Governments Warming to Bitcoin
As the world’s leading virtual currency, the use of Bitcoin is slowly becoming more mainstream within federal and state governments. Both entities are accepting its usage through regulations associated with other legitimate world currencies and specific state laws legalizing virtual currencies. While Bitcoin gains acceptability with larger governments and is used more by private businesses, there will likely be increased pressure on local governments to accept other virtual currency for local transactions. Although widespread Bitcoin use could be years away, a complete understanding of virtual currency’s benefits and risks may help in proper planning and implementing usage guidelines. Such efforts to acquire virtual currency knowledge are suggested to occur sooner rather than later.