San Francisco The Bitcoin Capital - Essay Example

While tendency for digital mobile payments for in-store purchases is increasing, Bitcoin payment API Snapcard is ensuring that Bitcoin gets attention.

We Will Write A Custom Essay Sample On
ANY TOPIC SPECIFICALLY
FOR YOU

For Only $13.90/page


order now

Snapcard, a Bitcoin payment API, announced last month that they had set a goal to make San Francisco the Bitcoin capital of the world.

The co-founder Michael Dunworth revealed this intention in an interview. Even though the firm primarily focuses on e-commerce transactions, it spotted an opportunity to help the digital currency gain some visibility.

The start-up plans to do this by launching a Bitcoin Point-of-sales for brick-and-mortar stores.

Instead of funding a traditional advertising campaign for Snapcard, the co-founder and his team decided to purchase 500 Samsung tablets and set the devices as a POS for digital currencies.

They distributed these tablets free of cost to different merchants in San Francisco, who are willing to accept Bitcoin as payment.

Snapcard also offered a method for the merchants to export all crypto currency transactions to their accounting software. Snapcard promises that they will continue to assist its merchants to get used to Bitcoin.

Dunworth believes that it is good for the firm to take exciting chances which could have a lasting effect for the community.

Snapcard has convinced 250 merchants in Silicon Valley till now. At present, residents of Bay Area can pay for almost everything with digital currency like Bitcoin, Litecoin, Ripple and Dogecoin.

Considering that the holiday season is approaching, the consumers could use their digital currency for their holiday purchases.

Snapcard’s pack of merchants include various boutique shops like Woot Bear, a sustainable fashion shop Skunk Funk and fro-yo purveyor Easy Breezy Frozen Yogurt.

Dunworth believes that the list of merchants who accept digital currencies will keep increasing with time.

His plan is to help total 500 merchants in San Francisco to get ready to accept Bitcoin before the campaign ends.

There is no other location which has so many merchants accepting Bitcoin and other digital currencies.

Back in March, The Hague, in The Netherlands, dubbed the 2 streets on either side of the canal in downtown Bitcoin Boulevard because 9 restaurants and 1 gallery had started accepting Bitcoin there.

A strip in Cleveland got its very own Bitcoin Boulevard earlier this year, for the thread of merchants on the block which accept Bitcoin.

Total 9 merchants and 4 services on the Ohio drag accept Bitcoin, including construction and computer repair firms.

Snapcard’s very effective campaign will definitely educate a wide group of customers, but it will hopefully also encourage those who have Bitcoin to spend. A NVIDA engineer published a chart of Reddit recently.

The post outlined the distribution and movement of the digital currency in the past 6 months, based on age. The chart demonstrates that 70% Bitcoin have been inactive for a long time.

For Bitcoin businesses, getting the Bitcoin economy growing is the top priority.

Coinbase recently developed a work-around to allow users to use Bitcoin to make purchases on iTunes and Facebook.