Yesterday, the Sacremento Kings announced
that it will be the first professional sports team to accept Bitcoins for
payment for tickets and team merchandise. A day earlier snapCard launched a
"pay-the-IRS' service for its customers. Big news for digital currency
believers.
With all the hype in recent months people are asking two
questions: what is Bitcoin and is it a fad that will fizzle out?
The answer to the first question is easy. Bitcoin is an innovative
payment network and a new kind of money that uses peer-to-peer technology to
operate with no central authority or banks. It offers an exciting new way
to do business while providing significant advantages to
merchants,including lower transaction fees than credit cards.
The answer to the question will it last is more difficult. The
value of Bitcoins has been up and down in recent months and some governments
are looking at it with a wary eye. This has made some observers and money
"experts" doubt it's staying power.
At LoyaltyMatch we believe digital currencies held in digital
wallets are here to stay. When we look into our crystal ball we see a world
where we are paying with Bitcoins for tickets to cheer on our teams and enjoy
our favorite music acts. We'll be using them to book flights and pay for hotels
or maybe just shopping online at home. We don't believe that Bitcoins will
replace government issued currencies entirely. But, we do see in the future
that businesses that do not not accept them will lose customers. Our
recommendation -- get on board, be a believer and prepare for a future that
includes Bitcoins.
More information is available at www.bitcoin-loyalty.com.