The Emerging Bitcoin: Just how Significant is it?

(Ping! Zine Web Tech Magazine) – Listen up internet world: A new currency is upon us. Enter the bitcoin, a means of payment initially conceived a few years back, but one that is just now receiving increased media attention.

And despite losing 70% of its value within the past week (according to the Wall Street Journal), the online commodity is picking up steam.

Bitcoins don’t rely on financial institutions. Instead authentication is approved via dedicated servers; and more people are beginning to accept them as legitimate.

The bitcoin was recently heralded as a way to avoid the tax process. On Tuesday, business treasurer Teresa Warmke was the center of an article from the Huffington Post in which she described why the commodity made better sense for her company.

Warmke’s company, Fre33 Aid, is a first aid organization that’s unpaid – attending to political rally attendees. When the government denied the company tax-exempt status (meaning it would owe taxes) and asked it to reorganize, that’s when the bitcoin presented itself as an alternative.

The plan? Ask for donations and convert them into the bitcoin – something Warmke told the Huffington Post is done “in order to mitigate risk of asset confiscation by the IRS.”

Meanwhile, the bitcoin has been on an up and down path as of late. Just earlier this month, the BBC reported that hackers targeted bitcoin provider MTGox – something that indefinitely caused the company to close “as-is” and possibly contributed to a fall in value for the bitcoin.

Are you using bitcoins? If not, do you have any plans to begin working with them? Let us know via our Facebook page.