Tag: bitcoins

This digital currency has been exploding over the last short while and is now compatible with Apple.

The Bitcoin Wallet was once simply a mobile app for payments that would allow its users to be able to use its own digital currency “bitcoins” to be able to split the tab at restaurants, but it has recently grown in its possibilities and it is taking off around the world.

This smartphone wallet is increasing by a rate of about 5,000 users each day, up from 500 daily at the start of 2013.

The Bitcoin mobile app has found its way into headlines virtually every day last week, including everything from a college student’s incredibly successful effort to use a QR code combined with his wallet to gain payments by holding up a sign during a televised football game to giant national announcements regarding the technology. Mid week, Alan Greenspan, the former Federal Reserve chairperson, discussed his views on the virtual currency. At the end of the week, the central bank in China announced that it was banning financial institutions in the country from handling transactions using Bitcoins. That announcement happened after an 89 percent value increase caused investors in that country to surge in their interest.

Many people feel that this mobile app provides greater payments convenience than what is out there.

The use of the application for making a transaction is essentially as simple as sending a text. This helps to explain why there are now hundreds of different programs using Bitcoins, including both Google Play and the Apple App Store. This is causing many consumers to choose to spend this type of virtual currency for making rapid transactions, instead of opting for cash. This includes splitting a bill at a restaurant or paying for food, but it is expanding into other areas, as well.

The interest that the world is now starting to see in this virtual currency has caused Bitcoins to skyrocket in their value. Last week, they broke all of their own previous records when they exceeded the $1,000 mark. That said, it is believed that the long term success of this mobile app is heavily dependent on how well it is adopted and how it continues to make sure that it is properly configured for use by smartphone and tablet users.

BitCoins could have a bright future in mobile commerce

Virtual currency is gaining more popularity as consumers become more reliant on technology. BitCoins are considered the most popular of the virtual currencies that are currently available. These digital coins are exceedingly valuable, with a single coin being worth more than $240 at the height of its value. Virtual currencies are quite useful in the realm of mobile commerce, but they represent a certain risk in terms of a country’s economy because they are not strictly regulated like other currencies.

US agencies consider virtual currency threatening

The U.S. Department of Homeland Security considers BitCoins to be a serious threat. This currency is often used to purchase regular products from outlets like Amazon and eBay. BitCoins can, however, be used to purchase goods off the black market and are one of the ideal currencies in the drug trade. The federal agency recently seized the assets of Mt. Gox, the world’s largest BitCoin exchange, but this has done little to draw attention from the mobile commerce prospects of this currency.

BitPay aims to make BitCoins more mobile

BitPay, a relatively new startup focused on virtual currencies, has recently launched a new mobile commerce service. The company has announced that it has raised more than $2 million in funding for this initiative and aims to have it available to consumers in the near future. The new service will allow consumers to use BitCoins in a mobile commerce setting, offering consumers a way to use this currency on their mobile devices. BitPay believes that it is only a matter of time before BitCoins become as popular as email.

Mobile commerce may benefit from virtual currencies

BitPay has been in business since 2011, but the company has been relatively secretive since its founding. BitPay offers legal services that are often frowned upon given the association that BitCoins have with illegal activities and products. BitCoins themselves are not actually illegal in any way and have been gaining a significant amount of attention in the mobile commerce field as a way to encourage consumers to purchase products through their mobile devices.