Anyone who has spent time online has likely been exposed to the hype around Bitcoin. But for most people, the concept remains a bit fuzzy
(PRWEB) February 18, 2014
Anyone who has spent time online has likely been exposed to the hype around Bitcoin. But for most people, the concept remains a bit fuzzy. Is Bitcoin a new currency that has the potential to transform global payment systems? Or is it just another hype-fueled Internet bubble? The truth may lie somewhere in between.
“Bitcoin has attributes that make it perfectly suited for the Internet economy,” said entrepreneur from Scottsdale Jason Hope. “You can make transactions less expensively and with more anonymity. But it also has to obstacles to overcome. Because of its greater anonymity, public perception has associated Bitcoin with black market activity, fairly or not. And some governments are less than enthusiastic about the idea of an unregulated digital currency.”
Governmental bans and the taint that comes with being associated with the black market might lead some to sour on Bitcoin’s future. And those are certainly legitimate concerns. But the value of Bitcoin's continues to surge while acceptance from merchants continues to grow. Given the technology’s low cost and other advantages, traditional payment processors have to reason to be concerned. Bitcoin may not radically transform the world’s financial architecture just yet, but it could soon be a major player when it comes to the more prosaic task of exchanging money for goods and services.
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