10 facts about Bitcoin (before it gets boring)
You can now pay your Dish Network TV bill with Bitcoin.
Andy Schmidt, Research Director with CEB TowerGroup, says one of the biggest knocks against crypto-currencies is that so far they’ve mostly been used for one-time transactions, not standard recurring payments. But, he says, Dish's move to accept dull, normal everyday payments will get more people using these systems more and more often.
Before Bitcoin becomes totally boring, here are five of our favorites – the weirdest/best/most random things you can buy using cryptocurrency:
- Space! Billionaire Richard Branson now takes Bitcoin. So hop aboard a Virgin Galactic craft and shoot off into the starry skies in a shiny space rocket. Maybe you'll get lucky and get a seat next to the Winklevoss twins.
- Thank god! It's about time. Bitcoin now buys us Beef Jerky. Chew on that.
- Do you really, really love Bitcoin? Make it official. Let the world know how you feel by proclaiming your love for Bitcoin in permanent ink on your body.
- Hiding from the Fed? Hacking the NSA? Now you can use Bitcoin to safeguard your privacy in the brick and mortar world by paying for vertical blind replacement slats!
- All this mining for coins is exhausing. Don't you wish you had a squishy pillow nest to sink into after mining for Bitcoins all day? Now you do! Thanks to Overstock.com you can pay for your new sectional sofa with Bitcoins!
Five alternatives to Bitcoin
If the dark and shadowy world of Bitcoin isn't dark and shadowy enough, here are some alternatives. But, Schmidt says to keep in mind that most cryptocurrencies are basically variations on a theme. There's an algorithm involved and typically only a set number of coins.
- Darkcoin. The darker currency that values privacy. Its website says it's secure, decentralized and anonymous.
- Zerocash. This currency, still in the works, is a collaboration from MIT, Johns Hopkins and Tel Aviv University. Its makers say that Bitcoin has a privacy problem – payments can still be traced to users and every transaction is publicly available for everyone to see. Stay tuned!
- Aurora coin. A currency specifically for the people of Iceland. It works like Bitcoin, but because Iceland ran into so much (ahem) trouble during the last financial crisis, it's not allowed to engage in mining invisible currency.
- Latium. The website for this new cryptocurrency says it's a new dawn, plus it's giving away coins free.
- Dogecoin. It has a cute dog for an icon and its tagline is "favored by Shiba Inus worldwide." It also has a NASCAR sponsorship.
You can look for more interesting and unusal things to buy and services to book with Bitcoin here.