05 / 30 / 14
There?s a good chance that you?ve probably heard of the term ?Bitcoin? at least once. It?s basically an online payment system that makes use of digital money. What makes it different from many of the online wallets out there, such as PayPal and Google Wallet, is that Bitcoin has no middleman. Transactions made using Bitcoin online are made from the seller directly to the buyer. Although the concept of Bitcoin as a crypto-currency was first developed in 1998, the actual concept was first published in 2009. Bitcoin is becoming more and more popular as eCommerce continues to grow.
Who controls Bitcoin?
First of all, Bitcoin is controlled by the users. Nobody owns the technology although many people have worked on it. Developers can work to improve the software but cannot change the protocol. This is because users of Bitcoin can choose whatever software and version that they want to use.
How does it work?
There are a number of Bitcoin exchanges out there, such as Mt. Gox, that let you buy or sell Bitcoins using different currencies. As a user of Bitcoin, all you need is a computer program or mobile app that provides you with a Bitcoin wallet. You can then send and receive Bitcoins. There?is a public ledger known as the block chain that keeps track of every transaction ever made using Bitcoin, thereby allowing your computer to verify each transaction?s validity. Using Bitcoin is actually easier than using your credit card or debit card. This is because you don?t need a merchant account. You just make your payments from your wallet application, either via your computer or your smartphone. All you have to do is enter in the address of the recipient and the amount of Bitcoins you?re sending.
Why should you use Bitcoin?
There are actually a huge number of benefits to using Bitcoin for your company. In fact, the benefits of the service account for the growing amount of businesses that make use of it. In addition to brick and mortar stores that have begun accepting Bitcoin, such as apartments, restaurants and even law firms, many large online services have begun using Bitcoin as well, including WordPress and Reddit. Millions of dollars worth of Bitcoins are being exchanged on a daily basis, with the value of all Bitcoins in circulation exceeding $1.5 billion. The following are some of the benefits that Bitcoins offer:
What are some of the drawbacks of Bitcoin?
Although Bitcoin has many benefits, it’s not without its disadvantages:
The advantages make Bitcoin an excellent monetary service to take advantage of, both for users and merchants. The only real drawbacks are the volatility of the Bitcoins and the fact that many people are not educated well about the service.
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