Bitcoin for Accountants | Live and Learn

I knew nothing about this. Great! In-depth look at #bitcoins and how they could impact accounting.

Most blogs, including ours, operate on the WordPress content management system , the most popular blogging platform in the world. Last year WordPress began accepting a new, secure digital currency called bitcoins for payments and donations. This new currency combines open source software with cloud computing to dramatically lower the cost and delay of transferring funds. Bitcoins are bought with dollars, euros, and other conventional currencies on centralized exchanges much like any other liquid asset. The currency is currently in a bull market, with the price of one bitcoin increasing from $5 to almost $18 over the past year. Once purchased, bitcoins are used to make payments for goods and services using a distributed transaction clearing system (PDF). Instantaneous fund transfers cost less than a penny and are free if rapid execution is not a priority. The clearing syste...

Full article: http://blogs.mccombs.utexas.edu/mpa-students/2013/02/06/b...