Satoshi Nakomoto's Bitcoin White Paper, released on October 31, 2008, saw the beginning of a brand-new money processing system and financial revolution. Bitcoin was developed as a strictly peer-to-peer form of electronic cash to allow online transfers directly from one party to another without going through a third party. As a pioneer within the world of cryptocurrencies, many altcoins owe their existence to Bitcoin. According to Coinmarketcap.com, Bitcoin commands 65% of the whole cryptocurrency market as of 31 March 2020. Although online platforms that host e-commerce offerings are major drivers of Internet economies worldwide, they still face many cumbersome problems.
Satoshi's White Paper highlighted many of the challenges that e-commerce organisations face, especially in terms of relying on financial institutions that act as trust third parties for processing electronic payments. While this approach has performed well for many transactions if suffers from the uncertainties and inherent limitations associated with a model based on trust. Other problems noted include transactions which are not reversible, high mediation costs and fraud. Nonetheless, the White Paper also highlighted the advantages of transacting through Bitcoin over fiat currencies such as consumer control, flexibility, peer-to-peer focus, banking fee elimination, low transaction fees and transparency. With this in mind, an e-commerce marriage with a cryptocurrency such as Bitcoin would provide and secure both the retailer and the customer
Who Is Primereum?
Primereum is a niche and hybrid decentralized marketplace. The Primereum ecosystem uses Blockchain technology to include modern and alternative payment mechanism and gateways. Therefore, Primereum promises a future as an online platform for the successful use of cryptocurrencies like Bitcoin. The first recorded purchase of goods made with Bitcoin was with 10,000 BTC for two pizzas in May 2010. Since then, Bitcoin has been accepted globally by over 100 000 online and offline retailers as the mode of payment. Because of its supremacy in the cryptocurrency community and other factors outline above, the Primereum team selected Bitcoin as of the 30 other cryptocurrencies to be used on Primereum
How Can the Bitcoin Community Benefit from Using Primereum?
Bitcoin’s adoption on the Primereum platform provides a strong opportunity for the Bitcoin community as the business model of Primereum is also based on a peer-to-peer system. As a result, the Primereum model is expected to promote the free-flowing transfer of value to its clients by providing a transparent sharing economy that will connect buyers, sellers, affiliates, bounty hunters, business owners, partners, advertisers, using Bitcoin. The company’s marketplace will be powered by its secure and proof-of-concept network token which is anchored to one gram of gold’s stable price. The Primereum ecosystem also includes merchant stores, a new concept style wish list, a fuel store, and Primereum Virtual Financial Asset (PVFA) wallets.
So how can the Bitcoin community become part of the Primereum ecosystem? Any Bitcoin consumer can be part of the Primereum community by being a trader and selling goods inside the network to other users. As one of the preferred cryptocurrencies that will be allowed on Primereum, the Bitcoin community can use their currency to purchase Primereum Fuel Tokens (PMF) using Bitcoin through the Fuel store. Then customers can buy goods on the market and exchange with others using PMF tokens.
Additionally, a Primereum customer can also recommend a product they wish to buy using the Wishlist feature. A certain number of PMFs can be supplied by a customer and kept on the Escrow network of the platform until an interested party agree to purchase the requested product highlighted in the Wishlist
The marketplace will also include competitive affiliate and bounty programs that will provide attractive incentives for the engagement and promotion of the Primereum ecosystem. PRIMEREUM is a free, simple and versatile way to use your Bitcoins and shop online. If you’re part of the Bitcoin community, you don’t want to miss this chance
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.