November 13, 2014 BitCoin: Being Made in the Benefactory!
If you’ve stopped by Brandthropology lately you may have heard the buzz around the Bitcoin mining that our favorite tenants, Laboratory B, have been undertaking. If you aren’t clear on what this is all about, you’re not alone. It took us awhile to wrap our heads around this new thing called Cryptocurrency too.
Bitcoin is one of many virtual currencies. As a digital product, not physical, it is distributed from peer to peer without the need of a central banking authority. This allows users to avoid fees typically found with credit card charges and to transfer funds instantaneously.
To create inherent scarcity Bitcoin requires miners to utilize computing time and power to process the code that generates the currency. In short — by powering the software that keeps track of the currency globally — miners are rewarded with Bitcoin.
There is currently a push to encourage local Vermont businesses to accept Bitcoin as a form of payment. Recently, 3D Print startup, Blu Bin began offering a Bitcoin ATM at their new kiosk in the Town Center Mall.
See the picture of the AntMiner that Laboratory B has running in our Benefactory space. Read more about the Burlington BitCoin scene in this article from Seven Days:
We’re always thrilled to see Vermonters diving into these new technologies — even better when it’s happening right here at The Benefactory!