Some Baton Rouge merchants now accepting Bitcoin for payment

Bitcoin via Salon.png
Baton Rouge merchants are now accepting electronic currency Bitcoin in addition to the more traditionally used cash, credit cards and personal checks. (
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on January 03, 2014 at 1:45 PM, updated January 03, 2014 at 4:43 PM

You can spend it, but you can't see it, and it's rapidly becoming an accepted form of currency in the marketplace. Some Baton Rouge merchants are now accepting the electronic currency Bitcoin in addition to the more traditionally used cash, credit cards and personal checks.

A newer concept to trade, Bitcoin was created by an anonymous software developer or developers about four years ago. The currency functions like the dollar or peso. However, it is not tied to any country, nor is it regulated by the federal government, nor does it pass through a central authority such as a bank as a credit card transaction would.

"I was told about Bitcoin by a friend when it was just cents per coin," said consumer-turned-merchant of the currency, James Christina. As the operation manager for local apartment complex Chateau Jacques, Christina decided to accept Bitcoin as a method of rent payment in November.

Bitcoin can be stored in a digital wallet on a smartphone or on a computer. Consumers can then set up accounts with various retailers to use Bitcoin online and in-person. However, they never really touch the currency.

Christina said from being a consumer of the currency, he noticed Bitcoin's increasing value as a top selling point. In 2012, the Bitcoin exchange rate rose from $13 to more than $1,000 according to local reports. Currently, one Bitcoin yields $806. Bitcoins divide exponentially, all the way down to a fraction of a penny.

Now as a merchant using Bitcoin, Christina said that the transaction fees are minimal. "If I were to accept $1,000 worth, it's like less than one percent cost, whereas with credit cards, it's about three percent across the board."

An earlier version of Bitcoin took longer to convert into dollars. "Before, it was harder to turn that money into dollars, and with the new technology coming out you can do that immediately, and that makes it more convenient for businesses," Christina said.

Locally, marketing company Dezins Interactive, False River Fencing, a construction company from New Roads and Baton Rouge law firm Dore Jeansonne also use Bitcoin. Online discount retailer recently announced plans to start accepting Bitcoin in 2014.

Real estate attorney Bryan G. Jeansonne started accepting digital currency Bitcoin from clients for 2014, the Greater Baton Rouge Business Report said Friday. Jeansonne said his firm decided to accept Bitcoin because, "A lot of people find it easier to use than regular currency." Additionally, he says, "It's also more stable than the currencies in some countries, so some international clients may want to use it for that reason."

One factor contributing to the so-called stability is Bitcoin's vow to release a finite number of Bitcoins to circulate in the market, an attempt to control inflation. Currently 21 million Bitcoins will be made.

Christina endorsed the idea of using Bitcoin internationally." It's good for Americans, but it's really good for countries that can't take Visa, or Mastercard, and opens them up to trading on the worldwide market. In reality, it can feed a lot of people...With Bitcoin, if you want to buy a barrel of oil from whatever, instead of waiting 7 days for that transaction to clear, it could be immediate," he said.

Christina added that Bitcoin could be a better way to transfer diaspora remittances, for people living and working abroad, but sending money back home to family in a different country.

Critics of the recently-created currency argue that without proper monitoring or backing, Bitcoin is too volatile to be a long-term form of currency. Skeptics say consumers are more likely to hold on to Bitcoin as an investment rather than use it for trade.

Christina says those two things work to the currency's advantage. "It goes up and down, but it's a good thing too, because it puts the Bitcoin in a lot of people's hands. In order for it to be a good thing, a lot of people have to own it, and as the economy grows, the value of the Bitcoin goes up."

Because Bitcoin is encrypted with a unique number obtaining several codes, Christina says it's virtually counterfeit-proof. "There's no way for a machine to even guess all of those numbers."

The world's first Bitcoin ATM, Robocoin, was launched in October of 2013 in Canada. Two others are headed to Taiwan and Hong Kong. More releases are planned for Europe, Canada and the United States.

Shoppers hoping to use Bitcoins to make everyday purchases can search websites with maps, including, that show which companies accept the electronic currency.

