GunBroker.com, the world’s largest gun marketplace, has introduced a new stablecoin as its new payment method, calling it FreedomCoin. The new crypto was announced in a press release on January 29.
In the announcement, FreedomCoin is touted as a way for gun enthusiasts to save time and save on fees when compared to other methods. Steven Urvan, CEO and CTO of GunBroker.com, said in the release, “Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions.”
The coin is pegged to the U.S. dollar and developed by blockchain developer ICOx Innovations. They promise that the coin will follow all money transmission, Know Your Customer and Anti-Money Laundering laws.
ICOx is also the developer behind the KodakOne platform, a blockchain that helps photographers protect their work and get compensated for it.
Bruce Elliot, President of ICOx, said in the press release:
“This is the one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on GunBroker.com, this may potentially become the most retail transacted cryptocurrency in the US.”
It’s clear from their messaging that this stablecoin was developed to circumvent third party payment providers concerns and restrictions against gun transactions. What’s unclear is why GunBroker is needlessly spending money developing a new stablecoin when there’s a perfectly good cryptocurrency already available to them: Bitcoin SV (BSV).
BSV provides everything needed for this type of transaction. It offers the fastest, cheapest transactions; thanks to its large block size and ability to massively scale to the needs of the economy, fees remain minimal as there is never a concern about network congestion, and transactions are incredibly fast. It’s incredibly secure thanks to the BSV blockchain. Unlike other Bitcoin pretenders, it’s stable, sticking to the original Bitcoin vision set out in Satoshi’s whitepaper.
Gun nuts will wait to see the benefits of the FreedomCoin payment method as its release date is still unannounced. If GunBroker.com has a change of heart, BSV is ready to use right now.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
