Jan 22, 2014 7:45 PM by Leah Kraus
They've been referred to as cash for the internet and bitcoins are becoming more and more popular. Colorado Springs business Easy Street Designs decided to give them a try earlier this week. Co-owner Ed Duffy says it's simply an extra convenience for customers that use bitcoins.
To break it down, bitcoins are purchased with real money. Their exchange rate goes up and down just like foreign currency. The big difference is that there's no government or bank control over bitcoins. They can be transferred using a computer or phone app and can be bought from people directly or a variety of websites.
As a merchant, Duffy says one of the biggest risks of bitcoin is the fluctuating value of it. To make it easier on him, bitcoin payments are converted into cash and then deposited right into his bank account.
Only 21 million bitcoins will ever go into circulation.