Update by Candice So, March 20, 2014: We had a great time with today’s Twitter chat, with lots of great questions raised and excellent insight coming from our participants. Check below for a recap of what we covered.

Bitcoin’s been making headlines for more than a year now – but there are still a lot of questions that remain for businesses who may want to accept the digital currency as a method of payment from their customers.

Here at IT Business.ca, we want to help business owners tackle those questions through a Twitter chat on Bitcoin and its potential as a virtual currency.

Using the hashtag #BitcoinITB, we’ll be gathering for an hour-long Twitter chat on Thursday, March 20 at 1pm ET for any business owners who want to learn about the pros and cons of accepting Bitcoin.

For the chat, we’ll be bringing on guest experts who are knowledgeable on both Bitcoin and on digital currencies. We’re excited to welcome:

 

- A. Traviss Corry (@ATravissCorry), managing director of Bitcoin Decentral, Toronto’s new accelerator for Bitcoin-related startups;

- Anthony Di Iorio (@bitcoinalliance), executive director of the Bitcoin Alliance of Canada; and

- Robert Burko (@eliteemail), president and founder of Elite Email, one of the first businesses in Canada to begin accepting Bitcoin.

 

Here’s a recap of what we learned during our chat.

 

Q1. What are the advantages of accepting Bitcoin from customers?

 

 

 

Q2. How can SMBs deal with the volatility of Bitcoin’s value?

 

 

 

 

Q3. What kind of advice would you give to SMBs who start accepting Bitcoin for the first time?

 

 

Q4. In the past, people have called Bitcoin a Ponzi scheme, or they’ve said it unfairly benefits early adopters. Thoughts? 

 

 

 

 

 

 

Q5. Should SMBs consider accepting Bitcoin alternatives like Litecoin, Namecoin, or Dogecoin? 

 

 

 

Q6. Have any SMBs in this chat ever accepted payments in Bitcoin? What was your experience?

 

 

 

Q7. How can SMBs ensure Bitcoin transactions are secure, or encrypted from end-to-end? 

 

 

 

 

 

Q8. What happens if you lose your Bitcoin wallet credentials, or if your wallet is hacked? 

 

 

Q9. What Bitcoin exchanges and service providers do you recommend to SMBs converting the currency back to Canadian dollars? 

 

 

Q10. When Mt. Gox filed for bankruptcy, many people lost their Bitcoins. How can businesses be protected in these situations? 

 

 

Q11. For Bitcoin to be a true currency, people must spend it, not just hoard it. So how can SMBs promote its use?

 

 

 

 

 

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  • Sam Lanfranco

    For a seasoned economist’s view of the Bitcoin and its future see “A Spectator’s Guide to Bitcoin Mania” posted at samlanfranco.blogspot.ca. I will miss the session, I am at the ICANN Internet Governance meetings in Singapore.