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Digital currency isn’t coming, it’s already here

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Courtsey Photo

Emiliano Martin, Staff Writer

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Bitcoin, an innovative, electronic form of currency, is a viable form of money ready to be used within day-to-day transactions.

The fear of a completely digital currency becomes null, when considering that most transactions take place through the implementation of the Internet.

The U.S. government’s cautious approach to the ever-growing Bitcoin economy is the right response to the currency.

“There are many legitimate uses. There virtual currencies are not in and of themselves illegal,” said Mythili Raman, the acting assistant attorney general, to The Washington Post.

The government hasn’t take a hardline stance on the issue of Bitcoin because they will, and rightfully should, follow the people. Consumers, have seen the value of adopting Bitcoin. We’ve latched onto the idea of the ever-growing currency and its convenience.

Others agreed Bitcoin is a currency ready to handle transactions, which has led to it gaining well-earned traction amongst proven organizations like Overstock.com, Subway and the Sacramento Kings.

Technology CEO and Kings Owner Vivek Ranadive has implemented the currency for the “betterment of the fan experience,” as he said in a press release.

The technology is only 4-years-old and is still improving. Recently at Mt. Gox, a popular Bitcoin exchange website, an oversight in the system was not verifying transactions so the website put a temporary freeze on withdrawals of Bitcoin.

Currency in the U.S., as we know it today, took nearly a century to evolve, while the European Union has worked for decades to create a stable currency, so a minor setback shouldn’t scare anyone away from Bitcoin when it has so many positive aspects.

Bitcoin avoids the problem of exchange rates when transactions are made internationally, since it isn’t tied to any one country, yet it’s as easy to use as PayPal.

The actions taken by Mt. Gox have been viewed as Bitcoin’s downfall, but it was the responsible thing to do and the U.S. stock market reacts in the same way to its problems.

In 2013, the Nasdaq suffered a technical glitch resulting in a freeze on the market until the problem was solved.

Even though Bitcoin exists as a self-regulated currency, government intervention wouldn’t lead to better management.

With the recent attention Bitcoin has gained in the media it has also gained users, increasing the price of Bitcoin in the last year from $13 to about $600.

Like the price of stocks or even the value of the dollar, the price of Bitcoin does fluctuate based on supply and demand, and the fact that the currency holds such a high value shows that there is a thriving economy behind Bitcoin.

Bitcoin gives the consumer an exciting alternative for payment.

Businesses see the inherent value of Bitcoin, as Overstock.com’s CEO Patrick Byrne told CNN Money, “it saves us about two percent from interchange fees,” which makes “substantial improvement to our bottom line.”

Bitcoin has proven itself a viable form of money and continues to grow. What is now a niche form of currency is rapidly growing because of interest by those open to an innovative form of currency that you will soon use to pay for everything from tuition, to a bag of chips in the cafeteria.

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Digital currency isn’t coming, it’s already here