Bitcoin Ventures has launched CoinTap, a gift card that streamlines an otherwise tricky and time-consuming process of trading money on a market for Bitcoins.
Ashley Fulks, Bitcoin consultant and representative of the virtual currency software development company, said "Buying Bitcoins are now as uncomplicated as buying a loaf of bread.
"Simply go to the store and buy a CoinTap card. Then go online, redeem your card on our website and, presto, you’ve got Bitcoins."
A $50 gift card is redeemable for $50 in credit, which can then be used to purchase Bitcoins at a ‘competitive rate’ through the company’s website.
The Bitcoin is the best-performing currency in the world, Fulks said, adding: "Whereas governments and banks set the values of fiat currencies based on how they want their economies to perform, the Bitcoin is decentralised and runs on a peer-to-peer network, so its value can’t be regulated by a small group of people."
With Bitcoins, there’s no inflation – there will only ever be 21,000,000 in circulation, explained Fulks.
"Since the Bitcoins value is determined purely by the market, it shows a different picture of what other currencies are worth."
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Currently, governments and financial institutions worldwide have varying definitions of what Bitcoins are.
While the Government of Canada views Bitcoins as a tradable commodity, but not a currency, Germany recently ruled that the Bitcoin is ‘private money’ and therefore taxable, just like regular money.
Fulks said: "They can be saved as an investment; traded for other valuable currencies such as Euros, Rubles, US dollars, Yen, Litecoins, Feathercoins – which are just two of the many new virtual currencies cropping up.
"You can also use Bitcoins to purchase any type of good or service from any vendor willing to accept Bitcoins."
There’s already a huge community online for shopping with Bitcoin, including bitcoinstore.com – an Amazon-style store that only deals in Bitcoin. Several smart-phone apps, like blockchain.info, offer portable wallets and easy point-of-sale systems for vendors to make transactions easy, Fulks adds.
Fulks says some early-adopters are now living exclusively off of Bitcoins. "They buy their groceries and even pay their rent with the help of online companies like billpayforcoins.com, who will pay your bills in fiat currency in exchange for Bitcoins."
Bitcoin Ventures is actively securing global partnerships, "to help bring Bitcoins to the world," said Fulks.
"The Bitcoin community is very supportive of emerging technologies and has contacted us with open arms."
