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File: AP Photo/Mark Lennihan

BIRMINGHAM, MI -- A Metro Detroit law firm on Monday announced it's joining the ranks of companies now accepting the digital currency Bitcoin for payment.

Beginning in December, you may begin paying for legal services provided by the Birmingham-based Katz Law Firm with the crypto currency.

Donald Katz, who manages the tax law firm, said they have several clients, two of them international, who have asked to pay with Bitcoin.

"It's strictly a business venture," he said.

Michael Marsalese of the Marsalese Law Group, PLLC in Southfield said his law firm has been accepting Bitcoin payments from customers since June.

We've had "no issues" with with the payment method, he said. "We keep waiting for regulations to come down," he said.

Bitcoin is not the only digital currency, but it is the most popular. Bitcoin is more of a technology than an actual currency. It provides a means to easily store and transfer money, eliminating the need for physical cash or even a bank.

Like other currency, the market supply and demand determines the conversion rate. As of Wednesday, a single Bitcoin was equivalent to about $375, though the young currency has proven to be extremely volatile over the last several years, climbing to over $1,100 and dipping below $300 at times.

Due to the volatility, the Katz Law Firm is not accepting Bitcoin for retainer fees.

To use Bitcoin, the user sets up what it called a digital wallet online. Various security options may be established, including any number of passwords for protection.

They would provide their wallet ID to the purchaser who could then transfer any increment to the seller. For instance, to but a $5 hamburger, you'd pay about 0.133 Bitcoins.

More about Bitcoin

The transaction, which may be conducted using a smart phone or the Internet, is immediate and can be confirmed by the Bitcoin recipient, who may either keep it in Bitcoin form to trade with other people who accept the digital money, or sold to a broker and converted back into traditional currency.

Katz said accepting Bitcoin will have an impact on the way the firm reports the income for tax purposes.

"It's like they pay you in property, not currency," said Katz. You base it on the market value on the day of receipt "and then when you go and spend it, it again, it's either a capital gain or a capital loss."

If the price declines, the firm can write off the loss. If it increases in value, the firm must pay capital gains tax.

The Katz Law Firm is partnering with Circle Internet Financial to handle the Bitcoin brokerage functions.

The website CoinMap.com, which tracks companies that accept Bitcoin, lists over 20 in the Metro Detroit area, including The Bronx Deli in Farmington Hills, Tony's Ace Hardware in Hazel Park, Mama Mia Pizza in Shelby Township and Gracie's Pastaria in Inkster.

Do you or are you interested in owning Bitcoin? Do you think it is a good idea here to stay or a fad that will soon die out?

Please share your opinions on the topic in the comment section below.