Bitcoin is also advantageous for merchants because it does not support chargebacks -- a process that has created nightmares for merchants accepting other electronic payments through vendors such as Paypal, which can freeze funds or block payments.

For consumers, Bitcoin’s complex mathematical algorithms have made it the most secure payment method available -- an issue that has affected millions of credit card users in recent years with identity theft and security breaches at banks and large corporations such as Target. With Bitcoin there is no database that can be leaked or accounts that can be hacked.

Pankow’s son Adam recently set up his mother’s salon to accept Bitcoin payments. “It’s really making waves in the digital realm. Your average Joe can get started just by linking a credit, debit or checking account to a U.S.-based service such as CoinBase and Circle Pay.”

Users can use the app with great simplicity by simply flashing their smart phone at a merchant’s computer screen or even at a friend’s smart phone to make instant transactions. Pankow added that he has used it to pay for services in larger cities such as Las Vegas, also noting its ease of use -- “just aim and pay,” he said. He said bigger name companies like Expedia, Microsoft and Overstock are now accepting Bitcoin.