Bitcoin is a decentralized currency that allows peer-to-peer transactions with no regulating banks or central authority. There is no to very low fees involved, depending on which service is used. The crypto-currency can be converted to local currency via various services. Learn more about how bitcoin works by reading “how it works” on bitcoin.org The best part about Bitcoin is that anyone can participate, especially businesses!
You may wonder then, why are more people and businesses not embracing Bitcoin? Could it be that many people are wary of new technology? Since there is no safeguard or governing body like the United States Federal Bank, buyer’s wealth could be at risk if they opt for Bitcoin. Also, countries are trying to figure out how they can regulate and tax the use of Bitcoin. Ironically, this new currency was built on the idea of being open source. Many governments see this as undercutting their part in regulating economy’s and commerce. Bitcoin can be volatile. There are a growing number of businesses that accept Bitcoin. Some examples are:
Overstock’s CEO, Partick Byrne announced early January that they now accept Bitcoin. He made his decision base on the philosophical ground that he, “believe limited government is a better business model for our nation than is unlimited government”.
The first Bitcoin ATM made its debut in NYC at 3rd Avenue and 12th Street. We expect to see more of these across the nation as people start to get comfortable with the crypto-currency.
The famous dating website OkCupid now accepts Bitcoin. Now, only if you could pay that whole first date with Bitcoins,
Since the inception of Bitcoin there has been a flood of early adopters who have gained wealth by transacting and mining Bitcoin. Though, it is a fairly new technology, small businesses and large companies have incorporated it into their payment system. Money is money, and at the end of the day by accepting Bitcoin your businesses can only gain traction. Like any other business transaction, do your research!