Comparing Bitcoin to the bumbling early stages of world-changing technologies like the personal computer and the Internet, investor Marc Andreessen explains why he thinks the new digital currency could revolutionize commerce.

Andreessen, who helped develop the first popular Web browser, is co-founder of the venture capital firm Andreessen Horowitz, which has invested nearly $50 million in Bitcoin-related startups. In a blog post for the New York Times’ DealBook, Andreesen says Bitcoin mitigates the need for banks to work as intermediaries in transactions, nearly eliminates transaction fees, reduces fraud, opens up currently inaccessible markets throughout the world, and offers all kinds of other applications.

Although Bitcoin is volatile, Andreessen says that as more people adopt the currency and use it, its value will becomes less tied to speculation.

Several real estate firms have attracted media attention by announcing their acceptance of payments in Bitcoin. They include Manhattan-based brokerage Bond New York, property management firm Rentalutions, and RentHop. A recent report by National Mortgage News suggested that Bitcoin-denominated mortgages remain a far-fetched idea.

Source: New York Times

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE next week! Join us and thousands of your peers from wherever you are.Register Today×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription