Is Crypto Currency an Attack on Notaries?
We’ve all heard of Bitcoin and new cryptocurrencies.
We may not understand what bitcoin is, how it works, or why people would use it. But, we’ve heard of it. If we’ve been paying attention, we would know that everyone and their grandmother are creating their own crypto currencies.
Isn’t Bitcoin a Bit Shady?
In short, yes.
While there are many benefits to currencies like bitcoin, they are also used for nefarious reasons and to evade the law. The “anonymous” nature of the transactions allows, if not encourages it.
Also, the fluctuation of the currency is massive.
Why? Because the currency attracts a lot of the wrong people looking to clean their cash. Even worse, that same technology has attracted a lot of venture capitalists, who can use their massive investments to manipulate the prices and make themselves billions of dollars.
Look at it this way. Bitcoin is like the New York Stock Exchange without any rules. And large investors, often working together, use that to their advantage to manipulate bitcoin prices, making themselves millions and leaving others invested in the currency in the lurch.
What do Notaries Have to Do with Bitcoin?
Remember when we said people use bitcoin to skirt the law?
They are now using it to circumvent notary laws, avoid taxes and other legal responsibilities under the law.
Documents and transactions that are required to be notarized, are now being pushed through the bitcoin network, allowing users to make their industries the wild west once more.
Can I get a Current Example?
There is a shortage of coffee in the world right now, causing a crisis in the market, and sending prices for a cup of joe and other caffeinated products up.
But, is there really a crisis?
If you read the news, it is black and white. In reality, there is a whole bunch of gray there. The answer might just lie in how coffee is being traded.
Coffee producers are manipulating the market, using bitcoin as their weapon of choice, saving themselves money, evading notary law, and secretly filling orders that make it look like the market is short a whole bunch of coffee.
That is not to say definitively that there is not less coffee beans this season. As we said, there is a whole bunch of gray here. But, bitcoin and other cryptocurrencies are exacerbating the problem.
Small Farmers Start to Drive up Profits and Prices
Let’s start by saying we have no problems with small farmers. Most are paid a pittance of a wage for a job that is very rough on the body. So, seeing a situation where they make more money, how can we argue with that?
But, we do have a problem.
The coffee growers and their buyers are evading tax law, notarial law and regulations by selling in cryptocurrency. They make more money than if they went to market, and the buyer gets a better deal than on the open market.
Sounds like a Win-Win.
We love Win-Wins, except when the notaries are adversely affected or pushed out of the process.
Like we said the buyers and sellers are avoiding notary requirements. They are not just earning more for themselves, they are putting notaries out of business.
So, Would We Call That an Attack on Notaries?
Of course it is.
Notaries might just be caught in the crossfire now, but if current trends continue, notaries might just be pushed out of the process. What is now transparent will go dark, and eventually the public will suffer for it.
If allowed to continue this is going to affect a lot more than coffee beans. It very well could be a scourge across industries and push those who bring accountability to the market fewer opportunities.
And while that may be a good thing for bitcoin (inside bitcoin joke), it probably won’t be a good thing for notaries, whether they sign for individuals, large companies, or both.
Get Any Document Notarized Right Now! Let’s Start!
Go with the Industry Leaders for over 15 years. Mobile Notaries, Online, Remote, Sunshine Gets the Job Done Right…
1 thought on “Is Crypto Currency an Attack on Notaries?”
I love BTC but I feel there are more compelling, better technologies that don’t use as many resources or electricity consumption as Bitcoin. I feel these coins will become the standard for moving money while BTC is recognized as gold to hold your value. What do you think?