Over the past month, Bitcoin has been under intense pressure due to a number of scandals involving currency exchanges like Mt. Gox and First Meta, and a regulatory ruling by the Internal Revenue Service (IRS) that designated Bitcoin to be property, and not a currency. These negative influences have helped to lower Bitcoin's popularity worldwide, as well as drop its dollar value to below $600 per coin.
However, on March 30 a high end gun company announced that they are going to begin allowing sales of their products and services in Bitcoin, and provide assurances to consumers that the digital currency is alive and well when used in the medium it was originally created for.
A Texas-based gun company has announced that it is now allowing its customers to use bitcoins as payment for its products, which include rifles that it says can hit targets at extreme distances using “jet fighter lock-and-launch technology.”
Although bitcoin is a currency that is notorious for being difficult to trace, buyers still have to undergo background checks before purchasing any firearms, according to TrackingPoint Vice President Oren Schauble. The Austin company is working with payment processor Coinvoice to carry out bitcoin transactions. - Fox News
TrackingPoint joins a growing number of retailers like Overstock.com and Tiger Direct.com which recognizes the value of Bitcoin as a viable currency, and is open to allowing its use at a time when more and more consumers are stretched thin on their discretionary spending.
Bitcoin was created to be a form of digital currency that could be used as a medium of exchange between consumers and retailers outside of the global fiat currency model. It was never intended to become a commodity, or paper security as 3rd party entrepreneurs have turned it into, and it is this type of growth that has led corporations and government agencies to seize the initiative to lessen its scope and potential.
In 2013 many nations embarked on a currency war which saw more than a dozen major currencies devalue in an attempt to strengthen their trade deficits and GDP. It was during this year as well that Bitcoin became a prominent alternative to fiat money, even being recognized in television shows like Almost Human and Person of Interest. And as more companies like TrackingPoint continue to allow its use as a form of money in consumer retail despite the negative publicity from regulatory agencies and corporate scandals, the future for Bitcoin still remains viable and destined to create a paradigm shift just as paper money did for physical gold.