Bitcoin: No Borders Advantage
Milne, after one of his giveaways, has sent Bitcoin because of so-called no borders advantage for the winner and not the previously announced gold bar. There are some reasons for that but as it turned out Bitcoin is a good alternative to the shiny metal.
The winner was announced in Twitter and Alistair Milne was about to send $2,600 gold bar, but everything turned out to be not that easy.
Giveaway as it is
In the thread in the social media Milne wrote that he would give away $2,600 Denarium Bitcoin Decennium 2019 and it was just the part of the giveaway. He also specified that to participate his followers should follow his pages in the social media. They should have shared the announcement about the giveaway too as one of the conditions.
The thing is, device is a good of limited number, there are only 100 of them. It is a combination of a Bitcoin cold storage wallet and a 1.097-ounce gold bar. The wallet is built in the bar.
Border Issues and No Borders Advantage
But it turned out that Milne had to send Bitcoin instead of gold itself. The reason is that the winner lives in India and it is close to impossible to ship there a piece of gold of such a value and not to lose it or avoid stealing. The way exists but it is extremely expensive.
Krish Patel, a random winner, did not mind of getting his reward in BTC and gold itself was not the essential part. Milne pointed out that the bar would have been sold in any case as far Krish is working part time to support his family. His income is around $350 per month. So they agreed that Krish will get his giveaway in BTC but not gold. Thus it will be much more secure.
Later on Milne mentioned that BTC had numerous advantages for a cross-border trade. There are no regulations and limits and all the process takes seconds. Will it become the first and last case of that kind? Hardly. Most likely a new way of processing international trade has appeared because of this no borders advantage. So, let’s live and see.