Bitcoin is creating the financial transaction world of tomorrow today in Amsterdam. BitPay and BitStraat are giving away 100 Bitcoin terminals to merchants linking the bitcoin-accepting merchants with the payment processor BitPay, announced CoinDesk today. Their goal is to make Amsterdam the Bitcoin capital of the world.
The entrepreneur middlemen behind this plan are Amsterdam residents Max Barendregt and Kasper Keunen. They believe that Amsterdam should be the Bitcoin capital of world. The Dutch are known for their financial savvy in world financial affairs and their ability to embrace new technology. It is reasonable match for Bitcoin and the future of global currency to be in Amsterdam.
The Bitcoin Foundation-organized conference last May in Amsterdam met with BitPay to enter the capital city. The program of placing terminals with 100 merchants provides a Point of Sale (POS) terminal free which is a small tablet installed with specific software. This is integrated into a custom-made stand, so it can be easily placed on any counter top. Merchants with monthly revenue of up to 900 euro or about $1130 dollars can enroll.
Arnhem in Netherlands is a bitcoin city with thirty six merchants enrolled and The Hague began earlier this year in its major merchant area with 10 merchants. Bitcoin has been embraced in the country. BitPay and BitStraat plan to have 100 merchants in the program by spring 2015.
Bitcoin is challenging banking systems and the outlook for more disruption in the future. Crypto currencies arrived with the Nakamoto white paper in 2009 and introduced bitcoin and its algorithm to create bitcoin blockchains. The currency and the technology are far reaching into the future to change the world as it does business and financial transactions.
Trond Undheim in Fortune today writes that Bitcoin “is not merely a new market, but a market of markets; a platform for all kinds of new markets to emerge.” He views bitcoin, a new system of exchange, as an Internet of Value. This creates disruption and will cause decentralization in banking systems globally. Money exchange and the barter system will dissolve while the Internet storable bitcoin replaces the former system.
In the city of Amsterdam, eighteen merchants have signed up for the terminals. A terminal can be leased for 10 euro or about $13 monthly or purchased for 120 euro or an equivalent $150 dollars. Amsterdam may be a model for the global world of business transactions next year.