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Published by GARRETT HEATH for TNW
The meteoric rise of Bitcoin’s value—from a low of $13 to upwards of $1000 in 2013—caused the general public to take notice of this cryptocurrency. Once relegated to tech circles, last year saw major economists discussing the digital currency, international governments questioning its legitimacy and speculationon well-known hedge funds acquiring it in their portfolios. Last year was truly the coming out party for Bitcoin.

But is the time right for businesses and e-commerce sites to begin accepting it as a method of payment?

“We see a range of emotions towards Bitcoin adoption in the retail industry. Some retailers believe that they are just merchants and ready to support any mode of transaction for selling goods,” Mahesh Gandhe, Product Marketing Manager for Rackspace Digital says. “On the other side of the spectrum, some are skeptical and really want federal agencies to regulate Bitcoin before considering its adoption.”

In deciding whether it’s time to adopt Bitcoin as a method of payment, below are some points that online retailers should consider.

Playing with house moneyInvestors who’ve been lucky enough to hold onto to their Bitcoin from the early days are suddenly seeing real, tangible worth. As the Bitcoin value has moved from pennies to hundreds of dollars, many of the original owners have come into a windfall.
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