Are ATMs Bringing the “Future of Money” to a Mall Near You?

You have probably heard of Bitcoin, an ingenius new “crypto-currency” based on the work of the mysterious “Satoshi Nakamoto.” Bitcoin evangelists and critics alike abound – some say it is the future of inflation-free money, others say it is far too unstable and unpopular to replace government-backed fiat currency. Meanwhile, a Texas-based company has started installing Bitcoin ATMs in local areas with the hopes of popularizing Bitcoin on Main Street.

Here are some of my questions: Why not have an alternative currency? Why not make it easier for people to do business? Why does the government have to back our currency? And does it have to back our entire money supply?

In recent years I have seen insurance companies become more flexible in the payments they will accept. The credit card option is becoming more popular. Will they accept bitcoin? Well, how many thousands of applicants will want to use bitcoin to pay their premiums? That will have a big effect on whether or not life insurance companies take them.