The currency of the Internet
We’ve been covering the ins and outs of Bitoins, including Bitcoin gift certificates, for quite some time. If you’re still not quite sure what these little guys can do, you can read more about it here. Bitcoins are basically digital currency. When I say digital, I mean completely digital, and operating free from banking institutions. Okay, not completely digital, as you can attain physical Bitcoins, but this does defeat the original premise behind an “all digital” currency and enthusiasts greatly prefer the digital variety. So, Bitcoins are 98% digital.
So they’re digital, but what do they do?
I liken Bitcoin to tokens that you used to get in gaming arcades, with one exception: Bitcoin currency can be broken down into fractions (called satoshis). Using the token example, you gave the machine $1, you got four tokens. With Bitcoin, those 4 “tokens” could be divided into multiple fractions, giving you more bang for your buck…or Bitcoin. The problem with Bitcoins is they are not fully adapted, yet, making it hard to spend them in the places you’d really like to use them.
However, Bitcoin may finally be a global currency with the help of new platform. Bitcoin’s main drawback up until now has been that you couldn’t spend it in places you really wanted to, but that seems to be changing. With OneBit you can now use your Bitcoins anywhere that Visa and MasterCard Paypass are accepted.
Pay with Bitcoins nearly anywhere
OneBit makes the process sound fairly simple. Simply tap your phone at any MasterCard Paypass accepting merchant via NFC (near field communication) to pay. When you tap your OneBit app at the terminal, OneBit converts your Bitcoins to local fiat in real time, at the best market rate. No more mass-converting, exchanges, or wire transfers involved.
OneBit also states that they hope to add the ability to send and receive Bitcoin from the app, as well as the ability to buy Bitcoin via debit card and bank transfer in the near future. They also have plans to have a physical Bitcoin-backed debit card. With these new options, and especially with the ability to pay via NFC, Bitcoins may well gain in popularity. What do you think; is OneBit the first step in worldwide Bitcoin adoption?