Cash, credit or Bitcoin?
Bitcoin, a form of cryptocurrency, is now being accepted by major online supplier Overstock.com. Sites like Amazon.com are also reported to also be considering accepting bitcoin as payment. There are even bitcoin ATMs starting to pop up in major cities. Locally, Cheese and Crackers, an artisanal deli in Champaign, has been accepting bitcoin for about 6 months. Owner Bart Basi says in his store bitcoin is more of a conversation starter than a currency at this point but that he does get a couple customers every month who pay with it.
This hour on Focus, host Jim Meadows talks with Basi about being reimbursed in bitcoin. Jim Angel, Visiting Associate Professor at the Wharton School at the University of Pennsylvania from the School of Business at Georgetown University, also joins the show. Venture capital firms like Anderseen-Horowitz, whose co-founder wrote recently about the potential for bitcoin, say bitcoin is a solution to a lot of technical problems with online payments. Angel isn’t so sure and joins Focus to talk about the merits and problems with bitcoin.