Bitcoin Ventures recently launched its CoinTap product, a gift card that allows cardholders to trade money for Bitcoin e-currency.
A $50 gift card is redeemable for $50 in credit, which can then be used to purchase Bitcoins through the company’s website.
“Buying Bitcoins [is] now as uncomplicated as buying a loaf of bread,” Bitcoin consultant Ashley Fulks said. “Simply go to the store and buy a CoinTap card. Then go online, redeem your card on our website and, presto, you’ve got Bitcoins.”
Fulks said the Bitcoin, which was introduced in 2009, is the best-performing currency in the world.
“Whereas governments and banks set the values of fiat currencies based on how they want their economies to perform, the Bitcoin is decentralized and runs on a peer-to-peer network, so its value can’t be regulated by a small group of people,” Fulks said, adding that only 21,000,000 Bitcoins will ever be in circulation at once. “Since the Bitcoins’ value is determined purely by the market, it shows a different picture of what other currencies are worth.”
While the Canadian government views Bitcoins as a tradable commodity, Germany recently ruled that the Bitcoin is “private money” and therefore taxable, just like regular currency.
Bitcoins can be saved as an investment, traded for other currencies or used to purchase goods or services from any vendor willing to accept the currency.