Why we accept Bitcoins?

First a little back story. Introduction of a new form of payment has always been a slow and painful process. Transitions from seashells to gems, from gems to metals, from metals to paper and then paper to plastic have not been easy. People tend to feel a strange connection to the way they hold money and are resistant to change. Change to a new form of money, from gold coins to paper fiat, has even been described by Goethe in Faust as a work of the Devil. Well, thankfully the times have changed and such descriptions are no longer appropriate. Instead, nowadays words like risky, unsubstantiated and even shady are used to describe a new form of payment, Bitcoin(BTC).

Bitcoin is a pier to pier crypto currency that is not backed or manufactured by a government or a corporation. Its value is not guaranteed, but determined by the market. Every BTC transaction is documented in a special log available to public. Each Bitcoin is stored in a specific program called wallets. You cannot touch or destroy BTC, but you can lose it by forgetting a password to the wallet. I guess a complete lack of any physical characteristics is one of the reasons people are skeptical about BTC. But that very same thing can be said about any major purchase these days, only a fraction of them is done with cash, most are just numbers on the computer. Bitcoin also lacks backing of any government or financial institution. It rests on two pillars: belief and trust. At Modus we believe that Bitcoin is a way of the future, a new form of exchange for the 21st century. We also trust it will continue to grow in both value and acceptance. With this said, starting today Monday, November 11, 2013 we will begin accepting Bitcoins as a standard form of payment along with US Dollars. We also will work on promoting wider acceptance of BTC by convincing our clients and suppliers to accept Bitcoin.