Ever since it popped onto the public's radar, Bitcoin has been unfairly saddled with a reputation for being little more than a high-tech tool for illegal activities. So when the BitInstant CEO got arrested for money laundering, the critics were crowing, "I told you so." But this incident is just one more distraction from
Who Uses Bitcoin
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From soaring prices (and crashes) to the saga of Silk Road, the now-defunct Web marketplace for illegal drugs, Bitcoin had a eventful year in 2013. The Bitcoin story this year will have far less drama - but what happens will determine the ultimate fate of the digital currency.
It was almost laughably easy for the thieves who stole the data from Target's computers. That's how obsolete our credit card system of paying for goods and services has become. It's just one of several reasons we're going to see merchants rapidly adopt the digital currency Bitcoin this year.
Every day it seems another big merchant is announcing that it will take Bitcoin. Last week, online retailer Overstock.com joined the growing list. But the rising interest among businesses in Bitcoin is not as puzzling as it seems. The typical Bitcoin user fits a profile that business owners find very enticing.
You can use it to pay your way to the University of Nicosia in Cypress. You can even use it to buy a seat on a space flight aboard Richard Branson's Virgin Galactic. We're taking about Bitcoin, a digital currency once dismissed as a crazy Internet experiment best suited for buying illegal drugs on rogue Web sites.