Bitcoin's potential is somewhat limited now since it is hard for people to obtain. There are many exchanges where bitcoins can be bought, such as Mt. Gox in Japan and its U.S. partner, CoinLab. But it can take days to actually obtain bitcoins, due to the time it takes to wire money and delays in approving new users to comply with anti-money laundering regulations.
Holmquist said Bitcoinstore is keeping a close eye on payment processors that could link bank accounts with bitcoin. People could then convert their money to bitcoins to pay for an item, which would also limit their exposure to bitcoin's rapid price fluctuations.
"We are watching all of the payment processors very closely," Holmquist said. "I think it [bitcoin] has the potential to basically be a PayPal-like system."
Sign up for MIS Asia eNewsletters.