Bitwage Referrals, IOT & California Regulation

Greetings Bitwagers

Hope you had a good Mother’s Day! Our first few debit cards have started coming in and we have been making good use of them for gifts for our mothers.

We are proud to announce the launch of our new referral program. When you log in, we have created an easy and convenient way to invite co-workers and friends to receive part or all of their wages in Bitcoin. For every referral that signs up, both the referral and the referee will receive a free payroll after we exit Beta or 1-month free of additional exciting features coming out soon. Help your friends streamline the process of obtaining bitcoins or reduce their international payroll and payment costs!

Bitcoin, Blockchain & Internet of Things

We’ve all heard of the well-funded startup 21 Inc, which is yet to officially announce a specific product or service. Now it’s becoming clearer that the product of 21 will be Bitcoin mining equipment embedded in household items. There is a general trend of everyday electronics packing more and more computing and networking power at little additional manufacturing cost, hence the buzzword IoT (Internet of Things). If you’re already upgrading to a smart light bulb or toaster, you might as well get one that mines some bitcoin while it is anyway generating heat. Although a single miner inside a light bulb cannot compete with a latest and greatest ASIC rig, the combined hashing power of millions of such household devices across the world might rival that of warehouse-sized mining farms, which would help keep mining decentralized.

Speaking of the Internet of Things, please check out a podcast with Paul Brody of IBM fame on how a Bitcoin-like decentralized network can make IoT devices be more profitable to the manufactures and more useful to the end users. Naval Ravikant, a veteran VC investor, has blogged about a similar potential of crypto-tokens and blockchains to efficiently allocate resources between machines behind the scenes.

Internet of Stocks

Onward to the “Internet of Stocks,” Overstock.com is seeking permission from the SEC to issue about $500 million in cryptosecurities, in addition to their NASDAQ-traded stock. Patrick Byrne, Overstock CEO, first mentioned the idea during the Q&A after his keynote speech at the Bitcoin 2014 conference. Early this year Byrne was interviewed about the progress of the project now dubbed Medici. It is not clear how close Overstock is to implementing the big idea technically once they get the OK from the regulators, nor which Bitcoin 2.0 platform they would build on.

Going Mainstream

Some of the “powers that be” are starting to pay attention to Bitcoin, if only as an efficient medium to transfer fiat currency. Last month we mentioned that former JP Morgan executives are interested in Bitcoin technology to speed up and secure the settlement of financial transactions for banks and professional traders. Now Goldman Sachs is investing in Circle Internet Financial, which is seems to be concentrating in making fiat-bitcoin and bitcoin-fiat conversions seamless for both merchants and individuals.

Meanwhile, one of Bitwage’s customers has gone all-in when it comes to using Bitcoin as a currency: he receives 100% of his paycheck as Bitcoin.

Regulation in California

Despite many of you singing an online petition against it, the California Virtual Currency bill is making its way through the legislature committees and still poses a potential burden for California crypto-startups, and possibly individual traders, should it become law. If you have not done so yet, please take a minute to sign the above petition and (especially if you are a California resident) contact Assembly member Matt Dababneh who introduced the bill.

If you enjoyed the article, please make sure to leave a comment below, share us on twitter, or like us on facebook. Until next time, stay classy Bitwagers!

-Team Bitwage

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