Bitcoin and Gold Exchange Vaultoro Reaches $1 Million in Gold Trading Volume

Bitcoin Magazine
Bitcoin and Gold Exchange Vaultoro Reaches $1 Million in Gold Trading Volume
vault

Real-time bitcoin-to-gold exchange and banking 2.0 Vaultoro has reached a significant $1 million milestone in gold trading volume, recording an average monthly trading growth rate of 91 percent.

The exchange has seen a rapid increase of its user-base, especially in developing countries such as India, which are severely underbanked or unbanked.

“The developing world skipped the landline and went direct to mobile phones. They are now doing the same with traditional branch banking because it’s just too uneconomical to set up,” said Vaultoro CEO and co­founder Joshua Scigala in a statement.

“Vaultoro enables anyone to easily enter the global economy securely and privately by utilizing the native Internet currency bitcoin and removing the extreme volatility by combining the security of assigned gold bullion. This will go a long way towards ending poverty by including a potential 5 billion people who have been left behind by traditional banking,” Scigala added.

Crowdfunding Campaign

In conjunction with the announcement, Vaultoro has launched an equity crowdfunding campaign on BNK TO THE FUTURE, to maintain its growth and to expand its services throughout underbanked regions in Asia and Latin America.

The startup has offered 25 percent equity for $785,000, enabling anyone to fund the project and profit from the platform. Currently, Vaultoro has raised $236,000 from 149 international backers. With the new financing, the startup plans to redevelop its mobile application, and offer a multi-lingual platform for its users.

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Closing the Loop: Australian Organic Farm Creates a Local Bitcoin Economy Among Farmers
chicken-farm

Budafoods, a certified organic farm and food supplier located in the Sunshine Coast Hinterland, Queensland, Australia, is attempting to create a closed bitcoin economy among farmers and to encourage its partners, supporting businesses and community to accept bitcoin.

Over the past few years, online payment services and platforms such as PayPal and banking systems have negatively affected businesses in the area, including Budafoods and the local businesses the farm supplies. Apart from the substantial fee for transactions and payments, PayPal and the bank transfers have been extremely inefficient, freezing funds for weeks at their will.

In search for a cheaper, yet quicker, payment method, Budafoods founder Mark Burgunder came across bitcoin, a decentralized currency which enables instantaneous and cheap transactions for merchants and small businesses.

“My main reason for attempting to get others to accept bitcoins is that I love the speed and ease of bitcoin payments and have a distrust of most central banking methods,” Burgunder told Bitcoin Magazine.

“On a deep emotional level, fractional reserve banking feels like cheating to me and has only been successful because it benefited the already rich,” he said. “Additionally through experience with credit card processing and using PayPal I have realized that not only are merchants/sellers charged a substantial fee for accepting money, but we also need permission from the banks, credit card companies and/or PayPal to accept payments.”

Unlike most companies that claim to accept bitcoin, Budafoods is not converting the bitcoin it accepts to fiat money.

“In Australia, a surplus of bitcoins wouldn’t be an issue as we currently have a great service available here called Living Room of Satoshi that allows us to make bill payments and electronic transfers to almost any bank account in Australia using bitcoins. We’ve been using this service on a number of occasions already with the largest purchases so far having been for chicken feed and for mobile electric fencing,” Burgunder told Bitcoin Magazine.

Closed Bitcoin Economy Among Farmers

As computer scientist and cryptographer Nick Szabo stated before, suppliers, businesses and customers must all accept and use bitcoin for it to be effective in an economy. Szabo calls this concept a complete closed cycle: store => supplier = workers => store.

Burgunder attempts to implement this concept into the local farm and business networks in Queensland. Currently, Budafoods is trying to convince local businesses in its community to accept and pay them in bitcoin, as it is faster and cheaper than other online payment methods available in Australia.

“We are supplying one of the local restaurants and would be more than happy to accept payment in bitcoins from this restaurant. We feel this should make it easier to allow the restaurant to accept bitcoins from tourists and, in turn, pay us for supplies with the bitcoins they’ve accepted,” said Burgunder.

The Use of Multi-Sig Wallets between a Supplier and a Business

Burgunder further explained that the use of multi-signature wallets between a supplier and a business will be far more efficient than any other payment method/systems available today.

“I’d envisage in an escrow scenario we’d pay for the purchase into a multi-sig wallet with one of the signatures being ours, with us signing a transaction to release the funds to the supplier once we’ve received the shipment,” explained Burgunder. “With the supplier also having one of the multi-sig keys it wouldn’t be possible for us to just withdraw the funds, giving the supplier certainty that the funds will not disappear on them. I feel this would help incentivize the supplier to assist in speedy and hassle-free delivery as in this scenario it would be in their interest to have the shipment arrive with us in a timely manner.”

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Press Release: DNotes Live on Cryptsy For Bitcoin Trading, Growth of Ecosystem With World’s First Cryptocurrency Savings Accounts Continues Unabated
DNotes-Screenshot

Stable Bitcoin alternative DNotes has just been added to reputable Bitcoin and cryptocurrency exchange Cryptsy. DNotes offers a complete digital currency infrastructure; including the world’s first Cryptocurrency Investment Savings Plans.

Chicago, Illinois – DNotes is pleased to announce it has recently been added to reputable digital currency exchange Cryptsy. Operating for over 2 years, Cryptsy has more than 270 000 registered users with over 300 000 trades taking place on the platform every day. Cryptsy accepting DNotes helps solidify DNotes’ extensive ecosystem; which includes the world’s first long term cryptocurrency savings plans (CRISPs), DCEBrief.com which offers the latest digital currency news for busy executives, DNotesVault guaranteed safe coin storage, and women oriented cryptocurrency neutral platform CryptoMoms.com.

Now that DNotes is on Cryptsy, there is the possibility of a DNotes / USD currency trading pair in future. If that occurs, DNotes’ innovative Cryptocurrency Investment Savings Plans will be even more accessible to everyday people worldwide. The DNotes’ team has plans for their own in-house DNotes / USD trading platform, but no hard launch date has been announced as of yet.

About DNotes, CRISPs, and Alan Yong:

Launched in February 2014, DNotes is led by experienced tech entrepreneur Alan Yong. Yong founded Dauphin Technology in 1989 and created the Dauphin DTR, a powerful windows-based miniature computer that competed with Apple’s Newton computer that evolved into the iPhone we know today.

DNotes is a currency for everyone – unborn to most senior, rich or poor. Over the last year DNotes successfully launched the world’s first Cryptocurrency Investment Savings Plans (CRISPs) for employees, children, students, and retirement. CRISPs provide a 100% guarantee matching fund verifiable on the transparent blockchain and embedded in DNotesVault.com infrastructure. For the first time, DNotes’ CRISPs and DNotesVault allow anyone worldwide to take advantage of the unprecedented opportunities provided by digital currency. DNotes’ latest project to launch is DCEBrief.com.

About DCEBrief:

DCEBrief’s mission is to provide objective, unbiased news on the latest developments in the world of Bitcoin and Digital Currency, in “Executive Summary” format, with no censorship or fillers. DCEBrief offers decision makers, busy executives and everyday people worldwide access to the information they need, to help them understand the often misunderstood Digital Currency industry.

About CryptoMoms:

In 2014 DNotes founded Cryptomoms.com, an online community to encourage and assist women to participate in the emerging world of cryptocurrencies overwhelmingly dominated by men. Surveys from 2014 show that 95% of cryptocurrency participants are male even though women account for 50% of the buying power. CryptoMoms is a platform fully equipped with a forum, chat, information pages and a full guide on how to store, buy, and sell digital money. It is clear that in order for digital currencies to become truly mainstream the gender imbalance must be corrected.

To visit DCEBrief please go to: http://DCEBrief.com

To learn more about DNotesVault and CRISPs please go to: http://dnotesvault.com

To trade DNotes with Bitcoin on Cryptsy please go to: https://www.cryptsy.com/markets/view/NOTE_BTC

Follow DNotes on twitter: http://twitter.com/dnotescoin

Media contact

Name: Alan Yong

Email: Contact@DNotescoin.com

 

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This press release is for informational purposes only. The information does not constitute investment advice or an endorsement by Bitcoin Magazine or BTC Media, LLC. Bitcoin Magazine does not certify the accuracy of the above information provided by Bitcoin PR Buzz.

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