BlueCotton transformed the custom clothing industry when we entered the scene with a U.S.-based team to ensure premium quality for every order, all supported by personal customer service.
Part of our role as a market leader is knowing what it takes to make a business run smoothly. Whether our commercial customers come to us wanting to boost company engagement, increase brand awareness, celebrate a company-wide milestone or create distinctive apparel for their unique business, we’ve had options for every industry at any size.
We’ve set about changing employee benefits to keep up with modern technology – and stay ahead of contemporary problems. Health insurance was introduced in the late 1920s, and the 401k plan first hit the scene in the late 1970s. Our bitcoin program for BlueCotton workers brings employee benefits into the current century with an innovative approach.
What Is Bitcoin?
Blockchain defines bitcoin, since this technology is the decentralized ledger system that powers this digital currency that was the first of its kind. This distributed ledger can be verified and contributed to without a financial institution and lets people buy, sell and exchange bitcoin firsthand.
“Bitcoin, as invented, was intended to be self-custodied,” said Mike Coffey, President and CEO of BlueCotton. “You do not need to trust or rely on any bank or financial advisor to help you manage your ownership.”
How Does Bitcoin Benefit Employees?
Chosen for the security that prevents the scams often seen with cryptocurrency, decentralized bitcoin is designed to prohibit tampering.
“All of the employees Bitcoin is in cold storage, which simply means that we have it secured offline with a passphrase,” said Coffey. “That passphrase is composed of a sequence of 24 words. Those passphrases are also called keys. We have 5 keys. To access the coins, you must know the passphrase to 3 of those keys. You would have to do that for each key. In other words, the coin can never be manipulated by anyone.”
The chances of breaking these codes are so marginal as to be statistically insignificant. BlueCotton wanted to make a big difference for our staff members. That’s why we invested $120,000 in bitcoin mining equipment, helping develop the most secure network worldwide with 10 miners that validate all transactions. Learn all the details about this program from our Bitcoin Initiative announcement.
The Differences Between Bitcoin vs. Cryptocurrency
“Bitcoin and ‘crypto’ are two very different things. Bitcoin is backed by proof of work (the miners and the electricity), it is decentralized, and it is scarce,” Coffey explained. “No other ‘crypto’ coin can boast those three things.”
While bitcoin is technically a form of cryptocurrency, it’s different from your typical crypto. The varieties of digital currency have increased over time – but bitcoin still holds the majority share as a strong currency that has retained its value as crypto options come and go.
“It is a very ‘real’ asset,” said Coffey about bitcoin. “As real as any commodity like gold or silver. However, unlike gold or silver it can be sent digitally to any other person or entity in the world, in a fraction of a second, with no third party to review, confirm or validate. Thus, it is censor proof.”
What Inspired Our Bitcoin Staff Benefits Initiative?
“We wanted to do something for our employees that would help them fight against inflation and the government manipulation of our money,” said Coffey. “Our current fiscal policy in the U.S. is not sustainable. The debt grows larger and larger each year. It has now topped 34 trillion dollars.”
Federal government shutdowns occur when there’s a funding gap, which is caused when Congress misses deadlines for passing the national budget. These deadlines were introduced in 1974. Some close calls with a partial shutdown have happened in recent history, and there have been 10 total shutdowns.
The Federal Reserve is responsible for maintaining the inflation rate near the annual goal of 2% using financial policies. During 2022, the rate reached about 9% and only came down to 3.4% in 2023. Unemployment has settled down since after COVID-19, and wages have increased slightly. But personal savings have not recovered for most citizens and credit card debt is still higher than usual. Grocery costs have also not returned to pre-pandemic prices and, in fact, they’re steadily climbing. Many people still feel pressured by a slowly recovering economy and mounting federal debt.
“The only way to manage that debt is by printing more money. Every time money is printed, the rest of the money becomes less valuable,” Coffey explained inflation. “We wanted to do something that would help the little guy fight back. Bitcoin is the true equalizer.”