Is Bitcoin Ready for the Mainstream?

The Time May Be Close

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451842497_bitcoinBitcoin, which I’ve already discussed in previous posts, is a virtual currency that is issued by neither government nor bank. It’s strictly a peer-to-peer method of payment. Bitcoin is still controversial: Hedge funds are creating funds devoted to it and law enforcement agencies claim it’s the currency of choice for illicit transactions.

But bitcoin may be coming to the mainstream – and sooner than you might think. According to a recent New York Times article, entrepreneurs, investors and merchants think that the virtual currency may provide a vehicle to lower processing fees, the charges that banks levy on merchants when customers use credit and debit cards. An added benefit may also be more secure transactions. Lower processing fees for merchants who accept credit and debit cards means more profit; more security means more peace of mind for consumers.

This may be a tipping point. When a radical new thing enters the mainstream (remember the time before email?) and is effective, that’s when a change has taken place. If bitcoin is poised to enter the virtual wallets of millions of people, it will no longer be a beyond-the-fringe idea, it will be business as usual.

Take Away: Bitcoin may be poised to go mainstream if merchants begin to accept it for purchases.

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