[Ads-l] bitcoinize (3 April 2013), bitcoinization (15 May 2013)

Barretts Mail mail.barretts at GMAIL.COM
Mon Sep 25 17:34:10 UTC 2017

Neither of these terms appear in Wiktionary, Wikipedia or the Oxford Living Dictionaries


With the failure of central policies and the dropping price of oil, there have been reports in recent months that Venezuelans have been turning to bitcoin mining to make money, particularly given the inexpensive price of electricity. (Mining bitcoin is a power-intensive process, an aspect that has drawn criticism of PoW coins, as opposed to PoS coins.)

So it is not much of a surprise that the Bolivar fuerte may be the first fiat currency to fall to the behemoth that bitcoin is becoming. 

There are two meanings of bitcoinization/bitcoin: 1. to replace a fiat currency with a cryptocurrency at the national level, 2. to accept bitcoin in addition to (or instead of) fiat currency for payment. It seems that both meanings are sometimes intended.

1. On 22 September 2017 in an interview on CNBC (https://www.cnbc.com/video/2017/09/22/without-help-venezuela-cannot-pay-liabilites-daniel-osorio.html <https://www.cnbc.com/video/2017/09/22/without-help-venezuela-cannot-pay-liabilites-daniel-osorio.html>, 2:05), Daniel Osorio says with exaggerated pronunciation:

…and that is, that we are beginning to see in Venezuela, potentially, the first bitcoinization of a sovereign state.

The interview and a little more context can be found in "An Insider's View Of The Bitcoinization Of Venezuela” by none other than the "Fight Club"’s own Tyler Durden (http://www.zerohedge.com/news/2017-09-24/insiders-view-bitcoinization-venezuela <http://www.zerohedge.com/news/2017-09-24/insiders-view-bitcoinization-venezuela>):

2. The earliest citation of “bitcoinization" I found refers to Venezuela and Argentina. On 15 May 2013, Texas Hedger tweeted (https://twitter.com/TexasHedger/status/334781705049227264):

How about #bitcoinization of their debts to solve #inflation problems?

3. Another notable mention is 21 August 2015: “The Bitcoinization of Real Estate Transactions” (https://www.xbteller.com/blog//the-bitcoinization-of-real-estate-transactions <https://www.xbteller.com/blog//the-bitcoinization-of-real-estate-transactions>), title only.


1. 3 April 2013
https://ftalphaville.ft.com/2013/04/04/1447152/bitcoin-as-fiat/ <https://ftalphaville.ft.com/2013/04/04/1447152/bitcoin-as-fiat/>

@izzy yes you cannot pay taxes with those bitcoins but in a bitcoinized economy there will be no taxes.

2. 12 September 2014
Bank of England: Bitcoin could transform stock markets
Matt Clinch
https://www.cnbc.com/2014/09/11/bank-of-england-bitcoin-could-transform-stock-markets.html <https://www.cnbc.com/2014/09/11/bank-of-england-bitcoin-could-transform-stock-markets.html> 

Citing a Bank of England report, Clinch writes:

[The report] also notes a situation it dubs "bitcoinized", where every member of the population conducting the totality of their day-to-day transactions entirely within the alternative currency, meaning the central bank's ability to influence price-setting and real activity would be "severely impaired.”

3. The report is evidently in the Quarterly Bulletin 2014 Q3 and titled “The economies of digital currencies”. The report can be found and downloaded, with an account, from https://www.scribd.com/document/311747907/BOF-2014-The-Economics-of-Digital-Currencies <https://www.scribd.com/document/311747907/BOF-2014-The-Economics-of-Digital-Currencies>.

4. 16 November 2014
How Kraken is Seeking to Solve Bitcoin's Banking Dilemma
Pete Rizzo
https://www.coindesk.com/kraken-seeking-solve-bitcoins-banking-dilemma/ <https://www.coindesk.com/kraken-seeking-solve-bitcoins-banking-dilemma/>

"We hope to leverage blockchain technology to offer some additional services and 'bitcoinized' traditional financial services," Powell added.

5. 15 January 2015
What can bitcoin do for you?: A Simple Overview
http://www.omarbessa.com/writing-article-what-can-bitcoin-do-for-you.htm <http://www.omarbessa.com/writing-article-what-can-bitcoin-do-for-you.htm> 

If you wish to "bitcoinize" your services, there's one decision you must make first: will you handle your payments? or would you delegate this to someone else?

6. 31 May 2015
London-based bitcoin startup, SpectroCoin issues debit card 
http://www.coinfox.info/news/2129-spectrocoin-debet-cards <http://www.coinfox.info/news/2129-spectrocoin-debet-cards> 

As CoinFox reported, Spectrocoin managed to “bitcoinize” the Baltic countries.

Among the latest bitcoin-accepting businesses in the region are Lukoil gas stations in Estonia, Latvia and Lithuania as well as a Lithuanian taxi service Vilnius Veža, two sports arenas, numerous restaurants and four e-commerce websites.

Benjamin Barrett
Formerly of Seattle, WA
The American Dialect Society - http://www.americandialect.org

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