It was once thought that the Internet’s most talked about deflationary crypto-currency would give way to massive hoarding and discourage spending, thus leading to a stale economy and a failure thereof. The media had, at once, made an attempt to portray Bitcoin in a negative light, like a failure or dropout. However, looking at Gates and Zuckerberg, when it comes to new technologies, it seems that dropouts are king — and Bitcoin is no exception.
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Change We Do Believe In
We have been watching our Bitcoin transaction count for VPN purchases rise rapidly over the past two (2) quarters. One cannot argue the value Bitcoin brings to VPN related purchases. Combining strong identity protection and a fair amount of anonymity helps to further boost the privacy that VPN services provide.
Every month, we have observed a steady 200% increase in Bitcoin VPN sales from the previous month.
What About the Others?
On the other hand, we haven’t seen much change amongst our other payment processors. CashU, Liberty Reserve, and OKPay have all maintained the same or less number of sales throughout the entirety of the two (2) quarters.
According to Tony Gallippi, CEO of BitPay, the world’s best Bitcoin payment processor, “of all the payment methods on the Private Internet Access™ website, BitPay is unique. Using our service, a merchant can accept a payment over the internet, from any country on the planet, with zero risk of fraud. No other payment processor can offer this capability.”
Accepting Bitcoin through BitPay is beneficial for a couple of reasons. It mitigates the currency exchange risk by automatically converting the Bitcoin into USD as well as automatically depositing the USD into our bank account. Secondly, it prevents us from becoming a target for hackers, as the Bitcoin never touches our servers. BitPay does 100% of the Bitcoin handling.
YCombinator also believes that Bitcoin, as an actual solution to payments, has merit. With the combination of YC’s endorsement, the 2012 rise in Bitcoin price, the rise in Bitcoin transactions, as well as many other great investors entering the Bitcoin space, it’s quite evident that Bitcoin has accumulated serious momentum across the board.
The Take Away
Bitcoin may not yet be for everyone, but for anyone who uses a computer and takes their privacy seriously, it’s indispensable. Give it a shot. Buy bitcoins anonymously and spend your coins online as easily as cash, no black plastic bag required.
Andrew is a long-time advocate of privacy and the conservation of the personal realm. He served as the brand manager for an internationally recognized best-selling product prior to co-founding Private Internet Access.