Ocean Blue Now Accepts BitCoin – But What Is It Anyway?
Have you heard of BitCoin and wondered what it was but never really paid much attention? Well, maybe it's time to because CNY businesses are jumping on the bandwagon, including Ocean Blue.
Without getting too deep, unlike each country's individual currency, BitCoin is worldwide and strictly a digital currency that is P2P or peer to peer and eliminates the need for banks, credit card companies and their associated fees. Each user has a virtual wallet that stores their currency and users simply transmit payments between each other's wallets in exchange for goods or services.
The primary issue is that similar to stocks, the value of BitCoin fluxates and if you buy a $100 dinner at Ocean Blue with it, the currency could either be worth much more or much less within seconds of your purchase.
As of this writing, a single Bitcoin is worth a whopping $17k+ and has been on a steady incline since seven years ago when it was worth a mere 6 cents. This past year however it went from being worth around $750 per BitCoin to it's current value which is what has gotten everybody's attention.
Given that, it appears like a slam-dunk investment, but some financial experts warn that just like a poker game when you make a windfall on one hand, you could theoretically lose it all on the next one and this particular investment is too unstable to predict it's, well... stability. No one knows what is driving the value and that's the scary part. Right now BitCoin is relatively new and it'll be interesting to see how Supply and Demand comes into play in the future.
So, small businesses using the currency like Ocean Blue are converting it to dollars immediately after the transcation to avoid potentially giving away that $100 dinner for less than it's worth. Maybe don't mortgage your house to buy BitCoin just yet...