Some of the top investors in the world have denounced cryptocurrency, but new markets may be emerging to go up against that false idea. The currency has slowly gone on from being just the backbone of the dark web, to an actual way to buy and sell physical goods. Mark Hanna, an associate at family law firm Hanna & Vlahakis in New York, has begun to take bitcoin in addition to dollars as a form of payment after researching the currency following an introduction by a client.
Hanna stated that “I already owned some, it’s just sort of a handy way to transfer money, really. It’s faster than a check.” This letter from the office was posted on Reddit, showing that Hanna was paid over $5,000 in bitcoin using the Mycelium app. Hanna decided to create a separate wallet just for the law firm. He stated that if it is in fact “worth something in 10 years, then it’s worth something.
If not, then we did that service for free.” Bitcoin is one of a large amount of cryptocurrencies that are essentially a digital store of wealth. Bitcoin is in fact the largest of the currency by market capitalization. The currency is bought and sold completely anonymously but instead uses a series of encrypted technologies to allow for transactions on the network. Bitcoin did struggle to gain some traction in the beginning of its lifetime, but as time has gone on, it has become widely adopted.
One of the questions continues to be as to whether or not the high level of volatility will impact its usability in the real world. Since the price goes up and down so quickly, those who own the products that the prices are going off of, cannot accurately price their products. The hopes are high that cryptocurrency can become a viable currency throughout the world.