Bitcoin and the Rise of Cryptocurrencies: Are They Here to Stay?

Are cryptocurrencies like bitcoin gaining legitimacy in the retail and services sector? And what impact might they have on the supply chain? Bitcoin is an online, peer-to-peer payment system that sidesteps traditional currencies. The virtual instrument has had a rocky existence since it was invented in 2008 by the mysterious ''Satoshi Nakamoto''. Among its setbacks was the U.S. government's seizure of assets of the Tokyo-based bitcoin exchange known as Mt. Gox, followed by the FBI's shutdown of the Silk Road website, accused of being a marketplace for the sale of illegal drugs funded by bitcoin. Now, however, bitcoin and other cryptocurrencies are beginning to gain acceptance as legal tender by a number of online merchants. One of them is eGifter, the seller of digital gift cards, whose founder and chief executive officer Tyler Roye joins us on this episode to explain why he believes bitcoin is an idea that's here to stay. He also speculates about the currency's possible impact on supply-chain transactions.