U.S.A. –-(Ammoland.com)- With politicians like Beto O’Rourke pushing banks and credit cards to stop doing business with the firearms industry gun owners are looking for gun-friendly alternatives to credit cards.
One way to defeat the efforts of the anti-gun politicians is to start expanding the use of cryptocurrencies. A cryptocurrency is a decentralized currency based on blockchain technology. Since no one person controls the money, it is impossible to shut down or monitor what people do with it. It is like a version of paper money on the internet.
Bitcoin was the first cryptocurrency to appear on the internet. In 2009 the mysterious Satoshi Nakamoto released bitcoin. Satoshi Nakamoto is a pseudonym for the person or people who developed the blockchain. To this day, no one is sure of the real identity of Satoshi Nakamoto. Due to the complexity of the code and that hackers haven’t been able to compromise the code in ten years; we believe that Satoshi is more than likely a team of programmers.
Cryptocurrency uses the blockchain. The blockchain is a digital distributed ledger that keeps track of every transaction. There isn’t a central server for the blockchain. It uses peer-to-peer networking to share the ledger across tens of thousands of nodes. Once a transaction is recorded, a user cannot modify a block without a consensus of nodes.
Users who run blockchain nodes get a small commission for each transaction. This hosting of blockchain nodes is called crypto mining. The amount that a user can make from mining is dependent on how fast and how many transactions the node can process by doing complex math problems.
This verification causes the blockchain to be very secure. By using the blockchain, it prevents the double-spending problem. The double-spending problem is where a user can send the same cryptocurrency to multiple people. The blockchain solves the problem and eliminates the need for a centralized server.
A user who wants to use cryptocurrency needs to set up a wallet. A wallet is where a user stores, sends, and receives their funds. It is like a decentralized PayPal account. The user’s wallet connects directly to the blockchain.
The user’s wallet has a public key and a private key. A user can give out their public key without worrying about putting their funds in danger. This key is used by other users to send cryptocurrency to the end-user. No two wallets public keys are the same. No one can see who owns a wallet by using the public key.
The private key allows the users to access the funds in a wallet. A user must keep their private key a secret. With cryptocurrencies, there are no chargebacks. Once a user transfers currency, it is gone. This transfer is just like using cash.
There is another way to store your currency. In cold storage, a user saves the currency to a piece of paper. The Winklevoss twins break their cryptocurrency I.D.s into three parts and store them in three different safety deposit boxes around the country. This technique makes it almost impossible for thieves to steal their cryptocurrency.
The Universal Settlement Coin (TUSC) is a new gun-friendly cryptocurrency based on the popular Ethereum blockchain. The idea for coin came from a team of passionate shooters, and gun rights advocates lead by Rob McNealy.
“TUSC was purpose-built for the lawful firearms industry,” McNealy told AmmoLand. “Before we began coding, we reached out to numerous gun retailers and learned about the struggles they were having with banking and payment processing. We took what we learned and incorporated it into TUSC. For example, we know that custom gun builders have a big problem with chargebacks due to the long wait times. So, there are no chargebacks allowed on the TUSC network. We also know that waiting for ACH deposits can take a while, which can create cash flow issues for mom and pop stores. So, we created 3 second block times in our network, so that the coins are instantly deposited into the digital wallets of the retailers.”
The anonymity of TUSC is a crucial feature of the currency for the gun industry. As reported by AmmoLand, New York State served sellers of 80% lower receivers with a cease and desist order. Part of this order prevents the sellers from deleting information on the buyer’s identities.
New York State plans to use the information to figure out which residents have purchased an 80% lower. These receivers are currently legal in New York, but analyst expects the New York legislature will pass a proposed law banning these receivers in January.
By using TUSC and a dropbox, a user can remain anonymity completely anonymous. It would not matter if New York State got their hands on the records. There would be no private information and no way to track the receiver.
TUSC is also offering customer support for on-boarding gun retailers that plan to except TUSC. The onboarding will help the retailers set up wallets and teach the retailers on how to cash out their coins for dollars.
Readers can read more about TUSC at https://tusc.network.
Readers can also learn more about the history of cryptocurrency by reading Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption.
About John Crump
John is an NRA instructor and a constitutional activist. He is the Virginia State Director for Gun Owners of America. He hosts live streams at https://www.crumpy.com/show. John has written extensively on the patriot movement including 3%’ers, Oath Keepers, and Militias. In addition to the Patriot movement, John has written about firearms, interviewed people of all walks of life, and on the Constitution. John lives in Northern Virginia with his wife and sons and is currently working on a book on leftist deplatforming methods and can be followed on Twitter at @crumpyss, on Facebook at realjohncrump, or at www.crumpy.com.
Trusting in any form of electronic banking is not wise. Don’t play into their hands.
I saw a sign once that said ” I trust in God, everyone else pays cash.” Food for thought.
I’m just an old man so I read the entire article and walked away with…….nothing! Quite possibly younger folks now understand and would be able to take advantage of cryptocurrency but I wouldn’t know where to begin. The best I can do is a gun show and pay cash or have someone else pay cash for parts for me when they go to one. That’s about as stealthy as I can get! As for NY…..they can POUND SALT. I encourage every single NY gun owner to take a trip to a PA gun show and purchase at least one 80%… Read more »
Last year the DEA were able to arrest a Latin American drug dealer by proving he’d been receiving drug money via cryptocurrency. They were able to trace the blockchain from the coins first being mined to their final destination. They did it by using the NSA’s computers as blockchain nodes to execute transactions. Blockchain transactions go through whichever node executes them the fastest. That’s why crypto miners are all about computing power. The fastest computers get to execute the transactions. This means the US Government can, whenever it wants, use the NSA’s massive computing power to monitor crypto transactions and… Read more »
People trust gold, silver and cash yet those things only have value because everyone agrees they do. It’s the same with digital money, 92% of the world’s money is digital and most of the world trusts its value. The US and global economies depend on that trust to function. Businesses need access to banks and electronic payment systems. If the gun grabbers can deny gun companies access to those systems, they can financially strangle them. I don’t really understand how cryptocurrencies can be real money, but if everyone agrees that they are, and they can help the gun industry stay… Read more »
Please proofread. I hate to see pro-gun articles undermined by grammatical errors.