Bitcoin
Everybody has now heard of Bitcoin, but many people still do not know exactly what it is or how it works. Despite how daunting it may seem, it is actually easy to understand, and even easier to use once you wrap your head around how it works and why you can benefit from using it in all the many financial transactions you conduct on the internet.
What is Bitcoin?
In the simplest terms, Bitcoin is digital money. It is not just any money, however. It is part of an innovative payment network that spans the globe. It is tied to no single nation or region. It spans the entire globe, is entirely unregulated, there is no ability to regulate it, and it is about as close as anyone will ever get to making a truly 'free' form of money without borders, laws, or beaurocratic means to keep it down.
It is also entirely anonymous and untraceable, making it a great form of payment for those that value their privacy and data.
On a technical level, Bitcoin is a form of cryptocurrency. This allows it to use cryptography to control the creation of more money and financial transactions, rather than a single, centralized government authority.
Overall, Bitcoin is open source money, which is the best sort of money anyone can be using in the world we now live in.
Who Uses Bitcoin?
Although it started as a fringe thing that only computer hacker types understood, today, pretty much everyone uses Bitcoin to pay for all manner of things online. Moms, dads, sons, daughters, fast food workers, architects, contractors, businesses, lawyers, and developers all use Bitcoin just as easy as anyone else. It is no longer limited to a select few that understand how it works. Using a wide variety of suppliers, brands, and transaction processors, anyone can get it on Bitcoin in under a second
Why Use Bitcoin?
The reasons here are only limited by your imagination, but tend to range as far and wide as the people currently using it:
- To maintain complete privacy and discretion in financial transactions
- To avoid costly transaction fees that at this point are somewhat silly to pay for
- Many vendors offer discounts on Bitcoin transactions for the above reason
- To support a truly open currency without borders or government involvement
- To get in on the future of money
- Because the exchange rates are often very favorable
- No one controls or hinders it in the same way no one controls the technology behind email
- It is easy to use
- It is easy to setup
- Money can be sent anywhere in the world, at any time, in an instant
- All fees associated with using it are up to the user, and tend to be flat fees that don't become ridiculous the more you spent, being on a transaction basis
- Transactions are all entirely under the control of the one sending them, and therefor the most secure form of financial transaction on the market
- The way it works is entirely transparent, without having to trust or rely on banks or shady entities that might fade away
- It is entirely decentralized
How to Get Bitcoin?
There are many ways to get Bitcoin. They can be earned by 'mining' them, which was the most prominent way in the past. Outside of hobbiests and enthusiasts, however, most people now get them as payment for goods and services, purchase them on standard monetary exchanges, or trade them with friends and family.
Getting started with Bitcoin is as simple as installing an app for most people. From there, you can get up and running in seconds, deciding who to pay, how much, and at what time, entirely according to your own discretion, not relying on third parties to get, receive, or approve of how you decided to spend your hard earned internet cash.
The Bottom Line on Bitcoin
We proudly support Bitcoin as our preferred method of financial transactions because it is simply the safest, quickest, least costly, and most effective form of financial transaction today.