Buy and Sell your Magic cards for Bitcoin?

Buy and Sell your Magic cards for Bitcoin?

MtG the Crypto Currency Edition

bitcoin logoFor those who have not heard yet, Bitcoin is the crypto currency of the future. Some have called it the money of the internet but the better way to look at it is the internet of money. Bitcoin is going to be a game changer as we move into the next few years of indefinite quantitative easing and generally corrupt central banking. As the world economy comes to the realization that it has been essentially insolvent for decades, Bitcoin and the crypto currency revolution will begin to look a lot more promising. Magic players in general are a forward thinking crowd while also being fairly tech savvy. Bitcoin isn’t such a leap of faith for us.

BlackLotusGO.com is a relatively new online Magic retailer having just started doing business in January of 2014. They offer Magic cards at extremely competitive prices but one thing sets them apart. They are also the world’s first online Magic retailer that does business in Bitcoin. For people who are new to Bitcoin and are intimidated by the whole process, this can be an excellent introduction. The only piece of software needed to get started is a Bitcoin wallet such as MultiBit or Bitcoin Core. With this software anyone can send or receive Bitcoins and begin participating in an economic revolution. Since the concept of crypto currency is complicated even to computer literate individuals, more information can be found at bitcoin.org and blockchain.info.

One of the most recent headlines for Bitcoin has been the public failure of Mt.Gox which was an online Bitcoin exchange until they managed to “lose” 850 000 coins, approximately $450 million at the time. They are currently in the middle of their own bankruptcy and legal troubles. One facet of the story that most don’t know is that Mt.Gox was originally imagined as Magic: the Gathering – Online Exchange. It was abandoned by its creator and the domain was later repurposed as the world’s largest Bitcoin exchange until terrible management and gross negligence brought it down. I mention this incident to illustrate that Bitcoin is here to stay. How is that you say? Doesn’t Mt.Gox show that Bitcoin is merely a fad? Far from it.

Businesses fail all the time, it’s a function of a proper free market. Mt.Gox falling apart is an example of why Bitcoin is closer to that ideal than your average Western currency. There is no “too big to fail” in the Bitcoin market place. A bad business crumbles and a better run, more competent competitor sweeps in to take its place. Creative destruction in its finest. Besides that, Bitcoin has suffered many supposed “deaths” and much like Magic, it’s still around and stronger than ever.

I believe that BlackLotusGO is the first of many. As Bitcoin becomes more adopted in the world’s new economy it will be more common for Magic players to get the cards they need in exchange for crypto currency of one sort or another. Until then accepting Bitcoin and other digital currencies is a great way to set online retailers apart from the crowd. With a little education on the subject anyone can begin to deal in coins and that can be one hell of a competitive advantage.

Until next time, what do you think about Bitcoin and why?

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Thomas Traplin

@tomtraplin

 +Thomas Traplin