January 13, 2014
Bitcoins are becoming more and more widely accepted. About a month ago a Floridian bought a Tesla car for a hundred Bitcoins. And the trend does not stop there. A bar in Spokane, Washington has decided to start taking Bitcoin for booze. The bar, Volstead Act, made its first Bitcoin transaction the other day for the sale of three drinks.
Using Bitcoin is extremely attractive to small businesses, for a number of reasons. One, the fees that vendors typically pay for accepting credit and debit cards are omitted. These fees, which are typically around 3%, add up, and are especially hard on vendors who make low ticket transactions.
Secondly, with all the talk of major retailers leaving your credit and debit card information vulnerable to thieves, Bitcoin offers far more built in security. Bitcoin payments are more secure than other electronic payments and can be processed with no possibility of others being able to trace the name or other information of the buyer.
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