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Bitcoin, the digital currency that has been making headlines lately, might not be something you have heard of before. It’s time to change that and discover why some giant companies accept bitcoin as payment. Bitcoin is a system of decentralised currency which started in 2008 and runs on a peer-to-peer network. It is not managed by any authority or central bank, and transactions are solely verified by computers in the network, which work out complex mathematical problems. If the solver to these problems is not available, the transaction will be automatically delayed. Bitcoins use encryption, based on a public-key and private-key system, so that money can be sent securely by anybody who has access to wallet software. This system is called blockchain technology. With Bitcoin, you have complete privacy and security since all transactions are stored in the blockchain and are visible to everybody with access to that system.
It is only fair to say that Bitcoin is one of the most controversial coins out there. Because its origins are so shady, some people see it as a form of gambling, fraud, or even something illegal. Others see the potential in this cryptocurrency and have been trying to encourage companies to adopt it for payments. So far, we have seen some success stories. You can now buy real products with Bitcoin and even use it to pay for services like web hosting. It is also important to note that Bitcoin is not the only cryptocurrency in existence; there are other forms of digital money, including Litecoin, Ethereum, and Ripple.
Less expensive:
Bitcoin transactions are processed and verified by network nodes. In order to prevent fraud, new transactions are constantly added to the blockchain and confirmed by miners before they are included in the public ledger. Although this method is more time-consuming than using a bank account, it is faster and easier than using a credit or debit card. Because all types of currency exchanges charge you for processing…
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