Online commerce is becoming more popular every year, and as the online market grows so do online payments. These payments are often made with digital currency, which takes many forms.
So called cryptocurrencies come in many forms. Bitcoin is quite possibly the most well known. Think of it like digital gold which can be mined and used to make transactions over the web.
Bill Barhydt is the CEO and founder of Abra, an app which allows users to buy, sell, and store cryptocurrencies on their smart device. He said Bitcoin was the first widely adopted cryptocurrency.
“It derives value from the fact that there’s a fixed amount of it kind of like physical gold, but again in digital form.”
Barhydt said millions of people use cryptocurrencies. He said it’s used all over the world and by people of all ages.
Barhydt said like with any currency, there are those who want to steal it. That’s why apps like his take out the middleman and allow users to store their funds directly on their phone as opposed to on a third party server.
He said the app supports dozens of cryptocurrencies and there are more coming online all the time.
Barhydt said cryptocurrency use and online commerce grows more every day, and he said, it could one day be the most widely used form of payment.