Arkansas Bitcoin Ante (OPINION)

Is it just a matter of time before Bitcoin goes mainstream?

The world’s most popular cryptocurrency — an online financial exchange that uses code systems instead of a bank to secure transactions — has been splattered across business headlines for years now, but has yet to gain real traction with the public.

In August, the University of Arkansas Foundation received a $10,000 Bitcoin gift on behalf of the Arkansas School for Mathematics, Sciences and the Arts in Hot Springs, one of the campuses the foundation supports.

At the time, it was reported to be only the third higher education institution in the nation to accept a Bitcoin gift.

And ASMSA will use the money to fund a cryptocurrency course, believed to be the first for U.S. high school students.

Bitcoin remains controversial because of its threat to the banking industry. The Consumer Financial Protection Bureau also put out a warning that using virtual currencies “is like stepping into the Wild West,” because of the lack of regulation.

It’s among the recent innovations, also including drones and 3D printing, that are constantly predicted by media as engines for drastic change but haven’t broken the threshold of universal acceptance.

This year, Bitcoin averages 70,000 transactions per day, a huge jump from a few years ago. However, The Wall Street Journal recently reported that number has plateaued, and there doesn’t seem to be much new demand.

Like Bitcoin, drone technology is doubted because of a lack of regulation, resulting in potential privacy and safety issues.

3D printing is controversial because it lends itself to piracy and the production of dangerous goods — most notably, guns.

Who knows which of these have a solid future and which will be undercut by new innovations and fall off among the futile realm of laser discs and pagers.

Only time will tell. But if Bitcoin truly takes off, it’s good to see Arkansas is getting in the game early.