Information Technology Reference
In-Depth Information
table 10.2
Some Companies that Accept Bitcoins for transactions
Company
Items
Sacramento Kings
basketball team
Tickets, jerseys, hot dogs, and beer
Car company
Luxury buying such as Teslas and Lamborghinis
University in Cyprus
Tuition
Bitcoin Foundation
Pays employees in bitcoin
Zynga
Farmville 2
Overstock.com
Items it sells such as shirts, appliances, etc.
OKCupid
Dating site
EVR
Swanky bar in Manhattan
Bitcoin Shop
Cupcakes and sushi; sells everything from soap to
cellphones
Source:
Information culled from various
The Wall Street Journal
articles such as
Casey, M.J., & Sidel, R. (2014, February 14).
The Wall Street Journal
. p. C2;
Fowler, G. A. (2014, February 19).
The Wall Street Journal
. pp. D1, D3; Light,
J. (2014, February 7).
The Wall Street Journal
.
p. C4; Wesbury, B. (2013,
December 16).
The Wall Street Journal
. p. A13.
Security and control
: Bitcoin users are in full control of their transactions; it is
impossible for merchants to force unwanted or unnoticed charges as can hap-
pen with other payment methods. Bitcoin payments can be made without
personal information tied to the transaction.
Transparent and neutral
: All information concerning the bitcoin money supply itself
is readily available on the block chain for anybody to verify and use in real-time.
Negative Effects
Degree of acceptance
: Many people are still unaware of bitcoin.
Volatility
: The total value of bitcoins in circulation and the number of busi-
nesses using bitcoin are still very small compared with what they could be.
Therefore, relatively small events, trades, or business activities can signifi-
cantly affect the price.
Ongoing development
: Bitcoin software is still in beta with many incomplete
features in active development (Bitcoin Foundation, 2009).
Despite the negative aspects of bitcoin outlined by the Bitcoin Foundation
above, an interesting article in
The Wall Street Journal
written by Vigna (2013) talks
about a husband and wife team, the Craigs, for whom bitcoin represented a chance
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