The Implications of Virtual Currency

In the last few months, two virtual currencies have emerged that promise to change our traditional view of internet transactions. Credit card transactions typically include a small fee that is usually borne by the merchant. What happens when you use a virtual currency and that fee is avoided?

In the case of Bitcoinstore, a store dealing exclusively in bitcoin based transactions, those savings can be passed on to the consumer. Bitcoinstore, only a few weeks old at this point, aims to make virtual currencies more accepted in the marketplace. They claim they will shut down their store once their currency is accepted in major online merchant stores such as Amazon. Meanwhile, Amazon has created their own virtual currency.

In case you are interested, see this site for bitcoin currency exchange rates against major currencies in the bitcoin exchange. 

Also, check out this article from IEEE.

How do you think this will affect internet transactions and the way we exchange products online? Have you already seen changes in your industry or business?

 

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