A financial technology research and publishing company based in the US known as Palm Beach Group has announced that it is giving away US$1 million. The preferred means of exchange? Bitcoins. The giveaway tends to educate people about bitcoin and was being done as a part of the free training event by the company. The event ended yesterday as it began on October 26th 2017. The host for the event was Mr. Teeka Tiwari of the Palm Beach Group.
Why annouce a US$1 Million Bitcoin Giveaway?
The bitcoin giveaway was conducted after the presentations were completed on October 26. The final giveaway was done on November 2. The total will amount to almost $1 million.
The reason of holding this massive giveaway – as revealed by Mr. Tiwari -- was to get bitcoin into the average person’s hand so they can understand what it is like to manage it. Mr. Tiwari wants to detach the mystery aspect associated with the ownership of bitcoins. He wants people to get on board and understand what it is like to own some bitcoins and manage storing them. He believes that all new technology has been intimidating at the starting point.
These Things Take Time and Acceptance
There was a time when using a mouse and a keyboard was difficult to do and now people do it like it is second nature. Logging onto the internet was agonizingly slow and sending emails was complicated when the tech was first introduced.
It took a lot of willpower and getting used to, in order to overcome the mental blocks to the technologies in their earliest stages. Now, with fiber-optic networks and internet service providers, the speed of the internet and that of business has increased more than tenfold. It has come to the point that even a child of no more than 5 years can type out an email and send it to their granddad. Similarly, bitcoins are in their initial phase, and it will take time and familiarity with the cryptocurrency to ensure it grows. That is what this giveaway was all about: growth, familiarity and acceptance.
“Majority of the World Doesn’t Understand (What Crypto-assets Are and How They Function)” – Tiwari
Many people do not understand the use of and functionality behind cryptocurrencies. People who think that they do understand these Cryptocurrencies, for example, Jamie Dimon, think that these currencies are a sham and a fad, which will pass. Tiwari says that there was similar bashing of the internet and smartphones in their earlier days and these turned out pretty well. That’s all the difference that mass adoption makes, for something to go from being looked down upon to being widely accepted. There are many spoils to be enjoyed from the adoption of bitcoin on a larger scale. That’s why Mr. Tiwari has been telling people in his circle to come forth to buy crypto-assets such as bitcoins.
Mr. Tiwari retired from Wall Street to become editor of Palm Beach Confidential, which was a publication directed at cryptocurrency research. The concept of a deregulated currency to buy everyday things attracts Mr. Tiwari.
Palm Beach has been successful with predictions in the past and their subscribers have been earned massively. This claim gets bolstered if we see the example of Lykke, which was recommended to be bought by Fernando Cruz, Director of Palm Beach Research Group, a year ago and subscribers made a fortune as the value almost quadrupled over 7 months.
Will that be the case with this giveaway? Let’s see.
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