Have you heard terms like “Bitcoin”, “Litecoin” and “digital currency” flying around a lot recently and wonder what they mean or how they might pertain to you?
Digital currencies are a new form of…well, currency. Simply put, it’s money in electronic form and Bitcoin is the current big boy leading the charge with Litecoin following quickly in its footsteps. These two frontrunners are a few of the currencies out there. Now, how does it pertain to you? At this point, probably not in many ways. Cash is still king and digital currencies haven’t been able to become the financial standard…yet.
But, how COULD it pertain to me? The answer is becoming clearer every day. Digital currencies are quickly gaining momentum through consumer usage and are starting to be adopted by several large retailers and corporations interested in capitalizing on these new markets as legitimate forms of payment. Very soon, you might be able to carry a debit card that pays in Bitcoin or Litecoin which you can simply swipe at the register. In fact, Overstock.com recently announced that they will start accepting Bitcoin in 2014 and the first Bitcoin ATM was installed in Vancouver, B.C. It has already processed over $1,000,000 CAD in transactions since going online on October 29. Furthermore, a Tesla Model S was just paid for with Bitcoin at a dealership right here in Newport Beach, CA.
The future of these currencies are still up in the air, however, as they are examined by the world’s largest countries. The U.S. government is still out to lunch on whether they want to support the use of digital currencies, but others have taken strong stances on both sides of the isle.
While it is still unclear what will ultimately happen with these up and coming stars, stay tuned and pay close attention. You never know, you might just pay for your next car or house with a currency you didn’t even know existed!