After all, what is Bitcoin?

Alberth Free By Alberth Free, 11th Feb 2015 | Follow this author | RSS Feed
Posted in Wikinut>Money>Current Accounts

"Bitcoin is a form of money, with the difference being digital and not be issued by any government. For online transactions is the ideal payment method, it is fast, cheap and safe. It is an innovative technology."

What can we say about the virtual currency Bitcoin?

When we make a payment with a note of $ 50, we are making a payment that is fast, cheap, and who does not require intermediaries. Quick, because the time for the transaction to be completed is the time to deliver the ballot to the seller. Cheap because there are no fees for this transaction. No intermediates because it is not necessary for any other company to participate in this process, neither the buyer's side or on the side of the vendor.

In electronic forms of payment, there is a major change in the relationship between buyers and sellers. If we take the example of a payment slip, it ceases to be fast, because besides the buyer have to do that go to the bank to make the payment, the seller will only receive the money a few days later. This payment also has a higher cost, since in addition to the cost of the ticket, the seller must have a bank account and the buyer sometimes have to move to afford it. Finally, there is always the bank mediating the transaction, and sometimes, other companies like Paypal, for example.

Understanding the Bitcoin is simple. It is a digital technology that lets you play in the efficiency of electronic payments with payment notes described above. Payments with bitcoins are fast, cheap and without intermediaries. In addition, they can be made to any person who is in any place on the planet, with no minimum or maximum value.

The technology has gained many fans worldwide. Recently Bill Gates in an interview with Bloomberg TV business channel said that "Bitcoin is exciting because it is cheap."

Today you can make donations in bitcoins to global institutions like Greenpeace or Wikipedia, or buy airline tickets on Expedia, or to enter into an apartment on Tecnica, all using bitcoins.

We believe it to be the most relevant technology being produced on the internet today. And it's just beginning.

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author avatar Sivaramakrishnan A
11th Feb 2015 (#)

Hopefully this mode of payment can be perfected as we read headlines about issues with it - the loopholes should be plugged - siva

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author avatar Alberth Free
11th Feb 2015 (#)

but truth is evolving fast soon be pretty solid.

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