‘Though the currency’s meteoric rise is very attractive, it’s also an extremely volatile and risky investment‘
The recent malware attacks that affected thousands of businesses also brought Bitcoin into much attention.
Victims were required to pay a “ransom” in the digital currency to unlock files that were encrypted by the virus. Given, Bitcoin’s growing acceptance many business owners question whether they ready to accept bitcoin?
According to a report from CNBC, the price of a single bitcoin has recently soared to $2,200 from just $0.003 seven years ago. We know this because on Monday its fans celebrated the anniversary of Bitcoin Pizza Day, when Laszlo Hanyecz, a programmer, spent 10,000 bitcoin for two Papa John’s pizzas.
CNBC’s tech correspondent Arjun Kharpal cites factors such as new legislation in Japan that allows retailers to accept the cryptocurrency (40 percent of all bitcoin trade is in Japan), the resolution of a dispute in the digital community that could’ve created competing currencies and the general market turmoil brought on by global economic uncertainty.
According to a report on CNN.com, a few high ranking members of Trump’s administration, like budget director Mick Mulvaney and vice president Mike Pence’s chief economist Mark Calabria, have both supported the cryptocurrency.
The currency is not backed by any government and can’t be physically held in your hands. It’s just out there – in the ether – and protected by blockchain, a digital recordkeeping system that’s so secure many banks are considering a move toward adopting it as the backbone of their payment systems.
Some small businesses, particularly online retailers, are considering accepting bitcoin as another means of payment. Most investors agree that, although the currency’s meteoric rise is very attractive, it’s also an extremely volatile and risky investment.