When we released our Coinbase integration for IgnitionDeck, Bitcoin (BTC) was valued at just $500. During this time, cryptocurrencies were a novelty to all but evangelists, and as a result, adoption of the integration hit an early peak, and then flattened out over the next several months.
Since that date, Coinbase has continued to iterate on their toolset, creating one of the most powerful and robust BTC trading tools in the world. As a result, their popularity has exploded, and Bitcoin has evolved into a more than just a digital token. It has spawned hosts of new cryptocurrencies, including Ethereum and Litecoin, also supported by Coinbase, which are built on the same blockchain technology. In addition, Initial Coin Offerings (ICO’s), which we’ll talk about in more detail shortly, have become so hot that it’s almost impossible to keep up with them. The FTC agrees, having issued a statement trying to curtail unregulated activity.
All along the way, the price of BTC has slowly chugged along, eventually achieving escape velocity mid-2017. As of today’s post, the price of a single Bitcoin is worth more than $17,000, and if that doesn’t impress you, perhaps we can entertain you with some quick math…
Had you owned 100 BTC at this time two years ago, an investment of just under $30,000, you’d now have nearly $1,000,000 in BTC today. That’s right…Bitcoin is creating millionaires out of those that took an early chance on the currency, and still today, is helping people earn extraordinary returns on even nominal investments. Some analysts are predicting that it will continue to rise, perhaps peaking at $25,000 – $75,000 per BTC!
Crowdfunding with Bitcoin
Like most, we at IgnitionDeck are increasingly intrigued by Bitcoin, not just because of its value, but because of the manner in which it frees buyers and sellers from traditional currency markets. Bitcoin is a true universal currency that enables true worldwide trading with minimal fees, and minimal margin of error.
As a seller collecting funds via Bitcoin, you can use our Coinbase integration (requires IgnitionDeck Echelon or IgnitionDeck Enterprise license) to crowdfund, accept donations, or sell products in exchange for Bitcoin. In turn, you can collect Bitcoin without purchasing directly from a marketplace. This is a great way to build up a war chest of your own, without taking a lot of risk. Should you need cash in exchange for BTC, you can simply cash out via Coinbase.
Buyers are also much more apt to purchase via Bitcoin than they had been in the past, especially if they got in early and saw every $300 turn into $17,000! Like the early days of PayPal popularity, buying with Bitcoin is like buying with free money!
Crowdfunding via ICO’s, and using IgnitionDeck for Initial Coin Offerings
ICO’s are hot, but under a lot of scrutiny, which is why we’re taking a wait and see approach. However, it’s no doubt that under the SEC’s guidance, ICO’s will eventually become regulated, and made completely legal, which means that IgnitionDeck, as a platform, needs to be prepared for that reality.
As a result, we’re re-allocating development resources into updating our Coinbase API’s to v2, and hoping to integrate BTC into our platform fees mechanism. Currently, it is entirely possible to use IgnitionDeck in building a crowdsourcing platform that is fully funded by Bitcoin. However, it is not possible to charge fees directly to the project creator, which means funds must be transferred manually. We’re working to find a way around this, and hope to have an announcement soon. We also plan to add support for Ethereum and Litecoin currencies.
We will also be re-activating our own Coinbase integration, making it possible to purchase IgnitionDeck with BTC.
In the meantime, we encourage you to install and experiment with the current integration, perhaps even surveying your users to see how much interest they have in buying or donating via BTC. In addition, expect to hear details very soon on how you can use IgnitionDeck to create your very own ICO platform!