What We Believe
That mass adoption of bitcoin has the potential to benefit humankind.
That the primary driver for growth in bitcoin adoption is bitcoin commerce.
That growth in bitcoin commerce demands greater clarity for consumers, access for merchants and trust, between them.
What We Are Doing About It
Providing merchants and consumers with tools that promote clarity and access.
Promoting trust through BitTrust, our unique IP that rewards participation in the bitcoin economy by the honest and excludes the dishonest.
Open Licensing the tools we have built so that anyone can monetize their effort to help build the bitcoin economy.
Launching Bolt, a proprietary, dividend paying digital token that further incentivizes participation in building the bitcoin economy.
How would mass adoption of bitcoin benefit humankind?
Post Financial Crisis we live in a turbulent time; the ongoing 'race to the bottom' of competitive devaluation, as nations struggle to reflate their economies, is creating a toxic mix of instability, wealth inequality, austerity and social fracture. This is bad for the global economy, bad for democracy and bad for mankind. And it's being driven by a system of banking founded on free floating fiat currency and debt based growth. One bad side effect of this is property price inflation, another is a lack of investment in the real economy, still another is growing financial apartheid - where the rich get richer at the expense of everyone else.
But because bitcoin exists outside this banking system, because its supply cannot be manipulated and because it is free to transact, worldwide and in real time, it represents a genuine alternative to fiat currency as a means of exchange. And because every dollar invested in bitcoin is a dollar less in the fiat system, participating in bitcoin represents a vote for the democratization of finance and with it the reinvigoration of democracy in general.
If everyone in the developed world invested just one dollar in bitcoin, the sound of our collective voice would be deafening; existing power structures could not ignore it and our politicians might seize upon this as a mandate for change.
So the prize here is huge.
What makes you so sure that the primary driver of bitcoin adoption will be commerce?
While theorists continue to debate whether bitcoin is a commodity or a currency, the blockchain on which it is built is a wholly commercial tool that allows us to record and transfer ownership of anything, instantly, on a global, open ledger.
This is a huge deal that has the potential to streamline commerce in the broadest sense, and disrupt every sector of the global economy currently built around 3rd party intemediaries, such as banks and brokers, in the process.
Simply put, bitcoin enables us to to transact with each other, faster and more cheaply than has ever been possible until now, and to do so you only need an internet connection. Since banks aren't required, the huge swathe on un-banked humankind are suddenly included in the global economy. Neat, huh?
But no phenomenon this disruptive can expect an easy ride from existing elites and the only way to overcome the inevitable resistance is through the development of our own lobbying voice. And this happens through commerce. The more we transact, the more obvious the benefit to others and the more adopt. The more that adopt the greater our collective voice. It really is as simple as that.
What is this Trust issue you mentioned?
Simply put, commerce in bitcoin flips the trust model with which have all become familar. When transacting online through bank transfer, credit card or some other merchant service provider, the consumer is usually covered for the whole amount of the transaction, should the goods or services purchased fail to materialize subsequently.
On the one hand, this is great insurance for the consumer. On the other, it generally requires that they divulge their financial details, feeding the identity theft epidemic, and it has also spawned a huge consumer side fraud problem for which merchants pay the bill, in chargebacks, hiked insurance premiums and payment servicing charges.
Bitcoin removes the identity theft risk for consumers and the consumer fraud issue for online merchants, as a bitcoin payment can only be authorized by the owner of the bitcoin, who need divulge nothing about themselves to make it. Once paid, a bitcoin transaction is irreversible, unless the new owner of the bitcoin elects to issue a refund.
While this is, on the face of it, great news for both consumers and merchants it only means something if consumers are happy to transact in bitcoin,without the consumer protection they enjoy with their credit card.
What is BitTrust?
In acknowledgement of the fact that commerce in bitcoin flips the trust model, the aim of BitTrust is to create a transparent trading environment where consumers can gain confidence in the trustworthiness of their trading counterparty before committing to a purchase.
It achieves this by providing merchants with the means of building and displaying their trust credentials to potential trading partners. These trust credentials are displayed as a numerical value in a trust badge, that - on one click - can be further interrogated to reveal the merchant's trust history.
We believe that the relative privacy afforded by transacting in bitcoin is forfeit the moment you decide to offer goods or services for sale to others. It is not possible to sell anything through our service without lodging contact details and verifying a mobile phone. This means that we can reach a merchant account holder in the event of a problem. Should we be unable to reach an account holder through the contact details provided, their account is immediately suspended.
Further, every transaction is automatically followed up by an invitation for the consumer to vote on the merchant and the merchant to vote on the consumer. Again, it is not possible to provide a vote unless a mobile phone number has been provided and verified. While voting is not mandatory, up and down-votes are recorded against account holders' BitTrust scores.
In the event of a downvote, the account holder is informed and given the opportunity to resolve the situation with the down-voting counterparty.
Finally, BitScan reserves the right to suspend any account based on its associated BitTrust score, with 3 consecutive down-votes triggering automatic suspension.
A new account holder can accrue a maximum of 150 BitTrust points by demonstrating the value they place on their reputation through completion of their user profile. Thereafter, BitTrust points are awarded as follows:
Completed Sale +10
Completed Purchase +10
Recipient of an Up-Vote +20
Recipient of a Down-Vote -30
Ok, so what tools do you offer consumers?
How can you help my business?
How can you help me profit from my interest in bitcoin?
Tell me about Bolt!