Top 5 Things Entrepreneurs Need To Know About Bitcoin Right Now

Top 5 Things Entrepreneurs Need To Know About Bitcoin Right Now

Social Studies | Posted by YouInc.com - November 6, 2014 at 1:00 am
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If you have questions about Bitcoins, Joseph David can provide a few answers. David is co-founder and CEO of Calgary-based CAVIRTEX, Canada’s first-ever Bitcoin exchange – a company that has already processed more than $100 million in trading between Canadian merchants and consumers. The company has also helped put Canada on the map as the global leader of Bitcoin Teller Machines (BTMs) – with more than 30 across the country, many of them located in high traffic Gateway Newstand locations.

YouInc caught up with David during a recent speaking engagement in downtown Toronto.

Q: Why should entrepreneurs bother to learn about Bitcoin? What are the advantages?
A: Bitcoin is one of the fastest growing industries on the planet. Close to half a billion dollars of investment has been committed to the development of the Bitcoin ecosystem and blockchain technology, which is what Bitcoin is based on. Bitcoin presents opportunities for entrepreneurs all over the globe.

Q: I thought only governments could create valid forms of money. How are Bitcoins even legitimate?
A: It depends. What is a valid form of money? Did governments create gold? Bitcoins are legitimate because they are being accepted and adopted by people all over the world. The technology, based on its open-sourced, decentralized nature, delivers security, transparency and opportunity that the financial system has desperately needed.

Q: Aren't Bitcoins both too niche and too abstract for practical-minded entrepreneurs? After all, how does one even get their hands on an actual Bitcoin?
A: The same was said about the Internet in its early years of adoption. Today it’s hard to imagine a world without it and I think the same will eventually be said for Bitcoin. Although Bitcoin is an intangible digital currency, users can quickly have access to Bitcoin through their phone, holding a “paper wallet” or “casacius coin” infused with digital currency. There are also Bitcoin Teller Machines (BTMs) across the country where users can trade Bitcoin for Canadian dollars. All you need is a phone that can accept a text message.

Q: Could it be convincingly argued that Bitcoins are really just a passing fad? Why should we have faith that they’d even be around in 1, 5 or even 10 years?
A: Again I'd say look at the example of the Internet. The real key to Bitcoin’s enduring success will be the breakthrough in blockchain technology. The finite global supply of Bitcoin and its immunity for central planning or monetary policy is what will continue to fuel the interest of the people.

Q: If you were an entrepreneur in the YouInc audience reading this right now, what's the one crucial takeaway you need to really understand about Bitcoins?
A: Bitcoin today = Internet of 1992. This is only the beginning. Educate yourself. Beware of misinformation. Think about what this means for the future of money as we know it. I would also suggest watching Andreas Antonopolous's recent testimony in front of the Senate of Canada for a better understanding of Bitcoin, specifically from a Canadian regulatory perspective.  

Tags: cavitrex, joseph david, currency, digital currency, bitcoin, relationships

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Comments
Graham Schreiber
November 8, 2014 at 9:51 am
Here are a few facts about "BitCoin"

1. It appears to be owned by a single individual.
2. BitCoin, is a division of Memory Dealers, under same Ownership.
3. Memory Dealers, is a California listed business, with same Owner.

Of Law:

100% of United States businesses are subjects of United States Law's.

Of Networks:

If there's an expression of interest, I'll locate & publish the Server locations for this persons Enterprise.


WWW.BITCOIN.COM
Registry Registrant ID:
Registrant Name: ROGER VER
Registrant Organization: WWW.MEMORYDEALERS.COM
Registrant Street: 3350 SCOTT BLVD BLDG #32
Registrant City: SANTA CLARA
Registrant State/Province: CA
Registrant Postal Code: 95054
Registrant Country: US
Registrant Phone: +1.4084865650
Registrant Phone Ext:
Registrant Fax: +1.4084865650
Registrant Fax Ext:
Registrant Email: DNS@MEMORYDEALERS.COM
Registry Admin ID:
Admin Name: ROGER VER
Admin Organization: WWW.MEMORYDEALERS.COM
Admin Street: 3350 SCOTT BLVD BLDG #32
Admin City: SANTA CLARA
Admin State/Province: CA
Admin Postal Code: 95054
Admin Country: US
Admin Phone: +1.4084865650
Admin Phone Ext:
Admin Fax: +1.4084865650
Admin Fax Ext:
Admin Email: DNS@MEMORYDEALERS.COM
Registry Tech ID:
Tech Name: ROGER VER
Tech Organization: WWW.MEMORYDEALERS.COM
Tech Street: 3350 SCOTT BLVD BLDG #32
Tech City: SANTA CLARA
Tech State/Province: CA
Tech Postal Code: 95054
Tech Country: US
Tech Phone: +1.4084865650
Tech Phone Ext:
Tech Fax: +1.4084865650
Tech Fax Ext:
Tech Email: DNS@MEMORYDEALERS.COM
Name Server: BETH.NS.CLOUDFLARE.COM
Name Server: JAY.NS.CLOUDFLARE.COM
DNSSEC: unSigned

WWW.MEMORYDEALERS.COM the California business enterprise beneath Bitcoin.

Registrant Name: ROGER VER
Registrant Organization: WWW.MEMORYDEALERS.COM
Registrant Street: 3350 SCOTT BLVD BLDG #32
Registrant City: SANTA CLARA
Registrant State/Province: CA
Registrant Postal Code: 95054
Registrant Country: US
Registrant Phone: +1.4084865650
Registrant Phone Ext:
Registrant Fax: +1.4084865650
Registrant Fax Ext:
Registrant Email: DNS@MEMORYDEALERS.COM
Registry Admin ID:
Admin Name: ROGER VER
Admin Organization: WWW.MEMORYDEALERS.COM
Admin Street: 3350 SCOTT BLVD BLDG #32
Admin City: SANTA CLARA
Admin State/Province: CA
Admin Postal Code: 95054
Admin Country: US
Admin Phone: +1.4084865650
Admin Phone Ext:
Admin Fax: +1.4084865650
Admin Fax Ext:
Admin Email: DNS@MEMORYDEALERS.COM
Registry Tech ID:
Tech Name: ROGER VER
Tech Organization: WWW.MEMORYDEALERS.COM
Tech Street: 3350 SCOTT BLVD BLDG #32
Tech City: SANTA CLARA
Tech State/Province: CA
Tech Postal Code: 95054
Tech Country: US
Tech Phone: +1.4084865650
Tech Phone Ext:
Tech Fax: +1.4084865650
Tech Fax Ext:
Tech Email: DNS@MEMORYDEALERS.COM
Name Server: NS-CLOUD-B1.GOOGLEDOMAINS.COM
Name Server: NS-CLOUD-B2.GOOGLEDOMAINS.COM
Name Server: NS-CLOUD-B3.GOOGLEDOMAINS.COM
Name Server: NS-CLOUD-B4.GOOGLEDOMAINS.COM
DNSSEC: unSigned

California Secretary of State's database.
http://kepler.sos.ca.gov/
Business Entity Detail


Data is updated to the California Business Search on Wednesday and Saturday mornings. Results reflect work processed through Friday, November 07, 2014. Please refer to Processing Times for the received dates of filings currently being processed. The data provided is not a complete or certified record of an entity.

Entity Name: MEMORYDEALERS.COM, INC.
Entity Number: C2540973
Date Filed: 06/19/2003
Status: ACTIVE
Jurisdiction: CALIFORNIA
Entity Address: 3350 SCOTT BLVD #32
Entity City, State, Zip: SANTA CLARA CA 95054
Agent for Service of Process: ROGER VER
Agent Address: 3350 SCOTT BLVD #32
Agent City, State, Zip: SANTA CLARA CA 95054

* Indicates the information is not contained in the California Secretary of State's database.
Graham Schreiber
November 8, 2014 at 3:42 pm
Sorry, the system jammed-up my comments above.

Ultimately, there's a serious misconception amongst many in the Tech Industry, that somehow or other they reside in an Extraterritorial Jurisdiction.

"Well, it ain't necessarily so" .

Cheers, Graham.
Ted Strong
November 10, 2014 at 11:04 am
The ownership you are referring to is for the website www.bitcoin.com. Not the open source payment system "Bitcoin".

Since "Bitcoin" is not a trademarked name, there is nothing that stopped the people at memorydealers.com from purchasing the domain bitcoin.com and creating the website you see there today.

However, this website has nothing to do with the processing of bitcoin payments or storing of the public ledger of all bitcoin transactions.

Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency



Graham Schreiber
November 10, 2014 at 11:51 am
Hi Ted:

The "Bitcoin" domain name owner listed is Roger Ver, who's name appear on the Domain Name "Whois" listed at Memory Dealers, the owner of the California business, Memory Dealers, where the same name's published.

For a "Sole Proprietor" California business, if You look at the website listed, you'll see "Memory Dealers" consume a vast amount of Server space, at Google.

As per: https://www.robtex.com/en/advisory/dns/com/memorydealers/

Because it's "peer to peer" that engages the MX Servers {Mail Servers} at Google, who are able to track the the data.

I surmise that somehow or other, that data has a cash value; and it could be aggregated fairly quickly, similarly it could be transferred out of the United States, to ???? so many places, in "real world" cash.

With the utmost respect to the gentleman Roger Ver, I'm cautioned; because that's a whole lot of power in one persons care, if even a genuine Roger Ver exists, as such I'd avoid the "currency".

I'd be delighted to learn more; and Ted, perhaps you'll share more here.

As for the Internet, I know it to be the "Wild West" and of what I speak.

I've been harmed by the "Fools Gold of the Internet" ~ a Spurious Mark ccTLD owned by CentralNic ~ and painstakingly tracked down it's collective accomplices, at ICANN, VeriSign, Network Solutions, the NTIA and also the current Director General of WIPO.

I invite You & other YouInc readers to "Follow" me on Twitter, Qui_Tam@USCourt, @AmicusCuriaeUSA.

The Internet's "Wild West" days are nearing an end, at the United States Supreme Court, via a Rule 20 Filing.

Cheers, Graham.
Graham Schreiber
November 10, 2014 at 2:02 pm
Hi Ted:

I see the Domain Name Registrant has updated the "Whois" and is going with ENOM's Privacy Services.

Domain Name: BITCOIN.COM
Registrar: ENOM, INC.
Whois Server: whois.enom.com
Referral URL: http://www.enom.com
Name Server: BETH.NS.CLOUDFLARE.COM
Name Server: JAY.NS.CLOUDFLARE.COM
Status: clientTransferProhibited
Updated Date: 12-jun-2014
Creation Date: 04-jan-2008
Expiration Date: 04-jan-2017

>>> Last update of whois database: Mon, 10 Nov 2014 18:06:58 GMT
Graham Schreiber
January 6, 2015 at 2:09 pm
Hackers steal $5 million in attack on European BitCoin exchange
By Virginia Harrison @vharrisoncnn January 6, 2015: 6:42 AM ET

http://money.cnn.com/2015/01/06/technology/security/bitcoin-bitstamp-hacked/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28International+News%29

So how do holders of Underground Currency feel now?