“Dope,” the Sundance Film Festival hit that will open in theaters this Friday, will be the first movie to accept digital currency to pay for tickets.
The payment platform, GoCoin, will make the process transaction similar to a credit-card purchase.
The film, directed by Rick Famuyiwa, follows Malcolm (Shameik Moore), a geek living in Los Angeles’ Inglewood section who loves 90s hip-hop and has a large knowledge about modern technology.
Malcolm actually uses BitCoin in the movie when he and his friends are in a jam and even tells his mother early on in the film, “I just read that money as we know it is dead. Soon the world is only going to buy and sell products using Bitcoins.”
“Bitcoin is an integral part of ‘Dope’ and we could not be more excited to bring this unique new opportunity to moviegoers,” said Open Road Chief Marketing Officer Jason Cassidy in a statement.
Though you can do more with Bitcoin these day like use it to buy Microsoft apps and products, it’s still a service that’s on the fringe, as hacker Alex McGeorge points out in The Wrap story.
“I don’t know that I could convince my grandma to use Bitcoin,” he said. “It seems mostly like a young person’s game.”
And in an age where smaller movies like “Dope” (budgeted in the neighborhood of $1 million) have to compete against Goliaths like “Jurassic World,” that’s exactly who Open Road Films hopes will find this appealing.
Network growth has been steadily growing larger and stronger over the last two years. While many people only look at the value of bitcoin, they are failing to see the adoption rate. The bitcoin price may have dipped slightly recently, and the record all-time high price of $1,124 USD of late November 2013 may now seem like a long way off.
The bitcoin network itself is continuing to grow larger than ever.While according to Metcalf’s Law, which states the value of a telecommunications network is proportional to the square of its users. There comes a point in this rate of growth where the tipping point is more easily discernable. This article aims to give alternative insight into the growth within bitcoin. We can safely assume that if the total rate of growth and adoption included the entire cryptocurrency space then the numbers would show an even greater adoption rate.
And we can see the exponential growth of the bitcoin network by looking at the following data. The number of transactions per day on a seven-day average excluding popular address recently peaked to a new all-time high. From around 21,000 per day on a seven-day average about two years ago. Up to recently nearly 114,000 transactions per day on a seven-day average.
The last two years of data containing the number of transactions excluding popular addresses.
The number of transactions that are in chains of less than ten transactions. So excluding all bitcoin mixer and tumbling transactions. Plus a lot of other legitimate transactions as well. Also recently peaked to a new all-time high. From a low of around 10,000 per day on a seven-day average around two years ago. To a record new all-time high of just under 40,000 per day on a seven-day average recently.
The following chart is a log chart of the last two years containing the number of transactions excluding chains longer than 10.
The following chart is a log chart of the number of transactions per day over last two years.
The total number of Blockchain.info My Wallet wallets growth has continued to be exponential over the last two years. From around 300,000 wallets two years ago to around 3,000,000 wallets recently. The following is a log chart of the last two years of the number of blockchain.info wallet users. Keeping in mind that some users may have multiple wallets and that other users may have stopped using their blockchain.info wallet.
The number of new and unique bitcoin transactions used per day is continuing to grow exponentially. From about 46,000 per day on a seven-day average two years ago to a new record all-time high of almost 248,000 per day on a seven-day average recently.
The following is a log chart of the last two years covering the number of unique bitcoin addresses used.
So if we apply the basis of Metcalf’s Law and the network effect to the bitcoin network and it’s continued exponential growth over the last two years. We can see the networks intrinsic value is growing. While remember according to Metcalfe’s Law the intrinsic value of the growth is proportional to the square of the difference in that growth.
While leveraged margin trading markets can work to help stabilize market prices as this academic paper helps to show why, maybe the next time bitcoin has a large rally in price it won’t be as rapid climb on the dramatic magnitudes that we’ve seen before.
A bitcoin start-up has launched a service that will allow people to carry out foreign exchange transactions for free, dodging the expensive commission often charged by major financial institutions.
Bitreserve, a company founded last year by CNET and salesforce.com co-founder Halsey Minor, allows people to convert bitcoin into normal currencies and precious metals. The start-up used to charge a 0.45 percent commission for bitcoin-to-dollar transactions, but has now cut its fees entirely.
The move is likely to give it an edge in the hotly contested “fintech” market where a number of companies such as U.K.-based Transferwise are contesting the currency transfer and mobile payments space.
Users of the platform will be able to make currency exchanges in eight major currencies: euros, dollars, pounds, yuan, yen, pesos, rupees, swiss francs. People will also have the ability to convert the currencies into gold, silver, platinum and palladium, depending on the market price. Bitreserve offers the mid-market rate for currencies.
“Those in society who can least afford it have to spend so much for things that are so commonplace,” Anthony Watson, president and chief operating officer of Bitreserve, told CNBC by phone.
“If you look at a Mexican immigrants, they send approximately $30 billion home every year and they pay just under $3 billion for the privilege of sending that money home. That is 10 percent and that is disgusting.”
Bitreserve’s service comes with a catch however – you have to own bitcoin to use the service in order to make an initial deposit and then convert it to another asset. Plus, when users receive money, they can only spend it in bitcoin.
This could put it at a disadvantage to other companies that allow people to sign up with bank accounts and send money for still a small commission.