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Crypto City reddit page

New reddit page is a place to learn and discuss all that is happening in the most crypto friendly city Portsmouth, New Hampshire. Join the page and help build the community to keep Portsmouth in the forefront of crypto innovation.

Crypto City reddit page

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Staff Thoughts

Shielded ZCash Transaction at NH Retail Store

A customer purchased a “Live Free or Die” wood plaque and a “Legalize Gay Marijuana” bumper sticker at the Free State Bitcoin Shoppe in Portsmouth, New Hampshire using an encrypted digital currency called ZCash. The cryptocurrency is the most private money ever created, relying on a complex mathematical principle called a “Zero-Knowledge Proof”. Essentially this customer took some digital cash, locked it in a box with a secret key, and sent the shop the key. There is no discernible trail left. No observer can look up the transaction on the blockchain, not even those who know the sending/receiving addresses. Pretty slick! Here’s what it looked like:

This marks yet another turning point for human freedom. An evolution on the creation of bitcoin, this new cryptocurrency offers features and advantages that bitcoin simply doesn’t. While many are still holding fast to the promises of failing Federal Reserve Notes, others are seeking alternatives and building more reliable systems that make extortion far more difficult. Learn more by following the Free State Bitcoin Shoppe on Twitter and by joining their email list.

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Dollars Not Accepted, Free Staters Bet on Bitcoin with America’s First “Crypto-Only” Retail Shop

Although the new store opening today in Portsmouth, New Hampshire may appear to be another small town gift shop, it is the first store of its kind in the world. “We’ll take any crypto-currency: Dogecoin, Dash, Ether, Bitcoin…but no dollars, thank you,” says Steven Zeiler. He and Derrick Freeman are co-owners of Free State Bitcoin Shoppe, a “crypto-only” retail store – located at 56 State St.

“We believe it’s better money,” says Freeman, “and our mission is to help Portsmouth transition to an inflation-proof currency that’s publicly accountable.” Unlike dollars, there is a fixed amount of bitcoin. Similar to gold, bitcoins are divisible and used all over the world.

The store’s first customer was a tourist visiting from Vietnam. “There’s a big bitcoin market there,” she said. She paid from a wallet on her mobile phone and didn’t need to convert currencies.

The governments of Japan and South Korea officially recognized bitcoin as legal tender earlier this year, causing a huge increase in adoption. At the same time, the New Hampshire legislature passed a bill deregulating all digital currency in the state, encouraging entrepreneurs to move here and for tech startups to break ground in the Granite State.

Zeiler left a lucrative job as a developer at a Silicon Valley company to move to Portsmouth because, he says, “the people of New Hampshire are way ahead of the game in terms of sound money and adoption of bitcoin, and obviously Portsmouth is the coolest part of New Hampshire.”

The store sells unique crypto-themed gifts, seditious books, libertarian art, pro-science t-shirts, and loads of “Live Free Or Die” propaganda. They also offer Premium WiFi and cold brew coffee that’s locally produced in Portsmouth for those who want to hang out and get some work done by the park, or just enjoy one of their many bitcoin-themed movies in the air conditioning.