We’ve been keeping our eye on a new digital currency available for online use. Bitcoin is a peer-to-peer payment system first introduced as open source software back in 2009.

Since 2009, the online payment system has grown significantly. Although it’s had some ups and downs for acceptance rates, it is now being more widely adopted by businesses. In Michigan, dozens of local businesses are now accepting and using Bitcoin and we’re excited to join the movement.

Bitcoin currently offers lower transaction fees than typical credit card fees, and it is not monitored heavily by the Federal Reserve. Some see this form of currency as a step towards a new economy, others see Bitcoin as practical, easy, and cheaper for transactions. Learn more about the in-depth history and growth of this currency in this recent Wired piece.

We’ve noticed the trend growing in Michigan, and as advocates of open source solutions we’ve decided to make our services available through bitcoin payment. Here are three reasons why we at Commercial Progression are embracing Bitcoin payment.

1. Bitcoin supports a movement towards open source software and systems. At Commercial Progression, we believe open source technologies are the way of the future. They allow all developers and people to access information needed to create technology. Open source technologies are powerful tools with the ability to greatly spur innovation in Michigan and abroad.
2. Bitcoin is being adopted and supported in Michigan. We’re excited to see the local growth and support for this new peer-to-peer payment system. Meetup groups like Michigan Bitcoin Consortium, Ann Arbor Bitcoin Meetup, and Troy Bitcoin Meetup have all been established in recent years to educate and support others using Bitcoin. Dozens of businesses are now listing themselves as accepting Bitcoin. Yelp now allows businesses to flag this currency too
3. Bitcoin provides lower transaction fees for businesses. We love working with small businesses and large clients as well. Startups and small businesses may really benefit from those extra dollars saved from larger transaction fees. We find it easy to use for processing.

All online payments with bitcoin are currently accepted here. Is your business embracing Bitcoin?

Photo via Bitcoin.