Bitcoin has been around since 2008, but it’s still in its infancy. That means a lack of regulation, fraud, ponzi schemes, and more. The Bitcoin industry has it all, making it the new Wild West. Digital gold is hiding “just beneath the surface,” waiting for those opportunistic, innovative and brave enough to test these uncharted territories. So what can you expect to encounter in this new frontier as one of the early pioneers?
When you take your first step into the bitcoin industry, it can feel like you’ve entered the 2015 Doc and Marty visited in Back to the Future. This new digital currency has big promises, from reducing international wage payment fees and delays (like what we do at Bitwage ) to providing banking services to the 2.5 billion people who are financially underserved .
If you dig a little deeper and look at the blockchain itself (the architecture and technology behind Bitcoin), it even has the ability to create systems beyond the financial industry. There are applications popping up for things such as an incorruptible voting system and organizations that are run completely by computers, called decentralized autonomous organizations . It’s not hard to believe flying cars are too far away.
With all this new technology and new opportunities to improve outdated systems, the lack of regulation attracts a world of fraudsters and less savory entrepreneurs looking for a way to make a quick buck. In the past, these ponzi schemes and frauds were aimed at consumers (such as the alleged case against Gaw Miners ), but now they’re focusing on business owners within the bitcoin industry too.
Those of us that have been in the Bitcoin Wild West since the beginning know it’s difficult to open a bank account when you’re just starting out. When a company is new, it […]
