Coin and Bitcoin: The Change in your Wallet
In an unusual turn of events, there were more coins in the headlines this week than there are in the average 10-year-old’s piggy bank. Between the announcement of Coin’s all-in-one credit card and the skyrocketing value of Bitcoin currency, one thing is certain: change is coming.
The Only Coin You Need
What’s in your wallet? Too much, I’m guessing. All that plastic adds up and leaves you sitting lopsided. Purses are no better; they get so full of things that you’d think they were bigger on the inside. Now, here’s the good news: you can consolidate all of your credit, debit, gift, and loyalty cards into a single digital credit card known as Coin. Sleek, simple, and secure, there’s a lot to like about this innovative payment option. Here’s the video they introduced it with:
Since announcing Coin on the 14th, the startup company has seen that video go viral—almost 6 million views in a week! All the press they’ve received has triggered a flood of preorders and funding, as well as questions and feedback that Coin has been quick to address. Earlier this week, they added more than 50 FAQs to their website, and on Wednesday they announced the addition of several new security features—such as the ability to “lock” on one card when handing Coin to a waitress or bartender–in response to consumer concerns.
Coin is slated for release in Summer 2014 and will cost $100, but preorder by December 13th and it can be yours for just $50.
The Bitcoin Roller Coaster
Bitcoin is a form of digital tender that has risen to popularity, especially this past week as prices soared as high as $900 per Bitcoin. It’s what we call a “cryptocurrency,” which sounds like the name for secret Freemason treasure, but actually refers to a currency that is decentralized (there is no Bitcoin bank) and secures transactions using cryptography. The spike in value followed two Congressional hearings and much hullabaloo about possible regulatory actions, but the Bitcoin came out unscathed and, in fact, boosted by the publicity.
As with previous Bitcoin surges, this one was expected to be short-lived, so no one was surprised when it dropped back to $450 in about a day. It quickly rallied, however, and is now back to over $700, to the relief of investors. All the action has sparked greater interest in Bitcoin, as businesses, organizations, and even a university announce their decisions to begin accepting the cryptocurrency. It has prompted debates about the potential for criminal use and over whether or not it is the “Segway of currencies.” For the moment, it seems like a risky investment, but we’re very interested to see where it goes once the current wave of hype dies down.
A penny for your thoughts?