Bitcoins Gaining Popularity Among Small Business Owners

April 24, 2013, Written By Lynn Oldshue

A Bitcoin is a digital currency that provides instant payment anywhere in the world.

It has gained wide popularity in the last few years, and more small businesses are now accepting Bitcoins for their online transactions. Some merchants believe they are faster than credit cards and PayPal. Despite its ups and downs in the stock market, Bitcoin is increasing its following.

Payments with Bitcoins are processed within seconds, making them ideal for busy business owners and customers alike. They are still relatively new on the market, but more and more businesses are jumping at the chance to trade Bitcoins like common currency. They still hold a value. It just doesn’t extend beyond the internet, similar to how PayPal money has to be converted into actual money for use in cash. Bitcoins have to be converted to cash for use in “the real world”.

Bitcoin is currently in the process of developing an ATM and other options to make its system even more user-friendly. The ATM would be a simple desktop addition that people could insert cash into in exchange for Bitcoins. Then those users could spend their Bitcoins as needed.

While Bitcoins are still in development, it seems that many small business owners are beginning to see the positive side of them. One user said, “Bitcoin sales were a third of our sales last year for alpaca socks. It makes international transactions as easy as interacting with your neighbor, so we’ve sold socks to dozens of countries in Europe.”

Time will tell if this reins true for other business owners.



The information contained within this article was accurate as of April 24, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.