1 of the major bug preventing Bitcoin from reaching disquisitional mass is that the majority of its users are buying and selling it as a speculative asset and not using information technology for what information technology is designed to practise: facilitate transfers of wealth in a nearly frictionless and nearly instantaneous way.

The most directly forward fashion to encourage users to really spend their bitcoins on products is by increasing the number of merchants accepting bitcoin for payments. We know about Overstock, Tigerdirect and the various local businesses that are accepting Bitcoin, and now Reeds Jewelers is joining the listing. The company has partnered with Coinbase to accept bitcoin payments both online and at its 64 retail outlets.

In an interview with CoinDesk, Mitch Cahn, marketing managing director for Reeds, stated:

"In that location are a lot of people out at that place that have bitcoin. And they are looking for ways to catechumen information technology into other things. We want to exist able to provide that as a service."

While it isn't the well-nigh exciting news in the Bitcoin globe, it is significant to see 1 of the almost respected companies in its field moving to accept Bitcoin not only online, but in its brick-and-mortar locations also.

Reeds Jewelers, it is worth pointing out, claims to exist ane of the more forward looking national jewelers technology-wise. The franchise launched its first website back in 1998, when such a thing wasn't an absolute necessity. At present information technology is the kickoff major jeweler to have Bitcoin payments at all its retail locations, to which Cahn added:

"We see a trend, patently we're not the only retailer to practice this past far. It's not extremely hard to implement. It wasn't a huge undertaking."

If the Bitcoin customs wants the currency to movement away from being used as a speculative asset and become the decentralized and uncontrolled currency information technology is designed to be, increased merchant acceptance will have to play a big part in that. Engineering science and service innovations volition help motion the currency frontwards, but until it can be used in a comparable number of places to credit and debit cards, information technology won't direct challenge fiat currencies.

Only we tin can at present purchase jewelery from a major national franchise, so nosotros tin can check that ane off the list.