Bitcoin

Why This Entrepeneur Thinks Bitcoins are Here to Stay

(Forbes) Bitcoins are hot again. They weren’t hot for a little while, then they were very hot, then less so, and now the price is on the way back up. While the international cryptocurrency might be one of the most interesting things to hit the world of consumer finance since the debit card, speculators, academics and market-watchers alike are all wondering whether this is a series of bubbles or a genuine path to the future. Now, entrepreneurs are trying to construct an infrastructure that will allow bitcoins to become truly acceptable as mainstream currency. They are betting that bitcoins will be more than a flash in the pan.

For Hieu Bui, founder of Cashiecommerce.com, an online Bitcoin marketplace for very small businesses to buy and sell using the cryptocurrency, there are many why bitcoins are here to stay, but one reason predominates. Bitcoins are valuable to merchants for the same reason anything else is valuable to merchants — they save money. Transaction fees sit around 1 percent for Bitcoin purchases, which is music to a small business’ ears.

“Because there’s no central authority controlling Bitcoin — no Visa V +2.02 percent, no Amex — there’s no person owning it and the users can make the rates for themselves. And the owners have more or less settled on one percent,” he told Forbes.