Bitcoin is a powerful tool to accomplish just about anything in this world and one of the options to harness that power is by creating a local ecosystem. Not only can underbanked nations benefit from Blockchain technology, but people in remote areas are a catalyst for Bitcoin adoption. A local farming Bitcoin ecosystem is not something most people would have envisioned, but in Australia, they are somehow making it work.
Budafoods and the Closed Bitcoin Farmer Economy
Encouraging other people to get involved in Bitcoin is one thing, but getting them to accept the virtual currency as a payment method for their business, is something else entirely. Budafoods, an Australian certified organic farm and food supplier, aims to do exactly that; and much, much more at the same time.
It is not often we see a supplier of food attempting to spread the word on Bitcoin to other local businesses. Usually, Bitcoin becomes a topic of conversation as multiple consumers are looking for alternative payment options in their preferred location. However, popular payment solutions such as Paypal and traditional banking systems have made life a lot harder in the Sunshine Coast Hinterland area.
Local businesses, including Budafoods and other companies involved in the farm supplies market, have taken a major financial hit. Part of this can be blamed on the high fee percentage associated with these payment methods, as well as funds being frozen at random by both Paypal and the banks in question. In fact, some companies have had their funds frozen for weeks on end, without a quick resolution in sight.
The time has come to look at alternative options that are not only cheaper, but also quicker and still maintain the person-to-person aspect. Bitcoin is the perfect candidate to solve this problem and Budafoods founder Mark Burgundur jumped on the opportunity without hesitation. There is a ton of potential for both small and large businesses in the farm supply industry.
“On a deep emotional level, fractional reserve banking feels like cheating to me and has only been successful because it benefited the already rich,” he said. “Additionally through experience with credit card processing and using PayPal I have realized that not only are merchants/sellers charged a substantial fee for accepting money, but we also need permission from the banks, credit card companies and/or PayPal to accept payments.” – Mark Burgundur told DigitalMoneyTimes.
At the time of publication, Budafoods was in the process of convincing local merchants and businesses to accept Bitcoin payments for goods and services. Should these efforts prove to be successful, a closed Bitcoin ecosystem will be created. Furthermore, Budafoods supplies local restaurants, which are also on the list of potential Bitcoin converts.
Not Converting Bitcoin to Fiat Immediately
Budafoods is proving to be one of the very few companies around the world dealing with Bitcoin, but not converting virtual currency transactions to fiat immediately. Australia has a very useful platform for Bitcoin users – called Living Room of Satoshi – allowing Bitcoin enthusiasts to pay bills and make bank transfers.
“In Australia, a surplus of Bitcoins wouldn’t be an issue as we currently have a great service available here called Living Room of Satoshi. We’ve been using this service on a number of occasions already with the largest purchases so far having been for chicken feed and for mobile electric fencing.” – Mark Burgundur stated.
Source: News Tip Via Email
Images courtesy of Budafoods, Shutterstock