California approves Bitcoin as legal currency

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Last Updated: Jul 1, 2014

In a move to accept crypto-currency, California’s Governor Jerry Brown announced Bitcoin will now be a legal currency in the state, overriding a section of the California’s Corporations Code, which stops companies and individuals from paying in only US dollars.

Bitcoin will be one of a few new crypto-currencies available in the California state, Litecoin and Dogecoin are also options for customers and companies. These crypto-currencies allow users an anonymous way to send money and all three are growing in influence.

The Bitcoin bubble has been looked at in quite some detail by analysts, who are trying to figure out if Bitcoin and these other crypto-currencies can actually last, or if they will fade into nothingness in a few years and leave investors broke, like the dot-com bubble.

Bitcoin has grown to a very expensive currency, around $650 will grab one Bitcoin, whereas other crypto-currencies like Litecoin, Peercoin and Dogecoin all range between the $1 to $10 range. Last year, Bitcoin was around $100 per coin, showing how much it has grown.

Commercial businesses and individuals will now be able to pay for services and work in the California state with Bitcoin. We expect this to be optional and not a lot of businesses will actively embrace working with Bitcoin, but the few that do might be able to grab more business.

We are not sure how much Bitcoin transaction actually happens in the real-world, most seem to be hoarding the currency for a time when the bubble is about to burst. We cannot see this being the way a currency should work, but Bitcoin is still being figured out and legitimised.

Crypto-currency may still be in the dark compared to regular currency, but Bitcoin is starting to become more well known globally. Litecoin, Dogecoin and other options appear to be more humorous than serious, but Bitcoin is definitely serious and this verification in California will give it a boost, no doubt.

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