Over the past few months I have become an enthusiastic supporter of the cryptocurrency bitcoin. I asked Shopify, our merchant platform, to do what they could to integrate bitcoin into their payment options and last Friday they launched a beta version of bitcoin integration, of which we have become testers.
Bitcoin is a nascent digital currency which is decentralized by nature and derives its value from an enforced scarcity. Only 21 million bitcoins will ever be in circulation, which means no entity holds the ability to devalue your currency by multiplying the total specie in existence.
We talk a lot about what we want our company to represent and why we want it to grow the right way, as a reflection of our vision and our values. Here are a couple of reasons why bitcoin fits into what we want our company to be.
Accessible: We decided early on that our company would not make mead unaffordable to the average consumer. We are committed to introducing the magic of quality mead to the world. Bitcoin is, by its very nature, an incredibly accessible commodity/currency. There is no central authority dispensing bitcoins and anyone with a smartphone or a laptop can readily trade them in an instant with anyone else in the world, 24 hours a day, 7 days a week.
Populist: We initially funded our company with our own money. After two years we turned to kickstarter to help us secure the funds necessary to purchase equipment and lease space to build our first facility. The outpouring of support that we received on Kickstarter blew us away. Lots of people each helped a little bit and the impact to us and Golden Coast Mead was enormous. Bitcoin has the potential to allow for more democratic funding than ever seen before. Right now you can send .00000001 bitcoin to someone (a fraction of a cent) without paying a transaction fee of any kind. The implications of the ability to complete micropayments whereby many people each give a tiny amount and in turn accomplish amazing things is incredible. We want to support that.
Something Special: Mead is special. It’s the world’s oldest alcoholic drink but fell from favor when the agricultural revolution allowed cheap grain to be used as an alternate source of fermentation. We, along with other meaderies throughout America, are reintroducing mead to the population. It’s a slow process and we spend a lot of time explaining why we are passionate about this to people. As I came to learn more about bitcoin I met and talked with people who have the same zeal for bitcoin as we have for mead. It’s exciting and excitement is infectious. We want to pass that on.
Logistically, we use bitpay.com through Shopify. This allows merchants to put 100% of the bitcoins they receive into US Dollars, eliminating any merchant risk from fluctuations in the exchange rate of bitcoins. That being said, we are really excited about bitcoin. We think we’ll hold on to a few.
Have something to say? Let us know at info@GoldenCoastMead.com. Thanks for stopping by!
Joe and the Golden Coast Mead Team