Bitcoin News Feature (Click the [CC] at the bottom for English)
This is a video of a news report about Bitcoin that was broadcasted on YLE 2, a Finnish television channel on August 14th, 2012. The language in the newscast is in Finnish but at the bottom bar for the video is a [CC] which can be checked to view English subtitles.
The report covers the presence of Bitcoin at the Assembly 2012 event in Helsinki, Finland and provides an excellent overview of where Bitcoin is today.
The restaurant that sells sandwiches for bitcoins didn’t care what the current exchange rate for bitcoin was, nor that the exchange rate might be volatile. This is because the merchant uses a service to convert all coins received to Euro. If Bitcoin is the form of payment customers want to use, the merchant will accept them.
While no Bitcoin corporation exists, there are companies who provide products and services and thus have an interest in promoting Bitcoin and seeing its use grow. Featured in the video was a sponsor, BitPay, eCommerce and payments service which just added its 1,000th merchant partner. Another sponsor that had a big part in Bitcoin’s presence at the event shown in the newscast is Bittiraha.fi, (@bittirahafi) a Finnish online Bitcoin community.
Also shown in the video was the map provided through LocalBitcoins.com (click the green “Show map” button to see traders near you wanting to buy and sell, in-person).
What this video shows is a technology where the network effect is beginning to take hold. There are areas where the density of Bitcoiners is sufficient for Bitcoin to start catching on for bricks and mortar just as it already has for the online merchants that are already using it. Following this event a dentist has begun accepting the currency. That dentist might then use those bitcoins to pay staff, who could then use their bitcoins to eat at Vegamesta. Currently Vegamesta is cashing out to Euro, but at some point they’ll be wanting bitcoins to make purchases as well, and will start keeping those coins for future purchases.
And that is when the Bitcoin economy starts to snowball. But it can’t get there without first climbing these initial steps.
Evidence now shows that the climb is not only happening but is increasing at an even faster pace.