Bitcoin Gaining Legitimacy

The spread of Bitcoin has become more apparent in the past week. Beyond the breaking news that Apple will begin to accept Bitcoin in the App Store, two other major organizations have been in the news with regards to the crypto-currency. Dish Network has announced that it will begin to accept Bitcoin in the third-quarter, at which point they plan to allow subscribers to manually pay using the currency. Beyond giving consumers an increased choice of how to pay, this move also makes it so that Dish has the potential to be on the cutting-edge of financial innovations amongst its competitors.

In related news, Great American Insurance Group has started to offer commercial coverage for Bitcoin. This move has the potential to provide greater security to companies that already utilize the currency. With coverage currently available in most states, this move signals an interesting next stop for the legitimacy of Bitcoin in the US.

These recent news stories seem to be signaling an increased growth in the popularity of Bitcoin. Perhaps more importantly these announcements, as well as future ones of a similar nature, can help Bitcoin continue to gain legitimacy as an alternative currency. This will allow for consumers to have more assurance and opportunities if they choose to use crypto-currencies, such as Bitcoin, to carry out their daily financial transactions.

Read More About Dish Network’s Decision- “Dish Network Says It Will Accept Bitcoin” (Rachel Abrams, NYT)

Read More About Great American Insurance Group’s Decision- “Great American Insurance Group Offering Bitcoin Coverage to Commercial, Governmental Entities” (Eric Calouro, News BTC)

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A rising senior at Colgate University, John is currently working as a research fellow with Consumers' Research.

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