Bitcoin Enjoying Welcome Period Of Growth And Stability
Investors in Bitcoin can complain about a lot of issues but boredom is not one of them. The constant rise and fall of the bitcoin currency is enough to make any potential investor either wary or willing to take a chance on earning a large return on their investment.
While stability is generally good for a commodity, it is the volatility of bitcoin that yields investors returns which cannot be beaten anywhere else. While we have seen a lot of negative publicity in the last year, with the collapse of Bitcoin exchanges like Mt. Gox and other stories of woe involving this illusive commodity, the tide seems to be turning of late.
There is hardly a week that goes by where we don’t see some sort of institution or merchant starting to accept Bitcoin. This starts from online bitcoin casinos to social gaming companies like Zynga and Big Fish Games accepting it for virtual purchases. Added to that is the advent of bitcoin ATM’s which have made it as easy as withdrawing cash to deal in Bitcoin.
Even highly respected companies like Bloomberg and Apple have started welcoming the idea of Bitcoin. While there are governments like China, Russia and Singapore who are not welcoming the change, the British government recently announced they will be looking into different methods of how to incorporate Bitcoin into their economy.
It is also now possible to purchase gold bullion with Bitcoin. Agora Commodities is now only accepting bitcoin as a form pf payment as they believe this minimizes fraud. It also had the benefit of reducing credit card processing fees which can reach up to 4 percent. The company has done over $10 million through bitcoin in 2014 alone.
In other good news for Bitcoin, the Korean bitcoin exchange Korbit have just announced they have raised another $3 million in Series A funding. Korbit offers specific services for the Korean market and they have over 25,000 users for their exchange and wallet services. In addition they also have 400 merchant accounts for Korbit Pay. Merchants pay 1 percent for their online incoming bitcoin payments to be converted to normal currency.
According to CEO of Korbit, Tony Lyu the state of Bitcoin in Korea is encouraging,” The use of bitcoin in commerce is just starting to pick up, through the introduction of merchant processing services such as Korbit Pay. Bitcoin can drastically improve the online payments experience for Korean users, because online payments are currently not user-friendly here due to antiquated regulations.”