Tuesday, May 13, 2014

BitCoins And Video Games

Bitcoin is becoming the currency dejour.  The P2P digital paper (hah!) is making it's way to gaming stores with a second-hand business based in London buying and selling used games with Bitcoin instead of physical currency. The company, CeX, announced on Monday that it's stores will accept most electronic trades, games, DVD's, and phones, for the virtual cash, and even extended the service to their Scotland stores for 3 days this week.

While most of the transactions for the company are online, their physical stores in England and Scotland are getting in on the trend as well. Heck, if Richard Branson says it's okay to use to book space flights, then who are we to argue?

But the pixiliated moolah has it's pitfalls. It's not tied to any bank and the value of the coin is as much as people make it out to be. 1 Bitcoin today could be worth $5.00 USD. Tomorrow, possibly a penny. It's worth is what you make of it...just like physical currency. The difference is that physical currency is backed in case of a crash in the system. You're not left dirt poor, for the most part. There are fail-safes in place that will allow you to keep your home and a marginalized version of your livelyhood. With Bitcoin, once it's gone, it's gone. There is nothing in place to prevent you from loosing your money, real money, should something happen to Bitcoin.

It's a gamble, but the UK company is the first in Europe to have a full adoption of Bitcoin for retail stores, and may move the trial to the U.S., where it has outlets in 5 states.

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