Farmers bet on Bitcoin

Monday, February 3, 2014

At press time, the value of volatile digital currency Bitcoin was skyrocketing. CNBC reports that the five-year-old open-source currency went up 8,000 per cent over the course of 2013, and on Nov. 29th, Coindesk.com reported that one Bitcoin was (briefly) worth more than an ounce of gold.

Most companies are reluctant to accept this new currency, but some small businesses are getting on board. And according to a recent story on NPR blog The Salt, this includes some small farmers.

Bitcoin means no credit card transaction fees and more physical security at the farmer's market. Clinton Felsted of Utah farm La Nay Ferme tells The Salt, "Taking money with you is a real risk . . . a real security problem. With Bitcoin you can take it anywhere with no risk." Transactions pass from smartphone to smartphone. And if Bitcoin's value continues to rise, Bitfarms.com argues it may provide unsubsidized small farms with an industry advantage.

Campbellford's Carlen Farm is hoping to cash in on Bitcoin's promise. The small honey and maple syrup farm has been accepting Bitcoin since opening in the spring of 2013, but has yet to make their first Bitcoin sale. The problem, owner Mark Carlen says via text (a true modern farmer!), is a "lack of people knowing what (Bitcoin) is." However, he still sees the value in Bitcoin as a means "to increase exposure and possibly be a part of an alternative medium of exchange due to (the) underlying fragility of our current system." BF