Bitcoin looks to burnish its image

Some people think bitcoin is the future of online payments. Others consider the digital cash a dubious payment option popular only on the black market.

A group of entrepreneurs and venture capitalists with portfolios that include Facebook and Wal-Mart are working to convince retailers and consumers of the worth of bitcoin, according to the New York Times. They tout bitcoin’s lower payment processing costs, more secure transactions and ease of use. That bitcoin is also unregulated by governments and financial institutions is also part of its allure for some.

Downsides? Wildly fluctuating value – a bitcoin today is worth about $200; this past April, it was $266. Its reputation as being the currency of choice of shady businesses – the online Silk Road, recently shut down for illegal drug and contraband transactions, was a big fan of bitcoin. And now, federal regulatory agencies are scrutinizing bitcoin and have started issuing subpoenas to investors and start-ups using the online currency.

Read more from the New York Times.