Wednesday, 14 May 2014

Bitcoin - A Bare Currency


Bitcoin is now accepted for payment at Bare Oaks Family Naturist Park and The Bare Boutique. It can be used to pay for purchases both in person and online. A virtual currency is perfect for people without pockets!

Privacy is a concern for some of our members and visitors. They fear being judged because of their beliefs. We could certainly debate whether that's a real issue in today's world but we can't argue that is how some people feel. The anonymity of bitcoin can provide some reassurance. From a business standpoint, bitcoin is very easy to use and has a low transaction cost. (much better than credit cards) It's like cash but without the trouble of counting it and transporting it to the bank.

We actually set up Bitcoin payments several months ago. Now that the process has been properly tested and we've had our first transaction, we can officially announce it.

The security of bitcoin is not a big concern. The recent failures that grabbed headlines were more about security breaches in currency exchanges; not weaknesses of the currency system itself. Bare Oaks Family Naturist Park and the Bare Boutique will be holding their bitcoins in local wallets which avoids that issue. They will only be stored briefly in exchanges while they are being converted into Canadian dollars.

One criticism of bitcoin is that it is not backed by any government or institution and has no inherent value. You could say that about gold as well. That is basically just a shiny metal with very few practical uses. It is not essential to our survival in any way. Yet we all value it because for thousands of years we have been taught to treasure it.

Another criticism is that it is used for criminal activity. It is true that criminals like the anonymous nature of a bitcoin transaction. But you can say the same thing about cash. In fact, cash is even less traceable yet nobody is suggesting getting rid of it.

Initially most bitcoins we receive will be converted into regular currency. It is a reality that the vast majority of our suppliers do not accept bitcoin. But acceptance continues to grow rapidly so that may change in the not so distant future.

To learn more about bitcoin, visit bitcoin.org.