Austin gun store first in state to accept virtual currency Bitco - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Austin gun store first in state to accept virtual currency Bitcoin

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Bitcoin is growing in popularity. It's a virtual currency that exists only online. An Austin store owner is the first in the state to accept Bitcoin for firearms.

"We're targeting lawful gun ownership in this country," said Michael Cargill who owns Central Texas Gun Works.

Cargill is waiting to make the first sale using Bitcoin. He's been thinking about accepting it for quite some time.

"It's really taken off in the liberty and libertarian community and the tech community," said Cargill. Customers would be able to use it to pay for ammunition, CHL and training classes and even weapons.

"When they buy that firearm we're still going to be doing the FBI background check and fill out the proper paperwork," said Cargill.

Bitcoin recently celebrated its 5th anniversary. The online currency is largely unregulated and tracking down buyers and sellers is difficult.

It's something University of Texas Business and Economics Professor Andrew Whinston says is attractive to users.

"It's not traceable. Its computer based money and is attractive for people who want to avoid disclosing things they buy," said Whinston.

"There's a trail for credit cards but you can't figure out who used Bitcoin and cover your tracks but not in a gun store because we're still doing those background checks," said Cargill.

Private sales which Cargill doesn't do raise red flags for gun control advocates.

In a statement Ladd Everitt with the Coalition to Stop Gun Violence says private sales involving bitcoins are not going to be any more or less anonymous than transactions finalized with cash or other forms of payment.

LINK:

www.centraltexasgunworks.com

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