Bitcoin, the revolutionary cryptocurrency
Bitcoin is a popular digital currency which allows its owners to invest, exchange, buy goods and services and sell it.
The Bitcoin system does not require a central authority like a bank or government. It all works online, electronically. The digital currency cannot be physically held as it can’t be printed. Bitcoin is created by computers, using open-source software.
We call bitcoin a cryptocurrency because transactions between bitcoin owners are secured using cryptography, an advanced encryption algorithm that prevents anyone from fraud.
Specificities of bitcoin
Bitcoin is different from traditional governmental currencies.
1. Decentralized system
The bitcoin system rest upon a decentralized organization (the blockchain) that attracts people who can’t trust their bank institution or government withholding their funds. Transactions don’t need to be approved by one institution in order to be processed but by all the people participating in the system. It eliminates the urge to trust someone you don’t know.
With bitcoin, the integrity of the transactions is controlled by a distributed network that nobody owns and everybody can enter, through an ingenious combination of cryptography and incentives. This system is completely public and anyone can verify the details of any transaction.
2. A limited number of bitcoin
Traditional currencies, which we call fiat (dollars, euros, yen, etc.) have an unlimited supply. Central banks create more or less regarding the value they want to give to the currency. Citizens are dependent on it.
Bitcoin faces a limited supply, managed by the algorithm itself and capped at a maximum of 21 million bitcoin. New bitcoin is created little by little, increasing the value of the rare currency, theoretically.
What makes bitcoin so attractive as well is the anonymity it confers. At least, semi-anonymity. At the time of personal data trade and thieves, banking information and identity are very valuable information. Many people want to protect themselves by using a system where they can be anonymous.
Since there is no central authority in the bitcoin system, users do not need to identify themselves when transacting. The algorithm protocol will check and confirm that the sender owns the necessary bitcoin amount as well as the authority to send them. It doesn’t require his or her identity.
Of course, any bitcoin owner involved in a transaction is identified by his public wallet address (where he/she keeps the bitcoin) which can be tracked. To respect the legislation, some transactions require to verify the parties identity. Since the network is open to anyone, a particular transaction is visible to all. This makes bitcoin not an ideal currency for criminals, terrorists or money-launderers.
4. Chargeback protected
Bitcoin transactions are chargeback protected. They can not be disputed or reversed. Once recorded on the blockchain, a transaction can’t be modified. This is one of the most important elements that ensure fraud isn’t possible.
Safe and secure way of holding money
With cryptography, bitcoin is more than secured. Nobody can use yours, steal them or make a payment on your behalf. Of course, there are some requirements to protect your secret wallet’s private key to be protected from any kind of fraud.
As a distributed system, if a confirmed transaction is modified, it has to be modified on all computers participating in the system, which is, today, nearly impossible. If it is not, the system will identify an issue, find where it comes from and eliminate the false transaction record.
Blockchain is the safest way to store any asset.
Bitcoin is universal
Bitcoin doesn’t sleep. You can transact with anyone, anywhere at any time. Whatever the wallets, providers or software, it doesn’t matter; you still are able to exchange or sell anybody bitcoin. All you need is their bitcoin wallet address.
International payments made easy
Whether you want to send bitcoin to your neighbor or someone on the other side of the planet, the transaction time and fees remain the same (and are very low). You won’t need to wait for one week for the bank to process the payment with additional fees. There is no limited transaction amount either.
Operation and transaction fees to use bitcoin are very low compared to the banking system. Also, it doesn’t change regarding the amount you send. For important transactions, bitcoin is highly advantageous.
With Bitcoin, there is nothing to steal from you during a transaction. Each payment link is single-use only. If someone captures the payment link or the public address to your wallet, it will not be useful.
How to buy it, how to use it, what to do with it
Anyone can use bitcoin without any technical knowledge. Managing a wallet is within anybody’s reach with a user-friendly interface.
Once you have a bitcoin wallet, you will receive your public address which you can then use to pay and be paid by anyone.
Buy some bitcoin
You can buy bitcoin on an exchange website or directly from marketplaces with other cryptocurrencies, fiat currencies via your credit card or bank transfers. Some platforms can also help find people who are willing to sell bitcoin for cash. ATMs also exist in some countries where you will be able to buy bitcoin like you buy any soda from a vending machine.
What to do with bitcoin
You can do anything you want with bitcoin. Buy other cryptocurrencies, buy goods or services, donate to charities, keep them as an investment. Whatever you want to do.
Accept bitcoin as a merchant
Millions of people are already bitcoin owners, though still a small quantity of merchants accept bitcoin as a payment. Bitcoin can be an asset to your store. [link to blogpost]
Accepting bitcoin is very simple and easy for any business.
Either you have a WordPress website or not, easy solutions exist for you to add bitcoin payment within minutes and get your first bitcoin sale. Easy setup, low fees, no chargeback and fiat currency withdrawal. It is a no-brainer.Get Started with bitcoin payments
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