Virtual Currency Bitcoin Takes Off on Mobile Apps

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

The digital currency still faces a lot of hurdles, but it's becoming increasingly popular online and on smartphones.

Bitcoin, the unusual — and volatile — virtual currency created in 2008, is being quickly adopted as a payment method.

The main reason why is mobile apps, Bloomberg says, although using the currency is also a convenient way to reduce or avoid money transfer and banking fees.

“Since Bitcoins exist as software, apps on wireless devices are an efficient way to transfer money,” Bloomberg says, good for “storing digital money in virtual wallets, paying other people and stores for goods and services, and exchanging Bitcoins for dollars and other currencies.”

There are hurdles to widespread adoption, though. China has outright banned its banks from processing Bitcoin transactions, Bloomberg says. In the U.S., the Consumer Financial Protection Bureau for now is merely watching the mobile payments market, which includes Bitcoin. The U.S. Justice Department has called for policies regulating their use.

But the biggest barrier is probably the mobile store platforms. Apple has rejected many Bitcoin payment apps, Bloomberg says — its app market has about 100 compared with about 250 on Android devices. Apple is particularly concerned about apps that convert the digital currency into others, and it’s not hard to understand why.

We first wrote about Bitcoin in April, when they were bouncing between $130 and $260 each. In February, they were only $20. Early this week they were worth more than $1,000 apiece, says CNBC, which profiled an early Bitcoin investor who holds millions in the currency and has been called “Bitcoin Jesus.”

“There are thousands of vendors online who accept Bitcoins as payment,” says Time’s Jessica Roy. Roy bought all her Christmas gifts online this year with the currency, but says it’s still hard to find brick-and-mortar stores that easily process Bitcoin payments.

Do you own any Bitcoins? Would you consider it? Comment below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 8 Great Travel Freebies You Can Get in 2017

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,018 more deals!