Solving the Bitcoin Acceptance Challenge in Retail

Depositphotos_37202263_l-2015.jpg

Many of us know what to expect when we go to the store; we pick out our chosen items, and we pay with cash, card or check. Much fewer of us know that a new currency has begun to emerge; this digital currency, called bitcoin, has the potential to be an easier, quicker, cheaper, and more secure way to pay, especially online and now offline as well.

Bitcoin is a form of cryptocurrency, which relies on special computer keys and codes to keep it encrypted and secure. It was created by 36-year-old Satoshi Nakamoto, who claimed to have spent a year coding it due to a recent financial crisis. While the bitcoin's initial value was over 36 USD, today as of this writing is over 2,000 USD. Those who seek out bitcoin, or "miners," generally operate on a lottery system; essentially, whoever has the fastest computer gets the most bitcoin.

While bitcoin seems like an effective solution for retail and online currency, many businesses have yet to adopt it. Bitcoin and other services like it are still in their infancy; while some companies have invested millions in bringing bitcoin to traditional retail, most consumers would be at a loss to find one near them. However, bitcoin as a form of universal and useful currency is growing, hopefully to be used effectively worldwide in the next decade.

Though bitcoin is the future for many businesses, it's the present for us. The Netclearance mBeaconPay platform works effortlessly with retail cash registers, enabling retailers to accept bitcoin as common currency. Making the mBeaconPay system widespread would allow bitcoin to grow even faster, giving everyone a chance for simple, easy, safe transactions, no matter where they go.