What is Bitcoin? (part II)

Continued…

  • What can I buy with bitcoins?  Almost anything…   While some mainstream retailers do not support the currency, many online retailers have embraced the concept.
  • Is it safe?  This is a million dollar question.  While its inherent volatility makes its future uncertain, many technologists much smarter than me are working on making it safer.  Meanwhile bad publicity around currency exchanges either getting hacked or shutting down is preventing the general public from jumping in head first.
  • Can Bitcoin boost my business?  Yet another million dollar question.  Let’s put it this way – if you accept it, you will get publicity.  Is that worth taking the risk?  Many would argue yes.

Draw your own conclusion.  Only time will tell if Bitcoin is a passing fad or here to stay.

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About Richard Lee
Experienced finance and operations professional. Currently partner in five companies, adjunct professor of economics at Columbia College and executive contributor to a small business blog (www.SMBmatters.com); following corporate finance, M&A and management consulting tenures with Orbitz and Diamond Technology Partners; and six years of service with the United States Army.

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