Update on Oct 15 - Newsletter today sent to FSP mailing list of 15,000
Free State Project now accepts Bitcoin! (and you get some for free!)READ THE SEPARATE PRESS RELEASE HERE Some Free Staters have been hearing about Bitcoin – the new digital currency that has been gaining momentum, especially within the liberty movement.
As of last week, the FSP is now set up to accept Bitcoin for donations as well as event registration fees (online store will soon follow). Additionally, everyone on the Free State Project mailing list (ie – anyone who received this newsletter) will be receiving a free Bitcoin donation tomorrow. Read on for more details…
What is Bitcoin? Bitcoin is a decentralized digital currency – it is not run by any company, organization, or government. It works using peer-to-peer technology, meaning transfers of the currency go directly between two parties instead of a central server. Its supply is strictly limited based on a predetermined algorithm, and there will never be more than 21-million Bitcoins in existence. Unlike fiat currencies, a Bitcoin’s value comes purely from supply and demand within an open marketplace. There is no central bank to inflate or deflate the money supply.
Bitcoins can be bought and sold at many online exchanges for national currencies, and can be used to purchase a growing number of goods and services all over the world.
Unlike gold or silver, Bitcoins can be sent between any two accounts anywhere in the world instantly, and you never need to use a name or any personal details to have an account. Bitcoins are private and generally anonymous. Bitcoins are held on your computer (or at an online “ewallet”) – and nobody can prevent a Bitcoin transaction from happening.
You may have heard earlier this year when Wikileaks’ funding sources were getting shut down by Visa, Mastercard, and Paypal. Bitcoin cannot be shut down in such a way, meaning Wikileaks now always has a source of private, anonymous funding.
Bitcoin and FSPSome liberty advocates are extremely excited about the prospects of this currency, and that is why the Free State Project has decided to incorporate it as a payment method for donation and event registration.
To help you get started with Bitcoin, the ghost of Frederick Bastiat has donated the funds for us to give each of you a tiny amount. You will receive another email tomorrow with instructions. If you wish to claim your gift, you will get a free ewallet account with BTCinch.com (ewallets allow you to store your Bitcoins if you don’t wish to keep them on your computer).
The more you learn about Bitcoin, the more this new currency may interest you as a tool for voluntary, free-market exchange. Feel free to join the “Free State Bitcoin Consortium” group on Facebook (run by Erik Voorhees). Or to investigate Bitcoin further, a good starting place is WeUseCoins.com
Watch out for the follow-up email tomorrow!