The first coin on the scene was Bitcoin in 2009.
Bitcoin has experienced a few big waves and crashes, but like the rising tide each time the sea of support draws back, it reveals the water mark is a bit higher than before. Of course the first thing anyone will tell you when discussing an investment opportunity is that past performance is no indicator of future success, so looking at where Bitcoin has come from is interesting but shouldn’t sell you on the idea.
Although that can be tempting to think about, what should sell you on the idea is what Bitcoin is, not what it was or what it may become. The main thing for parents looking into crypto to consider right now should be how widespread the adoption of a coin is. Some other cryptocurrencies are doing very well, but bitcoin is still the most widely accepted coin. For a parent looking to crypto to protect credit card info or to serve as a fast, border-less payment method in buy and selling, that’s what matters most.
Bitcoin has been accepted as a form of payment form small businesses such as coffeeshops and artisan soap makers, as well as massive global operations such as overstock.com. If you want to take it “to the moon” literally, Virgin Galactic will do so in btc.
Setting up shop with bitcoin could be as easy as registering for a wallet at blockchain.info, then posting a donation button or link, or simply the wallet address, as an augment to your regular forms of payment. Not everyone will pay by bitcoin, but just making it an available option may bring you a customer that you might not have otherwise get. It costs nothing to put that link up, so why not try?
You might also consider a service provider such as bitpay or coinbase to help you smoothly integrate a payment system. In the coming weeks I hope to set up my own kid’s clothing store and will be posting about the process.
So if you are not yet an online seller but would like to find out more follow this blog and we can all learn together.
Once you’ve earned some coin you can either spend it elsewhere, whether online or in a physical store, use it to donate to a charity, send it to friends and family overseas or cash it out through exchanges or through advertised local markets.
There’s a lot more to cryptocurrency than just Bitcoin, but for most people it is the more accessible option and a great place to learn the basics with plenty of support. Next post I’ll be exploring Reddcoin and the concept of social currency.