Pegging crypto currency to electronic cigarettes is the way of the future.
Australia December 11 2014: Crypto Currency has seen a surge in popularity recently as Bitcoin has been featured in many media reports and is gaining momentum as a real contender for trading tangible products. While many people have heard of Bitcoin most do not realize that there are many other internet currencies that have been created that are utlised online for purchasing a wide array of products. When Bitcoin was created by Satoshi Nakamoto in 2009 it was deliberately made open source which meant that the crypto currency network could be endless and improved upon. In 2011 Litecoin was created to be a competitor of Bitcoin with some differences. The main difference is that Litecoin can handle a larger amount of transactions due to a quicker block generation. (http://www.coindesk.com/information/comparing-litecoin-bitcoin/) Litecoin has since paved the way for many other coins to be created that are often distinct in their use for trading.
One such coin that is set to be released is Quit Dough.
Quit Dough has been made to be exchanged for electronic cigarette products including nicotine e-liquid. Electronic Cigarettes have a lot in common with crypto currencies which make them an interesting partnership that has a wide future scope. In many parts of the world the law regarding electronic cigarettes and crypto currency is grey. It is hard for Governments and regulators to pin point policies regarding either product as they are mainly traded in an online landscape. Technology often eludes regulation which can pave the way for alternate methods of doing business. The decentralized nature of crypto currency enables an exchange to occur without limitations or expenses such as fees delays or privacy violation. The main element that makes the connection interesting is that it gives buyers a sense of control over financial decisions when it comes to purchases. Paypal and Ebay have restricted USA sellers from offering electronic cigarettes. (http://pages.ebay.com/help/policies/tobacco.html) Some credit card merchants are also closing individual accounts from online stores meaning that there are less ways to pay for the products that customers want access to.
Recognising the problems faced by electronic cigarette sellers and buyers with regard to payment options Matthew the director of an Electronic Cigarette company in Australia Evape began researching the idea of a crypto currency that is specifically targeted to the sale of e-cigarettes. He came up with Quit Dough which has been developed with online trading in mind starting with the world wide purchase of nicotine e-liquid shipped directly from the manufacturer in Europe. When asked what the main benefits of Quit Dough are over traditional payment methods his response was emphatic;
“Real-time transactions no chargebacks no account freezes no waiting for checks to clear no international wire transfer fees no minimum balance or maximum balance global reach always accessible no waiting for banks or businesses to open open an account in seconds no waiting for an account or membership no approval needed no bank account needed as simple as email anyone can use it rich or poor no hyper-inflation no bank bailouts open source and secure completely voluntary and much more.”
As Australia has already hosted a forum on digital currency during the time of the G20 summit November 16th 2014 known as the Global Digital Currency Conversation (http://www.coindesk.com/digital-currency-conference-follow-australian-g20-leaders-summit/) it is clear that being Australian gives Matt a technical edge when it comes to embracing crypto currency for electronic cigarette products. As far as the future goes with regard to a wide adoption of internet currency the outlook is promising.
“Currency is a collective understanding. When a lot of individuals come to the same understanding whatever they agree on ends up being secondary regardless of whether it's gold paper animals or a computer code. The past demonstrates all those instances to be real. No one knows just what the future is going offer us as currency with wider adoption this could very well become the norm for finance in all forms.” Says Matt.
The release date for Quit Dough is in mid-December 2014 with mining to commence right away. This ensures that everyone has a fair chance of gaining as much coin as they can while adding to its security. With crypto currency it is important to work at pace as the markets are consistently volatile. If market investors see a coin released that has potential they will jump on the opportunity to be a part of something big but if they cannot see the project moving ahead with momentum they will often abandon the concept and the coin will flop.
As Matt explains; “It’s money on steroids a huge huge deal but the speed the market moves at is unprecedented to any other market as it never sleeps and the community and investors like to see real progress on the coin going at the same speed which feels like incredibly fast. We have one of the best developers that lives in what seems like the matrix so our pace at evolving new ideas and add ons to take the coin mainstream is nothing short of amazing. Crypto currency is an evolution of the internet as the blockchain that runs the whole thing is something people will hear a lot about in the future and will do a lot more than just run decentralised currencies.”
The market for alt coins (coins that run on a different algorithm to BitCoin) does seem like the Wild West in many ways. Often a coin will be created the developer will cash in and leave it for dead. Matt and his team are confident that Quit Dough will be a long term coin with a very specific purpose trading electronic cigarettes. This begs the question is crypto currency set to change how people think about money in terms of Geographical denominations?
address: 74 Day St Bainsdale VIC Australia 3875
sales (at) quitdough.com
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