"A lot of people think it's basically digital gold because it's so scarce, it holds value well, and you can transfer it instantly," says BitcoinStore.com's Jon Holmquist.

Holmquist sat down with ReasonTV's Tracy Oppenheimer to discuss Bitcoin's practical current uses in the retail market and what the future of an electronic currency supported economy could look like.

"It's a lot cheaper. You don't have to pay the middleman whether it be payment processors, banks, governments," says Holmquist, "it opens up a lot of global trade that can happen."

About 5 minutes.

Produced by Tracy Oppenheimer. Camera by Alex Manning.

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