But Bitcoins continue to gain national attention. "Some people like to have a little bit of Bitcoin because it's a novelty, it's sort of a new thing so they get a little bit of joy of playing with some Bitcoin but I don't think it's going to catch on as widespread as say the U.S. However, Meredith still has his reservations. At this point only a handful of businesses are using Bitcoins but Schmidt is hopeful they'll catch on. While the value of Bitcoins can fluctuate day to day, once a purchase has been made at one Bitcoin value, the price is locked in for the business, leaving them unaffected by the possible changing value of the coin. You don't have the security that you would with a U.S. "There is no central government backing the currency. He thinks it's because the market is too unstable. But when we spoke with a manager on the phone he told us they are not too popular.
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Green Gorilla is another business in Amarillo that uses Bitcoins. We don't have to rely on a bank or a credit card company so we can avoid those transactions fees that sometimes our customers have to pay and we always have to pay to help keep our services at a reasonable rate," Cindy Schmidt, DDS told us. At Class 1 Dental, they're jumping on the trend. The coins can be purchased online with actual money and then can be used digitally on a smart phone to transfer from person to person or business in what's being called a "virtual wallet." The transactions between Bitcoin owners can be made in seconds and cuts out the actual bank. "It's an accepted form of payment that you can use electronically," said Neil Mere, an Assistant Professor of Economics at West Texas A&M University. Bitcoins are a relatively new online currency that has grabbed the attention of several businesses, including some here in Amarillo.
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