Moving America Forward

Farmers’ Markets Around the Country Have Found Bitcoin’s Secret Good Side

November 25, 2013
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Farmers’ Markets Around the Country Have Found Bitcoin’s Secret Good Side
George Frey/Getty Images
Credit card companies should be worried

At farmers’ markets, credit cards make transactions more convenient for customers who may not have cash on hand. But they’re not ideal for vendors, who have to forfeit a 3% transaction fee. Some farmers are therefore turning to the new digital currency, Bitcoin, which most people associate with online drug and weapon sales. Clinton Felsted from Provo, Utah, started using Bitcoin at his market and has enjoyed pocketing the 3% of each transaction he was previously losing. It might seem like a small fee, but for a “high-volume, low-profit” business like a farmers’ market, it accrues harshly. Bitcoin could make a significant difference in business, and aid the country’s growing local agriculture movement. Small businesses may especially benefit from Bitcoin: they’re young and nimble enough to take the risk of using a new currency.

 

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