Comparing Bitcoin to the bumbling early stages of world-changing technologies like the personal computer and the Internet, investor Marc Andreessen explains why he thinks the new digital currency could revolutionize commerce.
Andreessen, who helped develop the first popular Web browser, is co-founder of the venture capital firm Andreessen Horowitz, which has invested nearly $50 million in Bitcoin-related startups. In a blog post for the New York Times’ DealBook, Andreesen says Bitcoin mitigates the need for banks to work as intermediaries in transactions, nearly eliminates transaction fees, reduces fraud, opens up currently inaccessible markets throughout the world, and offers all kinds of other applications.
Although Bitcoin is volatile, Andreessen says that as more people adopt the currency and use it, its value will becomes less tied to speculation.
Several real estate firms have attracted media attention by announcing their acceptance of payments in Bitcoin. They include Manhattan-based brokerage Bond New York, property management firm Rentalutions, and RentHop. A recent report by National Mortgage News suggested that Bitcoin-denominated mortgages remain a far-fetched idea.
Source: New York Times
