Bitcoin trading now happening in Chico

Oct 3, 2014 8:03 PM by Brian Johnson

Trading in Bitcoin, what has been described as a digital, virtual, or electronic currency, has made its way to Chico.

It all started in December for Chico State computer science student Joe Reed.

"I don't really like talking about December," said Reed. "Have you heard of the Silk Road?"

Reed says that's when the feds shut down the infamous Deep Web site, causing Bitcoin, the payment method of choice on the site, to suffer.

"People forget that the market for drugs and stuff with U.S. dollars is far bigger than the market for drugs in Bitcoin," Reed said. "Just a simple Google search and you've got hundreds of legitimate companies using Bitcoin."

We found Joe Reed on Reddit, where he identified himself as ChicoBitCoinJoe, a new local Bitcoin trader.
He's very new. His first transaction happened the other day at a downtown Chico pizzeria.

Reed, the proud of owner of two Bitcoins, likes to say the money element of Bitcoin doesn't matter.
The technology is what gives Bitcoin its value, he says. The currency is simply a companion.

"The price of Bitcoin doesn't matter as far as its usefulness," said Reed. "If you want to send $100 to someone in Japan, it doesn't matter if the Bitcoin costs $1,000 or $1. You just buy the appropriate amount of Bitcoins, send them to the person in Japan, and Bitcoin has done exactly what it was meant to do and that is to send money from one person to another without barriers."

Barriers aren't for Reed, and while he says people join Bitcoin for a variety of reasons, for him, it's political.

It's about spreading the idea of monetary freedom to anyone else in his hometown of Chico who might be interested.

"I sell it to people and I do that to spread Bitcoin to people who don't have it and so far I've been successful I guess."

The future of Bitcoin is the most exciting part about it, Reed says.

He says while people talk about mass adoption of Bitcoin, we're far from that.

"I want that two million people to be two billion people," Reed said.

Whether it's Bitcoin or some other form, he says the concept behind it is here to stay, to the point where it might be a flip of the coin whether we'll all be using card, cash, or coin.

Bitcoin that is.

The current value of one bitcoin is $356.95.

Here are some links that ChicoBitCoinJoe likes to share with people who want to know more about Bitcoin.


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