Digital Money In Your Virtual Wallet
Today, Mark and Paul read a story about the rising popularity of “digital money”. Overstock.com just became the first major on-line retailer to accept “bitcoins” for payment. Instead of paying with your credit card, you can now fill your “virtual wallet” with “digital funds”.
There are a few obvious problems with this. First, bitcoins were designed for people who didn’t want to use credit cards for on-line transactions. Ok, but you still give up your personal information when you buy bitcoins. How are they going to know whose virtual wallet the digital money belongs in? Secondly, the actual value of bitcoins fluctuates. Third, bitcoins are a completely worthless form of currency at 99% of all web businesses.
Does anybody just take a 5 dollar bill anymore? The Flakes have never had any problems paying with a 20. Plus, if Mark and Paul have to start using bitcoins, it’s only a matter before they lose their virtual wallets and all the digital money inside of it.