Bitcoin Backers Work to Make it Mainstream

mainstream27 May 2014 / Forbes – When Bitcoin emerged five years ago, it was the payment system many geeks and enthusiasts had dreamed of: an international, decentralized, anonymous, and transparent virtual currency that could potentially replace inefficient traditional ones. But even though Bitcoin remains very far from mainstream adoption, a new chapter just possibly may be dawning for the controversial currency.

Up until now, the cryptocurrency has been way too complex for most people to comprehend (feel free to explain to your family concepts like “blockchain,” “exchanges,” and “mining”). It has been tied to illegal activity. The prominent Japan-based Bitcoin exchange called Mt. Gox notoriously imploded, destroying many traders’ holdings. Perhaps worst of all, its value spikes and plummets regularly. Would you want to sell your car in exchange for something that might be worth half as much a day from now?

As investor Andy Kessler recently wrote in the Wall Street Journal, Bitcoin participation requires “a certain faith in the benevolence of strangers.” But instead, the general public is ambivalent at best about the virtual currency, while many Bitcoin-related startups fight an uphill battle to convince the world that it is at least comparable to its established counterparts, if not better. Some retailers are pro-Bitcoin as well. and TigerDirect now accept it as payment…. Read more

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