GBBG Bitcoin Fund -An Exclusive Bitcoin Portfolio for ALL GBBG Members
In our opinion, one of the greatest challenges ahead for bitcoin is that it become a widely used payment system. For the greater part of its life, bitcoin has mostly been used like a commodity or investment vehicle. The majority of transactions are speculative trading similar to Forex or other currency spreads. While the idea of treating bitcoin like an investment tool or derivative can be rewarding, it is not the root purpose of the protocol. Bitcoin needs to become a mainstream payment tool.
GBBG is developing a peer-to-peer system we hope will revolutionize many aspects of ‘online’ life as we know it. However, if we expect to deliver our product effectively, we truly need bitcoin to become a payment system, rather than a speculative investment game. The long-term stability of our core concept depends on bitcoin as a day-to-day payment tool. So, in order to help us get there, we have decided to shift gears a little bit, for a short time.
Two obstacles in the way of bitcoin becoming a mainstream payment system need to be addressed. First, it must become easier for people to move their native currency in and out of bitcoin. Second, people need to be able to use bitcoin to purchase a wide array of goods and services. Over the past several weeks, our fund managers have been seeking opportunities within both of these arenas. There is quite a boom in entrepreneurial activity around bitcoin. We feel GBBG should get involved in a few of these ventures.
If bitcoin will ever become a fluid payment system, people must be able to move in and out of it efficiently. Currently, it takes too much time to acquire and sell bitcoins. This prohibits mainstream users from adapting it as a payment method. Our fund managers ran across an amazing solution for this that is in planning and development. We have decided to throw our development skills and some of our funding into the project. What we plan to create is a system where people all over the world can convert their local currency in and out of bitcoin easily and inexpensively.
We are working with a few partners now to create a business that will focus 100% on the issues of rapid, low-cost currency conversion. This project includes several major features. First, we plan to develop a more user-friendly wallet system so every day people can easily manage their bitcoins. Second, we will establish a global network of authorized, certified currency converters. This will allow people anywhere in the world to move in and out of bitcoin much faster. In addition, there will be a ‘trustee’ system that will protect senders and receivers and ensure that coin transactions and currency conversions are processed efficiently and accurately.
We feel the biggest hurdle for bitcoin over the next few years will involve government and banking resistance. The primary reason is that the bitcoin community has been focusing and promoting the anonymity factor of bitcoin far too much. We feel the only way for bitcoin to be adapted by the masses, and accepted by governments and the banking industry, will be accurate, honest documentation and regulatory compliance.
Bitcoin has taken a bit of a hit because it has been widely adapted by illegal businesses and people conducting illicit transactions. We feel governments throughout the world would gladly accept bitcoin as a payment processor if they could easily identify the persons who are moving local currency in and out of the protocol. Therefore, one of the primary focuses of this new rapid currency conversion system will be to establish record keeping practices that comply fully with each government authority throughout the globe. The goal is to make an easy, mainstream system where people can move money in and out of bitcoin and comply with their governing bodies appropriately.
The average person is not participating in illicit back-alley business every day. The average person does not want to break laws or risk overstepping regulatory boundaries. Therefore, the average person would appreciate a system that ensures they can easily exchange local currency in and out of bitcoin while simultaneously complying with their geographical governing authorities. When people can easily move currency in and out of bitcoin, they will begin to use bitcoin to purchase goods and services rather than treating it like a commodity or investment tool.
GBBG has taken a sizeable position in this new venture. As a result, we will share a sizeable portion of the revenues and profits. This means our membership will benefit greatly. After all, we share our revenue with our members through our revenue sharing matrix. We have agreed with the developers of this new system to include a GBBG membership login within all applications. This way, any member of GBBG that uses these applications to make bitcoin payments or currency exchanges will also be earning GBBG profit sharing points.
Our fund managers will post much greater details about this new venture within the fund segment of our site soon. In addition, there will be an opportunity for 20 accredited investors to participate as well. The partnership has agreed to allow 20 accredited investors to take a stake in the venture along with GBBG. We hope the end result is a system that ‘revolutionizes’ how people move in and out of bitcoin within their local currencies.
Moving in and out of bitcoin easily, and in compliance with local authorities, is only half the battle. The other half of the battle involves vendors. There simply needs to be a huge number of vendors that accept bitcoin before the masses will adapt it as a payment method. Our fund managers have been working diligently to uncover entrepreneurial opportunities in this arena as well. They have discovered many promising concepts, and decided to take a stake in one.
GBBG has taken a sizeable position in another venture that is in the planning stages for developing an online auction to rival eBay. The idea is to produce a system that will allow people throughout the world to buy and sell goods through an auction environment where all transactions are processed via bitcoin. Just like eBay there will be “Buy it Now” options, buyer and seller protection systems, and much more. The plan is to develop a very sophisticated and feature-rich global auction. We feel the blueprints for this auction are very well thought.
Since GBBG will be a major partner in this new venture, we will also benefit from a major share of the revenue and profits generated. Again, we will share our revenue with our members through our revenue sharing matrix. Also, we again negotiated with the developers to include a GBBG login within all the auction applications. This way, any member of GBBG that uses the auction to buy or sell goods or services will also be earning GBBG profit sharing points.
Our fund managers will post much greater details about this new auction venture within the fund segment of our site soon. In addition, there will be an opportunity for 20 accredited investors to participate as well. The partnership has agreed to allow 20 accredited investors to take a stake in the auction venture along with GBBG. We hope to produce a vibrant, growing marketplace where people all over the world buy and sell goods and services using bitcoin as their payment method.
We still fully intend to fill our profit sharing matrix in July. We are constantly seeking ways to bring multiple streams of bitcoin income into the GBBG fold. This way, we have multiple lines generating revenue that can be shared with our members.
Are you GBBG and BitBillions Member? From now, until the last day of May, any person who registers an account and donates at least $30.00 (USD) in cash or bitcoins will be upgraded to Founder status.