How much progress have you made trying to understand the ins and outs of the ultra-hot cryptocurrency movement? Yup. That’s the official name of virtual money exchange, but you likely know it simply as Bitcoin. Sensationalism surrounding the concept has made newspaper headlines since the invention of the Bitcoin. Even the “inventor” of the currency, Satoshi Nakamoto, may not be the dude responsible for this brilliant idea!
Independent thinkers love the idea of virtual currency
The idea behind Bitcoins isn’t complicated. Imagine a world where there is no gold, paper money, coins, or other tokens that pass for currency. There are also no banks, no credit card companies nor financial institutions. Money, in the realm of Bitcoin, has no physical form.
A centralised, international network of computers manage every virtual transaction. Beloved by folks who rail against government regulations, licenses, fees and profits made when institutions become part of monetary transactions, this network exists outside the control of government thus far.
It’s anybody’s guess how things will shake out, so allow us to use the concept of Bitcoin to create our own universe where Runcoins are the only currency and you’re invited to join the party.
Bitcoin’s reputation has been sullied
Surrounded by mystery. Dogged by scandal and marred by thievery and deceit, Bitcoin is the monetary equivalent of soap operas, only more than hearts can be broken when people bet their time, money and hope on making a killing employing this futuristic trend.
But behind cryptocurrency beats the heart of a movement: With no banks, credit card companies or financial institutions involved, this is truly a system that eliminates the traditional “middleman” in capitalism.
Now, imagine a monetary system identical to Bitcoin called Runcoin that exists only to serve today’s runner! Could you take your Runcoins to the bank? Not likely—but if this form of currency becomes popular, there’s no aspect of your running life that couldn’t be managed exclusively by living in a Runcoin economy.
What could you do if Runcoins existed?
At the moment, getting involved in Bitcoin transactions is relatively simple: You buy Bitcoins in exchange for regular currency (in the U.S., the source of this exchange is called Coinbase) which links your bank or credit card with the system and you don’t even have to verify your identity if you don’t wish to in order to accumulate your virtual bankroll.
Now, imagine a separate system that serves only runners throughout the world. We’ll call it Runbase. This network handles all transactions associated with your unique involvement in the sport of running, so you’re able to accomplish the following:
- When a marathon you’d like to run shows up on RunSociety’s running events calendar, you simply visit the event’s website or Spacebib and use the Runcoin you’ve amassed in your account to pay for your entry fee.
- Check out the new pair of running shoes that literally just hit the market. If you’ve got enough Runcoins on hand, you can order them right now. Ditto those compression pants you have your eye on.
- Get the medical check-up you’ve been putting off—the one you need to make sure your body is in shape to keep you competitive for decades into the future. If your doctor or clinic accepts Runcoins, pay your bill as soon as it arrives.
- Book airline tickets to marathons in Thailand, Malaysia, Australia or elsewhere. We can help you decide where to go. Find a travel agent dealing in Runcoin and pay for your lodgings from your account balance, too.
- Build some wealth by spending the time you’re not running learning to mine Runcoin. Like Bitcoin, this process won’t be hard: Follow the creation of new Runcoins as transactions hit the network and if they imitate the trajectory of Bitcoin, you can make a killing on and off your favourite running trail.
Could the concept of Runcoins catch fire?
What do you think? These days, Bitcoin wannabes are everywhere as cryptocurrency trends continue to explode and impact all facets of commercial life as we know it. Intrigued? Learn more about Bitcoins at BusinessInsider and you’ll see how many virtual currencies and systems operate without the involvement of a single bank or financial institution.
Love the idea so much, you are the visionary the Singapore running scene has been searching for to jumpstart Runcoins? Your innovative system may as well be on the cutting edge of what could become every runner’s only way to manage expenses associated with the nation’s most popular sporting activity.
Your first assignment, entrepreneur? Understand the hub that controls the system. It’s called a blockchain and this site will explain the technology you’ll have to master to become king of the Runcoins empire. The world is waiting for you; don’t disappoint your fellow athletes!
What’s your opinion on the subject of a virtual currency that’s designed just for runners? Do you think it has every chance of being successful, or are you skeptical, adopting a wait and see attitude toward this clever idea?