At Softway Solutions we pride ourselves on staying on top of the latest developments in technology. So, when we heard about Bitcoin, a new experimental virtual currency, we were intrigued. We first heard about it a few years back, but with all the new media attention, we figured it was worth revisiting.
Bitcoin is a crypto currency. Meaning, it has a very long encrypted block chain that requires computers to perform work to virtually “mine” the coins from the block. The metaphor makes one imagine a panhandler with a pickaxe, mining gold from a mountain during the gold rush.
It may be a new gold rush indeed. With increased popular interest and media attention, speculation has sent the currency to new highs, hovering around $1000, at the time of this writing. When we first started watching the value of Bitcoin it was around $5. You can check the price and buy bitcoins at any of the Bitcoin exchanges online.
If you’re worried about the legitimacy of Bitcoin as an accepted currency, look no further than the real money markets, where institutional investors are getting onboard. Or read Chairman of the Federal Reserve, Ben Bernanke’s comments on bitcoin.
But what can you spend your bitcoins on? After all, many early adopters have made enormous fortunes with bitcoin and have nothing to spend their money on. Luckily, some of the biggest ecommerce platforms on the Internet are now accepting bitcoins. And some online retailers are adding the ability to pay with bitcoins. Even Subway announced it would start excepting bitcoins.
Want to let your customers pay with bitcoin? There are various ways you can add bitcoin payment to your ecommerce site. bitpay.com, who has already passed 10,000 online merchants, is one of the most popular. There are tons of advantages to accepting bitcoins too: 1) its an investment in your own business, a bitcoin today might be worth more tomorrow 2) its secure, and 3) there are thousands of newly rich bitcoiners that are just clamoring to spend their bitcoins on anything legitimate (heck, even Richard Branson agrees).