(KATV)-A hair salon in Little Rock is the first business in the state to accept the cryptocurrency, bitcoin. Bitcoin is a digital currency that is transferred from person to person online. It is unregulated by the federal government. Bitcoin purchases can be made all over the world in an instant. The price of bitcoin fluctuates with supply, demand and the amount of people buying into it.
The first business in Arkansas to accept bitcoin is Clips Hair Studio in Little Rock.
"They see that sign out there on the door and they're like what is that? And I explain to them about how it's a currency of the future and it's so cool because they don't even have to have their purse," said Billy Creek, owner of Clips Hair Studio.
Among the fashion magazines and fashion spreads, patrons waiting for a hair color to process can also read a magazine about bitcoin.
"Bitcoin goes back to the basics of mining. Doing things, letting people have the control over how the monetary system works. The reason we decided to take it is we believe in the currency and therefore what better way to support it than actually accept it yourself," said Brandon Creek, owner of Clips Hair Studio.
But do you run a stable business on a currency that fluctuates?
"The way our business works is when we accept a transaction in bitcoin, it instantly gets converted to U.S. dollar," Creek said. "Once we get past the volatility aspect of it, to where it's much more stable, I think we can see businesses run entirely off of bitcoin. It's gonna take us a while to get there. This is still a very new currency."
They believe bitcoin really is the currency of the future.
"What other currency in the world can you send value from person A to person B, wherever they're at in the world, in a matter of seconds, with little to no fees. It just doesn't happen," Creek said.
Click here to see the Bitcoin price chart.