I'm very excited to announce that with my help, the first business in Missoula, Montana has decided to begin accepting Bitcoin as payment: Lake Missoula Tea Company, which is located in in downtown Missoula: http://lakemissoulateacompany.com/

 

Virtual currency, namely Bitcoin, has multiple benefits in the context of small businesses: 

 

1. Zero transaction fees. 

Compared to credit card companies' 3-5% cut of every transaction. 

 

2. Enhanced security and anonymity. 

There is no need for the vendor to ever interact with your personal payment information when using Bitcoin. 

 

3. Discounts

Although there is not a business which offers discounts for using Bitcoin yet in Missoula, a well-known example is Gyft, where one can purchase digital giftcards for nearly every large-scale company. They then give you 3% back on every purchase--passing the savings Bitcoin offers them (from cutting out credit card processors) to you, the customer. This will likely become a trend and spread to other businesses! 

 

4. Nerd bragging rights. 

You are probably a nerdy, financially and technologically aware millenial or something close to that if you decide to use virtual currency/cryptocurrency, according to a recent article at CoinDesk: http://www.coindesk.com/study-millennials-wealthy-consumers-bitcoin/

 

How to get started with Bitcoin

I recommend making an account at Coinbase (http://coinbase.com/), which is one of the most widely used Bitcoin exchanges/"banks" (located in SF) in the United States and backed by Andreessen Horowitz. They use the cunning-yet-simple two-factor authentication by default, shielding themselves from many security concerns at the password forefront. 

-Hope this was helpful! 

Sincerely,

 Spencer  

 

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