Digital Currency and Postage Stamps

Digital Currency and Postage Stamps

Once considered a science fiction fantasy, digital currency has been a reality for more than 10 years. While its popularity hasn’t risen to the level of mainstream acceptance, its expanding role in monetary transactions is becoming an increasingly visible highlight in the media.

Introduced in 2009, bitcoin is one of the more popular digital currencies circulating across the Internet. Similar to more traditional currencies, bitcoins can be used to purchase an increasing number of goods and services as more vendors accept them for payment. Each bitcoin transaction is maintained in a master file of all transactions, logging current and previous ownership. Though ease of use and growing acceptance makes bitcoins a current currency alternative, its volatile value brings into question its future buying power.

In the month of December 2013, bitcoins had a high of $1,200 per bitcoin and a low of $550. The plunge is largely related to the news that the Chinese government is taking an aggressive stand against it, banning its use at merchants as well as conversion into its currency. If one were depending on its value to make a transaction only to see that value plunge prior to the transaction, the prices of goods and services could swing wildly from one day to the next.

Recently, however, the popular game maker Zynga reported that it will be begin accepting bitcoins as a form of payment. The news sent the value of bitcoins once again atop the $1,000 mark. Overstock.com also has plans to accept bitcoins for payment later on this year.

With bitcoins becoming more of an accepted form of currency with each passing year, do you think the Postal Service should consider accepting this type of payment for its services?

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1 Comment

  1. Grannybunny

     /  January 16, 2014

    No, I do not think USPS should accept bitcoins. The value is too variable.

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