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Bitcoins Online Currency Gaining Popularity

Updated: 12/06/2013 7:36 PM
Created: 12/06/2013 7:28 PM KSTP.com
By: Sean Boswell

(ABC 6 News) -- The value of a dollar may not be what it was, but a local business owner thinks Bitcoins are a silver lining that could be the next way to pay.

"I believe it's the future," Justin Hawley said.

He Hawley productions out of Dodge Center.  A traditional company that accepts a very non traditional form of payment. His is the only company in the area that accepts a "digital" currency known as "Bitcoins."

"I'm really excited about the developing marketplace and I think it's every bit as revolutionary as the internet," Hawley said.

Justin says each Bitcoin is currently worth about a thousand dollars, but that number fluctuates daily.

"It's an emerging marketplace, and it's growing every day," Hawley said.

According to the Washington Post, Bitcoins are similar to conventional payment networks like Visa or Paypal. however, the post reports that Bitcoins are "decentralized" meaning no one controls them.

It's a pure peer-to-peer system. A system that different organizations around the world are starting to pick up on.

"Today if i wanted to, I could get an education at a university in Cypress," Hawley said.  "I could buy land in Chile. I could go to some cafes and get coffee, there's a lot of things that you can use Bitcoins for."

But some financial advisers recommend against Bitcoins, saying the coins need backing to be considered "real" currency, and that the cost of a Bitcoin fluxuates too much.

Even so,  Hawley sees Bitcoins are more than just a fad.  

"The principles that it's based on, which is decentralization and open source and the ability to mine and the scarcity, those are all fundamental principles to the free market and the freedom, and I see it as the future because of that," Hawley said.