What's really interesting about it is that you can produce Bitcoin yourself, from your home, and you can basically become your own bank. It's all legal because the IRS considers Bitcoin as property.
The problem you'll face with producing Bitcoin is that you need to purchase a lot of computer equipment to do it. The Bitcoin community calls this "Mining". You can also buy Bitcoin in the open market, and most people do just that.
When you mine Bitcoin, your computer equipment is doing tons of mathematical problems every second. Once the computer solves one of these problems you get a little (or a lot) of Bitcoin. The amount of Bitcoin you get is based on how advanced your computer equipment is (Or rather how fast it can solve the problems). The Bitcoin your computer earns is then sent to your digital wallet. You can actually link your smartphone to your digital wallet, and spend the Bitcoin by simply scanning it to anyone that accepts it (The list of vendors who accept Bitcoin is growing exponentially). You can also buy things online with Bitcoin really easily. The transfer is almost instantaneous.
The current issue with mining Bitcoin is that the computer equipment you need is specialized and very expensive. Plus your electric bill doubles if not more! I had a small Bitcoin mining rig and the electric bill jumped quite a bit. On top of this, the mathematical problems that your computer needs to solve gets more and more difficult, so you get less and less Bitcoin every day.
So why bother mining or buying Bitcoin? A lot of people say it's a pain in the neck to have to buy or mine Bitcoin first, and then spend it. For starters, the dollar bill is inflationary, and Bitcoin is deflationary. The value of the dollar goes down every year because more and more dollars are constantly being created. Bitcoin on the other hand will only have a total of 21 million in circulation. This is great opportunity for savers, and if the value of Bitcoin goes up, you'll be able to buy more things for less Bitcoin in the future.
Secondly, Bitcoin is really easy to transfer, and has incredibly low fees (Under 1%). Credit cards, Paypal etc., have very high fees so Bitcoin is great for business. They can be transferred instantly to anyone with a digital wallet, anywhere in the world
So we're seriously considering accepting it on the Winepine website. I'm looking for comments/thoughts on this, so please let me know what you think. Overstock and Tiger Direct currently accept them, and eBay may be adding Bitcoin wallets to Paypal, so I think we should start accepting it too.
In the spirit of Bitcoin, we're offering this Casa Lapostolle single bottle wine crate from Spain:
For the Casa Lapostolle wine crate, send .07 Bitcoin to the address below: