Posts By Myrtle Thomas

Are You Ready to Accept Bitcoin?

The trend in the media and beyond regarding Bitcoin, whether positive or negative, is beginning to make it possible for many people to openly accept this form of money. Even those who may not be fans of the Internet itself are beginning to accept it for their daily transactions, and there is no denying that the global economic turmoil has made it easier for people to make this step.

Bitcoin can be used for many things, including buying coffee and dinner, paying for your music at the bars, or even paying for an alcoholic beverage. However, as with any form of money, you do need to be sure that you understand exactly what is going on. Here are some of the questions you should ask yourself when considering how you will pay for something with this form of currency.

What are the rules about accepting something into the “real” world that is said to be a “fake” currency? Is it worth the risk? If a store is asking you to leave your credit card info on a machine with a thumbprint scanner, you can be sure that they are trying to get money out of you. This is a problem because we now know that hackers are ready to steal any type of data that they can get their hands on, and credit card fraud has proven to be extremely popular.

How long has Bitcoin been accepted in a specific place? Do you have access to some kind of working record of their acceptance to see how it has changed over time? Also, how is it changing? Does it seem like there is more acceptance in some places than others?

Do you have the ability to actually pay someone with this currency outside of the location where they are listed? Is there an actual physical place where they accept it and you can use your card to purchase something that actually works?

Is this something that you can actually use all over the world? Has your favorite restaurant in the country that you live in had the option of accepting it for their food, or is it still primarily a technology or computer savvy type of thing?

Will you be the only one using this currency in the world? Will everyone that visits the location simply purchase whatever they want in the form of Bitcoin, leaving you out in the cold? How does this affect you financially?

While the potential rewards of Bitcoin cannot be denied, be sure that you fully understand the rules about Bitcoin before you venture out into the world of global commerce. You never know what can happen.