Online virtual currencies are nothing new. They have existed for decades—from World of Warcraft Gold to Facebook Credits to e-gold. Neither are online payments systems new. PayPal, Visa, and Western Union Pay are all examples. So what is it about Bitcoin that makes it unique? Bitcoin is the world’s first completely decentralized digital currency. Its decentralized nature results in lower transactions costs, making it particularly attractive to small businesses. It could also be an attractive electronic payments option for consumers, including the unbanked and underbanked. Risks include volatility and security, but these are not problems inherent in Bitcoin’s design.
We are ultimately advocating not for Bitcoin, but for innovation. It is important that policymakers allow this experimentation to continue. Policymakers should work to clarify how Bitcoin is regulated and to normalize its regulation so that we have the opportunity to learn just how innovative Bitcoin can be.
In analyzing the proposed policies being developed to carry out Congress’s mandate, it is important to remember that the purpose of the mandate is to open America’s skies to commercial UAS use in order to reap the social benefits that such use will bring.
Jerry Brito testified before the House Committee on Oversight and Government Reform Subcommittee on Technology, Information Policy, Intergovernmental Relations, and Procurement Reform on open government and government transparency through technology.
Como la primera moneda digital descentralizada del mundo, Bitcoin tiene el potencial de revolucionar los sistemas de pago en línea de una manera que beneficia a los consumidores y las empresas. En lugar de utilizar un intermediario, como PayPal, o entregar información de tarjeta de crédito a un tercer partido para su verificación—ya que los dos incluyen cargos de transacción y otras restricciones— Bitcoin permite que los individuos paguen directamente entre sí para bienes o servicios.
Patrick Byrne, CEO of Overstock.com, discusses how Overstock.com became one of the first online retail stores to accept Bitcoin. Byrne provides insight into how Bitcoin lowers transaction costs, making it beneficial to both retailers and consumers, and how governments are attempting to limit access to Bitcoin. Byrne also discusses his project DeepCapture.com, which raises awareness for market manipulation and naked short selling, as well as his philanthropic work and support for education reform.