Every week, it seems, that there are new advancements in technology and innovations made across various industries. The modern world does not only make it easier for people to obtain information with just a few clicks, but it has also created various ways to obtain services that they want in an instant. Moreover, a lot of innovative alternative forms of payment have been introduced all over the world to keep up with the increasing demand of online shopping, gaming, and e-commerce. A lot of alternative currencies also exist these days to help consumers make purchases online; the primary “cryptocurrency” being Bitcoin.
Understanding Cryptocurrency
As we discussed last week, cryptocurrency is a reliable digital currency that is managed and created using innovative and advanced encryption techniques recognized as cryptography. Bitcoins and other alt-coins use cryptography essentially for security with a peer-to-peer platform in order to trade and exchange the currency. With the creation of Bitcoins, cryptocurrency has made the leap from being an academic concept or idea to a virtual reality.
The subject of Bitcoins and cryptocurrency has been obtaining mainstream attention, and, in spite of some of the recent issues concerning Bitcoins, its growing visibility and success since it was launched has actually resulted in various other alternative cryptocurrencies, including Litecoin, Ripple, Peercoin, and Namecoin. These cryptocurrencies may seem the same, but Bitcoins still serve as one of the most efficient among these cryptocurrencies.
Bitcoin allows the entire function of transaction verification and processes, as well as currency issuance, to be collectively carried out by a network. This cryptocurrency is also offering a lot of unique advantages over those traditional fiat currencies. Many people have been using Bitcoin for various reasons, such as:
Independence: Bitcoins are not actually tied to any fiat currency, and these are also not controlled by the government policy. Virtual currencies are also outside political control.
Privacy: One of the most notable advantages of using Bitcoin is that users have the ability to transfer their own money between their virtual wallets to another user’s wallet without any identification required. This offers a strong level of privacy to Bitcoin users. This isn’t actually to say that Bitcoin in entirely anonymous – entire transactions are being logged into a blockchain or a permanent public ledger.
Reliable Transaction Fees: Transferring money is really expensive. Credit card or routine credit transactions may cost merchants 2-5 percent of such transaction in fees. Bitcoin enables all users to transfer Bitcoins for free, regardless of whether the transaction is made locally between their virtual wallets or around the world.
Security: Those who worry about losing their money with the use of cryptocurrency can always have an assurance that cryptocurrency is totally secure and safe. The benefits of Bitcoin over a banking system are also greatly significant.
Freedom: With Bitcoin, you are not tied to a long list of rules and regulations, like you would have with a bank account. You are not required to have a wallet to store your money, and, if you do have a wallet, you can withdraw money at any time. The number of transactions are not limited. Transactions are speedy and reliable – about the same amount of time taken by a typical credit card authorization.
Some Places that Accept Bitcoin
With the increasing popularity of Bitcoin, a lot of online stores have been accepting Bitcoin for retail shopping. The list of those places that are accepting Bitcoin has really grown into thousands. Due to its ever increasing popularity and efficiency, cryptocurrency such as Bitcoin has immediately become a reliable and legitimate payment options for various retailers from different parts of the globe.
As a matter of fact, the University of Nicosia, one of the largest private universities in Cyprus, is now accepting Bitcoins. For this reason, students who are attending the university can already pay their tuition fees with Bitcoins. The university revealed that this is due to the demands of international students who are experiencing difficulties in paying for fees with the use of the traditional banking services that aren’t always easily accessible for them.
Recently, Overstock.com, a very large online retailer, has announced that they will begin accepting Bitcoins. This is huge news to anyone who wants to be able to spend their Bitcoins freely on a very well respected and legitimate shopping website.
Some of the thousands of websites that are accepting Bitcoins include Bitcoin Store, eGifter,BitBooks, Zoo York, and the list goes on. There are also a lot of places that you can find in the internet that are accepting bitcoins. There is really no doubt to say that cryptocurrency is starting to take over the world of currency.
Places to Buy and Sell Bitcoins
Due to the increasing popularity and reliability of Bitcoin and other cryptocurrency, there are hundreds of websites where one can buy and sell cryptocurrencies. You may even be lucky enough to have a Bitcoin vending machine in your city! There are also websites that help match buyers and sellers up for trading locally with either an online payment or cash in person. If you are trying to buy or sell one of the dozens of cryptocurrencies, you can rest assured that there is a method that will match your requirements.
Bitcoins: The Perfect Business Investment
Accepting Bitcoin and other cryptocurrencies on your website can be a great investment due to the advantages that these offer to online retailers and business owners. Bitcoins are very easy for your consumers to understand and use, and this will bring great benefits for them when they are buying products and services that they need for your business. Whether you are just starting to put up your business online or you already have a good position in the market, Bitcoin can really be a perfect investment.
In this world, people have started to look for easier ways to get what they want. Cryptocurrency has now become a great part of the financial system mainstream and will continue to grow as various online retail stores adopt the new technology as a perfect alternative to real money.
At Design Web, we have already begun to trade our services for Bitcoin, Namecoin and Litecoin. We are open to any cryptocurrency trade; just contact us to find out more. If you need a website and happen to have some alt-coins, we can help you out!
