Kashmir Hill – Living On Bitcoin For A Week: Day 4

Kashmir Hill – Living On Bitcoin For A Week: Day 4:

Through daily posts by Forbes writer Kashmir Hill (@KashHill) we learn how far Bitcoin as a payment system has come along.  Her assignment ais to live on bitcoin for a week — without spending any  dollars.  Excerpts from Day 4:

“[Bakery owner] Jennifer Longson is there, wearing a cupcake apron, filling cupcake tins with fresh batter along with two employees. She says I’m the second customer of the day asking to pay in Bitcoin.”

“Cups and Cakes [receives publicity] as one of the first stores to accept the currency. Her little shop has been featured in international news: on the BBC, in the Financial Times, on NPR Marketplace, and beyond.”

“Longson is surprised that I’m able to use my Blockchain iPhone app to scan her QR code and make the payment. “When you update your iOS, you’re going to lose that,” she says. ‘Apple has blocked it.’”

“[Market owner Adam Sah] didn’t want to take the currency risk with the Bitcoin I paid him so he paid it out the same day to Name Cheap, the company which provides their domain name services (and accepts Bitcoin). ‘I paid our fee for the year with it,’ he says. ‘More and more IT services accept Bitcoin. […] With all these new things, you have a bunch of early adopters who experiment,’ he continues. ‘Then there’s a crossing of a chasm and then it becomes mainstream.’”

“‘As a retailer, I am salivating over the idea of having this silently competing with credit cards and their fees and the hidden cost of dealing with cash: counting it, the fee I pay to Wells Fargo for a business account, transferring it,’ [said Sah]”.

“When I go to bed, Bitcoin is valued at $96; by Saturday, it is shooting back up in value.”

 – http://onforb.es/10eKkXe (Day 4)
 – http://onforb.es/Zszg8U (Day 3)
 – http://onforb.es/ZYlttF (Day 2)
 – http://onforb.es/10VXn6b (Day 1)

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