SANDPOINT — A small local business is now accepting Bitcoin and other cryptocurrency as payment.

"The cryptocurrency thing, it's going to happen," said Brandon Johnson, owner of 7B PC. "Globally, the world is kind of turning to it because it is faster than the current system."

Cryptocurrency is defined as a "digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."

As far as he knows, Johnson said, his is the first small business in Sandpoint to allow cryptocurrency as a form of payment.

It was about a year ago, Johnson said, when he got into cryptocurrency. After doing some trading and mining, he began looking at vendors online that would accept cryptocurrency as payment.

He became familiar with blockchain technology, a digital ledger for economic transactions, Johnson said. He decided since he knows how to use it, it would be a good idea to accept cryptocurrency as payment at his business. The digital wallet system is easy to set up, he said, so payments can be made in about a minute through a cellphone.

"With as simple as it is, and with it being legal to accept any kind of payment, it just made sense to start doing it," Johnson said.

Currently, he said, there are over 1,800 different types of coins.

"It seems like everyone has their own token or coin nowadays," Johnson said. "The most widely used one is Bitcoin."

Besides Bitcoin, Johnson said he will accept major alternative coins and tokens, such as Litecoin, Ethereum, Dash, Bitcoin Cash, and more.

There is, however, always a gamble in investing in cryptocurrency or accepting it as payment, he said. The market is "all over the place" at this point, he said, fluctuating up and down daily. One day he may get a $100 payment and the next day it may only be worth $40 — or it may double in value. Therefore, he said, he is not viewing it as a U.S. dollar, but as a cryptocurrency coin investment to add to his portfolio.

Johnson opened 7B PC in 2015, and has been working on computers professionally since 1998, earning his certifications in 2000. 7B PC does basic home and business computer repair, which includes malware repair. He also does custom computer builds, as well business networking services.

In the future, Johnson said, he also plans to incorporate mobile device repair for tablets and phones.  

Information: 7bpc.com

Mary Malone can be reached by email at [email protected] and follow her on Twitter @MaryDailyBee.