Businesses bet on bitcoin

duckdivepub17 Mar 2014 / Business Savannah – You may have heard of Bitcoin. It is a digital currency that can be volatile and unpredictable. It is illiquid. And one of the largest Bitcoin trading websites has been taken offline, knocking the value of a single Bitcoin down by roughly 3 percent to a record low.

The termination of Mt.Gox, the trading website, has put at risk millions of Bitcoins. The CEO, Mark Karpeles, resigned from the Bitcoin Foundation board of directors, leaving the state of the currency uncertain.

Shortly thereafter, the founder of another Bitcoin exchange was found dead in an apparent suicide in Singapore.

Still, several local business are offering their services and products and accepting Bitcoin as payment.

To understand why businesses would accept the currency of the Internet, whether they be online or brick and mortar, first we need to understand what a Bitcoin is.

Bitcoin is a digital cryptocurrency and peer-to-peer payment system. Transactions between two parties are sent and received anonymously through coded messages from one Bitcoin address — a string of randomly generated numbers — to another, similar to sending and receiving emails without having name, location or other identifiable data tagged with it. Its close scrutiny comes from the anonymity of transactions and its unregulated market….. Read more

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