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After the Bitcoin Crash

Although Bitcoin crashed hard last month, there are reasons to keep excited about Bitcoin, as GigaOm reports:

• Bitcoin is becoming more liquid

Gift card site Gyft has started accepting Bitcoin as payment.

• Real investors are starting to take Bitcoin seriously

This week, the WSJ reported that Fred Wilson’s Union Square Ventures is investing $5 million in Coinbase, a service that provides an online wallet and easy conversion between BitCoin and traditional currencies.

• Bitcoin is getting easier to understand

Forbes reporter Kash Hill kept a day to day diary of how she lived on BitCoin (albeit with difficulty) in San Francisco for a week.

• The government wants a piece of Bitcoin

 Commissioner Bart Chilton of the CFTC — the agency that regulates futures contracts  – says he’s thinking of regulating BitCoin.

Read the full report at GigaOm.

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Bitcoin Real World Expenses

Forbes reporter Kashmir Hill took the challenge of living on Bitcoin for a week. The result? She couldn’t pay the rent but she did negotiate a rate with a hostel.

Paying the Rent, or Not

My landlord didn’t want to take Bitcoin for rent. Understandably. I think she’d be similarly put off if I offered to pay the rent in Starbucks gift cards or in the form of a week’s supply of succulents (which are all the planting rage in San Francisco).

Visiting the Arts

When asked if she can pay in Bitcoins, the Supervisor at the DeYoung Art Museum in San Francisco responds, “I don’t know what that is, but I will look into it if it’s something people want to give us.”

At a Hostel

We agree on a rate of 1 BTC for my stay. I am one of four people currently paying in Bitcoin, says Jered. He pops up a QR code on his phone; I scan it and transfer 1 BTC (valued at $114 USD at the time) to him.

Read the full story at Forbes.

CC Image by Peter Gene.

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