Bitcoin and guns | An official journal of the NRA
Cryptocurrency is more popular than ever and its footprint in the gun industry is growing day by day. It’s a sea change from the traditional payment for firearms, ammunition and accessories, a change driven in part by economic uncertainty and even convenience. A different catalyst brought it to the industry, however.
Big Brother was invented by George Orwell in his novel “1984”, which was published in 1949, long before the internet, facial recognition, location-revealing smartphones and chip-based credit cards. It is undeniable that each one makes our life easier, but they collect information.
When a few financial institutions instituted a policy to deny a retailer the ability to process credit cards for firearms purchases – about a decade ago based on this instantly transmitted data – it took many FFLs by surprise. Some banks have gone so far as to sever decades-old business relationships with gun shops.
Fortunately, other companies have come to the rescue, but there’s no guarantee that new leaders won’t adopt similar policies. Banking middlemen are eliminated with cryptocurrency, and a few forward-thinking gun shops have exploited these advantages.
Central Texas Gunworks started accepting Bitcoin in January 2014, a few years before the banking trend became mainstream. At the time, mainstream media proclaimed it “America’s first Bitcoin-enabled gun store,” noting that it even had a rare (at the time) Bitcoin ATM on site. Frontier Tactical started accepting Bitcoin in 2017. Others followed, including DSG Arms, but it’s still far from mainstream. A January 2019 announcement, however, signaled a significant change.
That month, gunbroker.com announced that it would begin accepting FreedomCoin. It was a new enterprise, regulatory-compliant blockchain currency created by ICOx Innovations for the giant website. “We are thrilled to offer the more than 4.7 million customers that gunbroker.com has in its network the ability to buy and sell products with enterprise cryptocurrency and blockchain-enabled infrastructure” , said Bruce Elliott, president of ICOx Innovations. “With hundreds of millions of dollars traded annually on gunbroker.com, it could become the most traded cryptocurrency in the United States”
“Anyone who has purchased a gun knows how extremely brutal it can be to deal with traditional credit card companies and other financial institutions,” said Steven F. Urvan, CEO and CTO at gunbroker. .com. “Thanks to ICOx and BitRail, we can now virtually eliminate this problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.”
Goliath companies like Microsoft, Starbucks, and Home Depot are already on board with cryptocurrency. The future is obvious, but is there a digital piece created by and for gun owners not exclusive to gunbroker.com?
The Universal Settlement Coin (TUSC) was launched in January 2020, a project that began in 2018, according to Rob McNealy, co-founder of the Decentralized Autonomous Organization that created it. “As gun owners and staunch defenders of the right to self-defense, we know the gun industry is under constant attack,” he said at the time. “We wanted to create a gun-centric crypto to act as ‘business continuity’.”
Illustrated shooting recently caught up with McNealy and asked about the piece. “I also owned a small online gun accessories business,” he said, “and knew all about the gun industry’s payment issues. The gun industry is one of the few industries with recognized payment issues that crypto can actually help solve, so we thought it made sense to introduce crypto to the world of guns. fire.
He explained that the digital payment approach is confusing to many, but “…isn’t much more complicated than PayPal was 20 years ago.” It’s fast too. TUSC payments are processed in 3 seconds, confirmation takes half that time and there are no transaction fees. The system is fast with credit cards without Big Brother looking. Obviously, this does not bypass any federal and/or state background check procedures, but it eliminates potential problems caused by recalcitrant credit card companies.