San Jose Earthquakes – San Jose California Professional Soccer Team (MLS)
Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad
Crowdtilt.com – The fastest and easiest way to pool funds with family and friends (Source: crowdtilt)
Lumfile – Server company that offers free cloud-based servers
Museum of the Coastal Bend – 2200 East Red River Street, Victoria, Texas 77901, USA
Gap, GameStop and JC Penney – have to use eGifter.com
Etsy Vendors – Original art and Jewelry creations
Fight for the Future – Leading organization finding for Internet freedom
i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer
curryupnow.com – A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area
Dish Network – An American direct-broadcast satellite service provider
The Libertarian Party – United States political party
Yacht-base.com – Croatian yacht charter company
Euro Pacific – A major precious metal dealer
CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin
Straub Auto Repairs – 477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177
PSP Mollie – Dutch Payment Service
Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.
ShopJoy – An Australian online retailer that sells novelty and unique gifts
Lv.net – Las Vegas high speed internet services
ExpressVPN.com – High speed, ultra secure VPN network
Grooveshark – Online music streaming service based in the United States
Braintree – Well known payments processor
MIT Coop Store – Massachusetts Institute of Technology student bookstore
SimplePay – Nigeria’s most popular web and mobile-based wallet service
SFU bookstore – Simon Fraser University in Vancouver, Canada
State Republican Party – First State Republican Party to accept bitcoin donations (http://www.lagop.com/bitcoin-donate)
mspinc.com – Respiratory medical equipment supplies store
Shopify.com – An online store that allows anyone to sell their products
Famsa – Mexico’s biggest retailer
Naughty America – Adult entertainment provider
Mexico’s Universidad de las Américas Puebla – A major university in Mexico
LOT Polish Airlines – A worldwide airline based in Poland
MovieTickets.com – Online movie ticket exchange/retailer
Dream Lover – Online relationship service
Lionsgate Films – The production studio behind titles such as The Hunger Games and The Day After Tomorrow
Rakutan – A Japanese e-commerce giant
Badoo – Online dating network
RE/MAX London – UK-based franchisee of the global real estate network
T-Mobile Poland – T-Mobile’s Poland-based mobile phone top-up company
Stripe – San Francisco-based payments company
WebJet – Online travel agency
Green Man Gaming – Popular digital game reseller
Save the Children – Global charity organization
NCR Silver – Point of sales systems
One Shot Hotels – Spanish hotel chain
Coupa Café in Palo Alto
PureVPN – VPN provider
That’s my face – create action figures
Foodler – North American restaurant delivery company
Amagi Metals – Precious metal furnisher
Problems With Bitcoin
- Its major problem is the ever increasing time of transaction and the cost per transaction also is increasing. Even though the Bitcoin split at the start of this month, the problems will occur again creating a vulnerability in the Bitcoins market value.
Bitcoin’s value has evolved from a cryptocurrency into a “store of value” and is commonly referred to as “digital gold” and acts as the “reserve cryptocurrency” since all cryptocurrencies are denominated in BTC, and BTC is used to purchase all other cryptos.
Bitcoin is more like a Commodity, as we know a currency is always stable but that's not the case in Bitcoin and is Highly Volatile.
Prices of Bitcoin will continue to rise and in this process may literally become a store of value like gold.
I want to hear it from you people what you'll think?
Find me in the Discord server. WhaleShares
Good post and I totally agree, Bitcoin has become a store of value. Whilst that may not sit comfortably for some within the 'Satoshi white paper' brethren it is however, a fact. BTW: Satoshi Nakamoto is actually an Australian, a Dr Craig Wright and again, I know that doesn't sit well with the 'Satoshi white paper' brethren, it is again a fact.
@manishmike10 got you a $1.71 @minnowbooster upgoat, nice! (Image: pixabay.com)
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good point.
Please follow us back :)
I think you're missing the import of Segregated Witness being locked-in for Bitcoin.
The throughput that this allows will significantly change the entire equation for Bitcoin. And we haven't even gotten to sidechains and other enhancements that are coming down the pipe.
The cries to upgrade were largely influenced by non-organic spamming of the mempool, the shared resource that caches transactions until they are included in a block by validation nodes/miners.
This was clearly spam, because the mempool usage dropped significantly after the Segwit lock-in occurred. If it had been organic, then the transaction rate "floor" would've remained the same after the August 1st deadline.
Reference: http://bitcointicker.co/networkstats/
The spike you see now in the mempool is due to the same participants that were trying to force a centralized corporate-friendly "solution" on the market, namely "SegWit2x".
They are using the same tactics as before, hoping to force people to their solution by pointing to the mempool and saying "See? Transactions are slow and expensive!". But this charade won't last long.
First, it takes a bit of money to keep this attack up. Second, once SegWit officially activates around August 22nd, the network throughput will be increased dramatically. Even if the mempool is nearly full, transactions will flow even faster than before.
Its all coming to a head, which is why you are seeing these tactics being used.
Never a dull day in cryptocurrencies.
For a real issue, I suggest looking at Bitfinex and their "QE"-like usage of Tether to float their operations. I suspect they are going to be the next Mt. Gox if they continue.
Reference: https://hackernoon.com/the-curious-tale-of-tethers-6b0031eead87