QR Snap strives to be on the bleeding edge of technology. Bitcoin is and
will be a large part of that mission. QR Snaps commitment is that 100% of all
post tax fiat profits will immediately be converted into bitcoin and deposited
into a multi-sig address.
Why? Bitcoin has played an important role in many areas of my personal life
and at its core was the foundation of QR Snaps use case for QR codes. Adding
bitcoin to the corporate balance sheet is a strategic move to preserve capital,
provide sovereignty, and increase agility. Being a technology focused company
early adoption and integration of bitcoin and related services will provide
vertical integration of our finances and decrease dependence on legacy banking.
Integrating bitcoin now also provides a layer of futureproofing for QR Snap and
a massive technological edge.
Firstly, bypassing the banks is one step QR Snap deliberately implements at a
corporate level. Banks represent a tax on transactions and counterparty risk. First and foremost QR Snap doesn’t have any outstanding financial liabilities. Because QR Snap doesn’t utilize debt, banks could only be used to store fiat currency if we had any. Our company doesn’t accept physical cash, coins, or checks so there is no need for a bank physically store money. The most a traditional bank could do is store and present the digital representation of our companies worth in fiat terms and charge fees to do so. This is where bitcoin becomes the FOSS (Free Open Source Software) alternative to legacy banking. The representation of transactable value owned by QR Snap as viewed on the bitcoin network would be equivalent and over a long period of time more accurate than a privately owned institutions representation. All while being free to use and implement. Being on the bitcoin network provides the added benefits of not having counter party risk induced by legacy banks that can close accounts, withhold funds, and cancel transactions.
Secondly, bitcoin over longer time horizons preserves purchasing power With bitcoin on our balance sheet currency changes and fluctuations on a longer timescale become irrelevant. At the time of this writing, inflation is the largest currency risk faced in the United States of America. YoY inflation was measured by the federal reserve at 7.5%. If QR Snap chose to hold USD long term on our balance sheet; it would be detrimental to the medium and long term purchasing power of the reserves in the corporate treasury. Bitcoin will allow us to side step currency devaluation by holding an asset with a fixed supply and converting it into a currency with a variable supply as needed.
Lastly, adding bitcoin to the balance sheet increases mobility. With bitcoin reserves corporate mobility becomes extremely high due to the fact that bitcoin is accepted world wide so in the event QR Snap needs to operate in another jurisdiction, our company could sell bitcoin holdings into the local currency and begin/continue operations.
Best,
Reese R