Summary

Bitcoin has been verified as a payment method by legal and dictionary definitions. As a non-traditional, digital store of value it has gained an unprecedented ground in exchange rate value and volume of transactions. The business implication of this is the potential to capitalise on this emerging and beneficial trade medium either B2B or B2C.

Bitcoin is a platform with benefits over:

• The traditional government backed currencies: universal acceptance without an exchange rate
• The government system: speculative fiscal policies that influence inflation
• The current banking system: no charges or limitations on international remittance; no restrictions on opening accounts
• With added technological advantages: anti-fraud measures and internet transactions.

In faceless online commerce using Bitcoin it is poignant to understand what bolsters trust and how companies and users are looking at regarding this new technology. “Bitcoin is rapidly becoming a legitimate online currency alternative” Ferrara (2013) and TAM can be used to investigate one branch of Salo & Karjaluoto’s (2007) trust model to shed some light on the current environment of the Bitcoin community.

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