Bitcoin Rapidly Rising as Popular Choice of Currency
The digital currency bitcoin continues to gain acceptance as more businesses accept the currency. Hotel chains, Tesla, Dish Networks and Overstock.com are a few examples and more are being announced daily.
Michael Kleinman, CEO of MasonEyeware.com, explains why the currency is becoming more popular.
The low cost of accepting bitcoin as compared to major credit cards as well as security issues. As a customer, you never have to worry about someone stealing your credit card number and dealing with identity theft issues.
Businesses also look contemporary by offering bitcoin as a payment choice. Those in the bitcoin community enjoy using the currency as an option. This also develops brand loyalty for companies that accept bitcoin like MasonEyewear.com.
Bitcoin is a peer-to-peer payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. The bitcoin system is not controlled by a single entity, like a central bank, which has led the Financial Crimes Enforcement Network to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.