Bitcoin’s Patronage System Is an Unheralded Strength

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Bitcoin is termed as “New Money” minted and exchanged on internet. Since it is faster and cheaper than banks the service is attracting attention of major patrons and Firms patronizes Bit coins not because it the right thing to do but because it the economically rational thing to do which persuaded the most recalcitrant among them to go for it. 

For those who have their hold in the dynamics of open source the funding model such as the Bitcoin’s patronage system, this should not pose a challenge. Bit coins model is such that it pays dividends in the final analysis rather than short term expedient. 

The Bitcoin alternatives are funds which are a source of bickering, self dealing and graft. This helps the individuals to control the strings with total control and at their own discretion to direct funds to allies and funds which lacks in other systems.

Block stream, the MIT digital Currency Initiative and the chain code were the major patrons sponsoring the main developers. Though there are many developers active on the Bitcoin codebase who commit their time fully rather than splitting their time between Bitcoin development and day jobs.

Square Crypto announced its intention to fund a variety of Bitcoin projects in the year 2019 relating to main codebase and also on less conventional improvements to Bitcoin’s design. 

BTC Pay server was a project to facilitate Bitcoin acceptance among the merchants and it was funded by Square Crypto which was its first grant. This grants inspired many other organization to start their funding process and also broadened the spectrum of grant worthy projects.

With Square Crypto making a blizzard of grants to a wide range of entities in 2020, it has welcomed BitMEX into the rings and Anthony Towns have ventured fund paradigm along with exchanges such as Kraken, BTSE and Ok coin who have made material grants to BTC pay server. 

The environment of the Bitcoin patronage seems highly encouraging and vibrant. 

Numerous organizations are showing interest in throwing their hat into their ring after recognizing the economics which seem to favorable.

Read more: Older Investors Go for Gold, Younger Ones Bitcoin, JPMorgan Says

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