While most everyone agrees that cash is king, it doesn’t mean that it is the only way to buy and sell. Today, in the midst of a troubled global economy, a new trend has emerged: the rise of digital currencies, each offering an alternative way to buy and sell without using cash.
The Digitial Currency Landscape
As the most popular digital currency, Bitcoin was introduced in 2008 in an academic paper that emailed to the Cryptography and Cryptography Policy Mailing List by a mysterious hacker that goes by the pseudonym Satoshi Nakamoto. It’s estimated that Bitcoin economy is worth more than $1 billion USD. Over the last four years, Bitcoin has captured the headlines with its mysterious “bad boy” reputation, record swings in value and vulnerability to hacker attacks. People are attracted to Bitcoin because you can anonymously buy and sell over the internet and all transactions are untraceable. Other benefits include transferring Bitcoins without incurring fees and not worrying about currency devaluation since there is no central bank that can create more Bitcoins. The supply of Bitcoins is fixed, with only 21 million in circulation. But just because the supply is fixed doesn’t mean that Bitcoin is immune from massive swings in value.
Something Different, Something Better
Since 2002, BizX has offered its members a completely different way to use its digital currency, BizX dollars, to buy and sell goods and services. In contrast to Bitcoin, BizX has real offices in Seattle and San Francisco, staffed with real people, and is committed itself to helping members increase sales, attract new customers, increase profits and sell excess inventory.
Another major differentiator is the process to create a Bitcoin is purely computational and its value isn’t backed by a government or organization. It’s worth something partly due to the fact that people are willing to trade it for goods and services. As such, it’s extremely vulnerable and considered risky.
This is much different than a BizX dollar which is backed by a promise of a service or a product from thousands of trusted and stable member businesses.
BizX is a trusted community of businesses dedicated to promoting transparency, stability and accountability. While Bitcoin’s transactions are final and untraceable, BizX enforces rules and regulations that protect its buyers and sellers. To date, BizX’s membership includes thousands of businesses that together conducted over $100M in transactions in 2012. BizX makes it easy for its members to search and find another on its website; members also have the option of contacting their respective account manager at BizX corporate headquarters to assist with their needs and find the best options to buy and sell using BizX dollars.
BizX also doesn't require members to use cash to acquire BizX dollars; instead members just have to sell products and services to get BizX dollars. This is differs from Bitcoin users who have to follow a laborious set-up process and then use cash to buy Bitcoins.
All of BizX income must be reported to the IRS. According to the Tax Equity Fiscal Responsibility Act, BizX is considered a third party record keeper and all revenue that comes from trade is treated as income. Each year BizX issues Form 1099-B to all members summarizing the sales made through BizX for that year.
To sum it up, BizX is a legitimate digital currency with a successful track-record of helping businesses buy and sell goods and services they need to grow their businesses. It doesn’t thrive on speculation, anonymity, or a mysterious “bad-boy” reputation. Instead BizX it’s all about providing a trusted, legal, digital currency that helps businesses and communities thrive.
See just how much BizX has helped its community!