It is becoming easier for clients to purchase and use bitcoin, a digital currency that has taken over the world like a storm.
Every month, Silicon Valley entrepreneurs are churning out new technology that helps consumers utilize the currency, shop online using the digital currency as well as send it as a gift to friends.
Last week, a bitcoin ATM was rolled out in Mountain View, California. More retailers, from coffee roasters and pizza delivery to consumer electronics, are accepting bitcoin payments, pushing more consumers to use the virtual currency over the dollars, according to the San Jose Mercury News
“It’s all about to change over the next 12 to 24 months,” said Marshall Hayner, a San Francisco-based entrepreneur who intends to launch bitcoin app QuickCoin this April. “We are going to see all kinds of people adopt it. It’s going to power transactions on the Internet.”
Bitcoin refers to a payments network and cybercurrency that was established in 2009 using a mathematical formula. It serves as an alternative to state-controlled currency systems and banks. Computer programmers worldwide add one Bitcoin at a time, with most of the virtual currency traded and purchased on global Internet exchanges.
However, Bitcoin still remains a mystery to most people, including investors, entrepreneurs and programmers.
“You’ve got people out there who are software engineers who don’t understand it,” said Vinny Lingham, co-founder of Gyft, a San Francisco digital gift card app that accommodates Bitcoin. “It’s far too complicated out there for the average consumer to understand. But that will change.”
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