Bitcoin acceptance point: Central Texas Gunworks

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.

Source: http://www.myfoxaustin.com/story/24582357/austin-gun-store-first-in-state-to-accept-virtual-currency-bitcoin