i3 - November/December 2017 - 58

Policy

By Jeremy Snow

New
Hampshire

T EC H H U B

Biggest Bitcoin Cities

 S 

lowly but surely, cities across the
world have embraced bitcoin's
freedom, flexibility and growing
potential. In October, the biggest cryptocurrency in the world reached over $5,000
per coin - a more than 640 percent
increase since last year.

Bitcoin is completely unique compared
to other currencies. It exists entirely
online, requires no third parties to send
from person to person and is independent from the government. But what
makes bitcoin and other cryptocurrencies truly special is the system that
records and keeps track of each transaction. The blockchain requires other users
to validate transactions in exchange for
small amounts of currency (known as
"mining"). With the blockchain, everyone can see every transaction happening,
keeping the network decentralized.

California

With more than 200 businesses accepting
bitcoin in San Francisco and Los Angeles,
California is one the easiest places to
learn about the currency. Home to conferences like the Blockchain Expo and the
CoinAlts Fund Symposium, the state's
forward-thinking culture and love for
innovative tech made these cities a hotbed
for bitcoin. Across California you can use
bitcoins to pay for everything from your
lunch or a haircut, to an apartment lease,

California

Bitcoin has exploded in popularity and
price - here's where you can spend them.

Buenos
Aires

then go to one of the hundred bitcoin
ATMs across the cities to buy or sell
bitcoin. Consistent with Silicon Valley,
plenty of companies see bitcoin itself
as a business opportunity. Companies
like GemOS and Coinbase have developed successful bitcoin "wallet" apps to
store coins in, while mining operations
are also popular in LA.

Buenos Aires

Not only states are benefitting from
the bitcoin boom. Citizens from Buenos
Aires and Argentina have seen bitcoin
as a solution to the country's rapid and
crippling inflation. As the price of the
peso drops, Argentina businessmen have
turned to bitcoin as a means of trading
internationally without losing massive
profits. The cryptocurrency is now
common for hotels, tourist industries
and even some everyday purchases
across the Latin American country.

New Hampshire

The state passed a law in June that
exempted currencies like bitcoin from
other state regulations on transmissions,
making it one of the few states to actively
address cryptocurrency. As a result, the
state has embraced this market, bringing
a plethora of accepting shops and ATMs,
one of the longest running bitcoin
meetups, as well as a few bitcoin-focused
businesses. When Overstock began to
accept bitcoin, they reported one-third
of their first day orders were from
New Hampshire. Many point to New
Hampshire's political values: decentralization, little regulation and room
for political experimentation. Combined
with the lack of income or sales tax,
the state is a digital goldmine.

THE FINAL WORD: Why should you use bitcoin?

tionships in many areas of society. While
speculation is rampant and many doubted
that it would ever work, bitcoin has not only
survived but flourished over the past eight
years of its existence."
58

NOVEMBER/DECEMBER 2017

Nejc Kodrič, CEO and co-founder, Bitstamp
"All those who value financial sovereignty and
independence will be attracted to bitcoin.
Already well established as a strong alternative
to the existing monetary system, it has heralded
a series of significant changes. Not only does
your personal wallet become your own private
bank, you can stay in complete control and custodianship of your funds."
I T I S I N N O VAT I O N

Map: GettyImages

Gil Valentine, founder, Athena Bitcoin
"Bitcoin has been called the first 'triple-entry'
bookkeeping system ever to exist. This technology has the potential to replace trust rela-



i3 - November/December 2017

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