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June 2, 2015- In This Issue:

  

BitVest Digital Mining Welcomes Two New Board Members

PLANTATION, Fla., June 1, 2015 /PRNewswire/ -- Dr. Evans and Ms. Pluzhnyk bring tremendous experience, intellectual capital, and leadership expertise to the Company. We're confident they will make enormous contributions to strengthen our partnerships and build value for our shareholders.

 

"This is an enormously gratifying time to be part of the Bitcoin eco-system," said BitVest CEO Devin Hahn. "Today's announcement enhances our ability to achieve an even stronger leadership position in the Bitcoin community."

 

"As we move forward with our expansion," he added, "it's a huge benefit to have advice and counsel from a board comprised of such esteemed industry and academic leaders. Charles and Angelina have their fingers on the pulse of Bitcoin and where it is going. Their work with the non-profit organization Conscious Entrepreneurship Foundation, which helps to educate people in emerging markets as to how Bitcoin can have a positive effect on their everyday lives, is a testament to their devotion to the global Bitcoin community. I'm excited to welcome them aboard and look forward to a very fulfilling year."


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Bitcoin's tech is entering the major leagues

It's no longer exclusively the realm of start-ups and independent enthusiasts. With a string of announcements in recent weeks, major companies are now betting that bitcoin-more specifically, the technology that makes it-will come to underlie our everyday lives and the global financial system.

 

In the past six months, "everybody realized that bitcoin's more than a currency," Brian Kelly of Brian Kelly Capital said. "Everybody had their 'aha' moment, and investors with many millions of dollars to spend are starting to see how it can be used."

 

CNBC reported six months ago that investors and technologists increasingly think the technology underpinning bitcoin-called "blockchain"-could ultimately be more revolutionary than the currency.


 

Now, more than a dozen big banks and tech firms have dived into the field, including Seagate, Nasdaq, Overstock, IBM, Samsung, UBS, Barclays, Banco Santander and Intel-to name a few.

 

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A Flip of the Coin. No Cash, No Credit? No Problem

Most consumers these days are well acquainted with the range of technologies available to help them fork over money quickly and easily - without using cash - to pay for just about any type of product or service.

 

Most people have multiple credit card accounts, of course. But increasingly even carrying cards is becoming pass?, because anyone with a smartphone and a mobile-pay app can simply scan information stored on their phone into a reader and walk away with their purchase.

 

But even the tech-iest of consumers may be out of the loop when it comes to one of the most interesting payment methods in the marketplace: Bitcoin.

 

People around the world are racking up more than 100,000 financial transactions every day using a kind of currency that doesn't actually exist. Bitcoins are found only in the world of virtual reality, but that doesn't mean they can't be used to buy real merchandise. 

 

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Is Bitcoin Better than Gold? Part One: Transaction Costs and Centralization

In many ways, gold and Bitcoin are similar. They are both scarce; gold is scarce by nature and Bitcoin has scarcity coded into its protocol. Gold and Bitcoin are divisible; gold can be melted into small coins or even shaved into tiny flecks. Each bitcoin is divisible by eight decimal places. They are both fungible; each ounce of gold is interchangeable with the next, and all bitcoins are interchangeable with one another. Gold and Bitcoin are also very different in many respects. Gold is physical, Bitcoin is digital. Gold relies on banks for safekeeping and payments, Bitcoin is stored on a computer and tracks payments with a distributed, public ledger. Gold is vulnerable to robbers, while Bitcoin is vulnerable to hackers. The list goes on and on.

 

Newcomers often make these comparisons between gold and Bitcoin and ask the question: is Bitcoin better than gold? This question does not have an easy answer, and arguments revolving around it regularly crop up in the Bitcoin community. The pros and cons of gold and Bitcoin blur the line of superiority between the two, making the victor unclear. Therefore, in this series, we will present the main advantages and disadvantages that the two assets hold over one another, allowing the readers to answer this question themselves. This article will cover the advantages and disadvantages of gold and Bitcoin when it comes to transaction costs and centralization.

 

Transaction Costs

 

Gold takes up physical space, requiring a significant amount of material resources to transport from location to another. Moving gold takes roads, vehicles, human labor, and safe locations for storing the gold. Furthermore, these transportation components require large amount of resources as well. Roads require massive amounts of capital and labor, as do vehicles and storage facilities, and human labor is relatively scarce, which tends to make it expensive. Even a collector storing a small supply of gold in his or her home must expend a significant amount of resources. The collector needs a safe or some kind of storage device to securely hold the gold, as well as physical space for the storage device. The collector also has transportation costs; he or she either has to drive to a gold broker to buy the precious metal, or pay to have it shipped to his or her house. Using gold as a currency demands space on one's person, as he or she has to carry coins in their pockets or bags. This particular space requirement has historically led to the use of gold-backed paper notes as substitutes for hard cash, which creates a need for trust that we will examine in part 2.


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