The essence of free-trade capital markets is captured daily as investors, bankers, and traders travel to the New York Stock Exchange (NYSE). The NYSE is the epicenter of America's financial sector. Bitcoiners desire the same allure of a free-trade financial district that supports secure day trading. Silicon Valley's outstanding technological and financial infrastructure make it a qualified location to fulfill this niche.
The Bitcoin community is expanding with more consumers, retailers, and service providers accepting digital currency. The majority of Bitcoin transactions occur online. Bitcoin is also exchanged in person with tangible coins. In person trades may seem counter-intuitive to the nature of digital currency, however "cold storing" Bitcoin offline may hedge against the possibility of an internet based wallet being compromised. Creating a self-sustainable community to freely trade Bitcoin in person is the modern day version of Wall Street's Financial District.
Imagine a community where Bitcoin is accepted in every facet of daily commerce. Uniform adoption would save consumers and businesses in payment processing fees. For example, paying for gas using a credit or debit card may incur a $.35 processing fee. The processing fee goes to a financial institution that offers the payment solution for the gas station and the consumer absorbs this cost; this is not an efficient transaction for either of the end users. The fee could be eliminated or drastically reduced through direct Bitcoin payments in lieu of cash. The same concept applies to the following transactions:
- Bill Payments: Eliminate or reduce processing fees when paying on loans, rent, or utilities
- Goods and Services: Eliminate or reduce processing fees when using your credit or debit card for purchaes
- Wire Transactions: Eliminate or reduce processing fees when sending and receiving funds from your own account
Bitcoin makes commercial transactions more efficient. Leveraging predominately tech-savvy community demographics, Silicon Valley residents and businesses could support economic growth by widely implementing Bitcoin as a locally accepted standard equivalent for cash payments.
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