As of today, I can officially accept both Bristol Pounds & Bitcoin as payment for my digital marketing services but if you want to still be all traditional, regular £GBP works fine too (for now!).
How to explain bitcoin to your mate Gaz
We agree between us the value of something like raw-peas and then we decide to trade our services using raw-peas as a currency, this would be ok. All our friends now think we are so revolutionary and cool for trading in raw-peas. They want in on it too and at some point we might want to trade with someone outside of this special raw-pea circle, so an exchange rate will need to be set-up. This exchange rate is determined by many factors like supply and demand but most definitely doesn’t involve the banks or government intervention like setting inflation rates.
So whilst Bitcoin exists only as digital code, millions of people worldwide have now bought into this financial currency because they are happy to agree a piece of code is worth X amount and the reason why most of them are so happy to do this is exactly because no person is making up the rules of how much one bitcoin is worth as they go along.
And what’s this ‘er Bristol Pound all about then?
Not quite as big as Bitcoin but living in Bristol, the Bristol Pound is something we should all be proud of and want to support.
Bristol Pounds are spent just like pounds sterling with £B1 equal in value to £1 sterling.
The Bristol Pound is the UK’s first city wide local currency, designed to supports independent business by helping us commit to spend locally, and helps forge new business relationships.
Next time, why not make paying that invoice for your digital marketing services a little more exciting by using Bristol Pounds or Bitcoin.