With a fairly significant US election looming on the horizon, candidates are already working the public for both electoral and financial support. And with the support of the Federal Election Commission, a whole new form of political contributions is heading their way.
The state of New Hampshire, long considered one of the key states in the national election process, happens to also have more Bitcoin transactions than any other state per capita; given that fact, New Hampshire politicians will be accepting campaign contributions in this so-called “cryptocurrency,” the form of digital currency who most noteworthy example may be Bitcoin. Ensuring the seamless nature of making this type of contribution with e-currency is PayStand, who spoke with Good e-Reader about the viability of this measure.
“It’s important for government leaders to listen to their constituency,” states Andrew Hemingway, a New Hampshire Republican gubernatorial candidate, in a press release. “New Hampshire is known as the Live Free or Die State and we have always been very strong in our independent ideals. The state has spoken – they want the opportunity to use innovative and convenient payment alternatives. I am happy to accept Bitcoin as political donations and want to make it as simple a process as possible for my supporters to do that. Cryptocurrency like Bitcoin is the wave of the future and I want to do everything I can to allow people to use it – including for political donations of all sorts.”
Bitcoin may very well be a misunderstood object of fear, the stuff of science fiction, to those who were already leery of it. The US government’s seizure of more than 150,000 Bitcoins, nearly 30,000 of which have already been auctioned off for around $17 million, didn’t do anything to endear the currency to its critics. The fact that it was seized during the arrest and shutdown of the internet’s biggest black market site all but sealed its fate for some consumers.
Which could very well be why Bitcoin campaign contributions could change that. Where many people think of political contributions as the realm of corporate fat cats’ efforts to buy politicians, Bitcoin and PayStand could actually level the playing field to some extent, by offering a seamless and simple process for everyday citizens to support the candidates they care about more feasible.
“Bitcoin is absolutely moving quickly into all facets of our lives. This election cycle is really the first where Bitcoin is talked about and used for donations, now that the FEC has approved it. And with more and more businesses – and even now the State of California – accepting Bitcoin as a form of currency, it is becoming essential to include cryptocurrencies as a payment option,” said Jeremy Almond, CEO, PayStand. “From day one PayStand has included Bitcoin among all other forms of payment and we are thrilled to be on the leading edge in the political donation process in New Hampshire and throughout the country.”
Other major players in the online transaction sphere, including eBay and PayPal, are working on process to accept Bitcoin payments in a wide variety of denominations.