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Bitcoin goes mainstream

By Zack Goodall
On February 10, 2014

 

On Jan. 9, the online retailer Overstock.com started accepting the digital currency known as Bitcoin as a payment option. 

This is the first time a major online retail company has chosen to accept Bitcoin and it has already proven to be a profitable move for them. This seems to be the major move that Bitcoin needed to break into mainstream consumerism and it will be interesting to see which companies follow Overstock's lead. 

Bitcoins are a currency that is solely based through Internet transactions, with no physical form. Instead, Bitcoin is made up of strings of code, accessible by a private key, that users can trade to other users for goods and services. Each code is unique and secured through encryption so Bitcoin users can rely on them when they need to. 

The main reason why Bitcoin and similar digital currencies haven't really been in the public eye is because of how new everything about the system is to consumers and how some people view such systems as untrustworthy. Bitcoin's value is only valid as long as people are willing to accept it as such. This causes people to worry about it's worth being too volatile to be a viable currency. 

According to the website bitcoincharts.com, the currency is steadily leveling out in value. This news could draw more companies like Overstock into the markets, which is good news for Bitcoin users.

Overall, investors in the Bitcoin are optimistic about Bitcoin's place in future markets. To me it seems like it is executed well enough that it could survive and hold serious influence in world marketplaces. The only way it can reach that level though, is if big companies like Overstock continue to see it for what it is: Money.


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