Friends, Itex, a trading company that my cleaning service is a member of, is now accepting Bitcoin. What does this say about the dollar? Is this the future currency?
ITEX - First Trading Community to Accept Bitcoin
Bellevue, WA – February 27, 2014 – ITEX Corporation (OTCQB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, today announced it now accepts Bitcoin as a payment option for its more than 20,000 member businesses.
Bitcoin is the world’s largest circulated encrypted digital currency and ITEX is the largest trading community in the USA and Canada. The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world and doesn’t have a central clearinghouse or answer to a singular authority. The finite supply of Bitcoins will grow at a mathematically determined rate of expansion from its current 12.5 million units to a maximum of 21 million units.
The ITEX dollar is a virtual currency used as a method of payment within our marketplace and trading community. In contrast to Bitcoin, ITEX utilizes a centralized system where it determines the amount of currency in circulation, based on numerous factors, including the needs of its member merchants. ITEX seeks to provide a platform for peer-to-peer and centralized virtual currency models to co-exist and complement each other.
“We are excited about the momentum the nascent virtual currency industry is experiencing and anticipate greater support for our virtual currency, the ITEX dollar, as time progresses,” stated Steven White, Chairman and CEO.
“ITEX contracted with Coinbase of San Francisco, the largest platform of merchants and consumers accepting Bitcoin, to create our e-wallet service, process payments and convert Bitcoin into U.S. dollars.
We invite the millions of Bitcoin enthusiasts to participate in our trading community,” Mr. White concluded.