Will Bitcoin Change Internet Payments?

Most people realize that the Internet has changed everything, but there are some things where the changes are not the ones that are immediately apparent or complete. It is true that virtual financial transactions have greatly altered the way in which we do business, but there is a new and largely unrecognized digital currency revolution gradually bubbling up.

What is Bitcoin?

It may seem hard to believe, but there are a number of new startup online currencies vying to become the new way of doing business online. One of the most interesting of these currencies is the Bitcoin, which has been conceptually floating around since the early 1980s but was finally deployed as an actual product starting in January of 2009. Without getting into a lot of the technological details surrounding their operation, Bitcoins are basically a continuous digital record of expenditure that is held in multiple locations. This renders it theoretically impossible to counterfeit or hack. They are created through the process of Bitcoin mining, which involves the deployment of high-speed computing capacity to track and update the current list of Bitcoin transactions.

Benefits of Bitcoin

Those who do the work of creation are rewarded with small quantities of Bitcoins, which are then placed in digital circulation much like any other currency, with the exception that they are not created by, or on behalf of, some national governing body. In no other fashion are Bitcoins created. As they are exchanged on the Internet, a constantly updated record is made of who owned the particular Bitcoin, or fraction thereof, and who it was transferred to. Since every Bitcoin in circulation has a complete record of what it has been used for from the moment of its “mining”, there is no possibility of inflating the Bitcoin through the sorts of insidious tactics currently being used in the world’s fiat currencies.

The interesting thing about the Bitcoin is that its lack of governmental control renders it immune from currency manipulation. Its value remains steady in regards to previous and past Bitcoins, but will of course float in exchange rate value against various official currencies as their values rise and fall. Moving assets into Bitcoins allows one to have the same sort of stable value as is often pursued by gold aficionados but in a much more liquid form of exchange.

Bitcoins have been gaining in popularity as a medium of internet exchange, in part due to its stable value and in part due to the fact that Bitcoin transactions are non-reversible, which means that nobody can do the shady take-backs that plague credit card and Paypal-style transactions. Likewise, setting the Internet free from another level of oppressive government control has its attractions to many people as well.

How to Collect Bitcoins

There are many ways to acquire Bitcoins apart from the laborious mining process. They can be gained by setting up online Bitcoin Wallets and accepting Bitcoins as payments. They can be purchase just like any other foreign exchange transaction, and they can be gained through various participatory actions such as doing online surveys.

My Take on Bitcoin

While they may at first glance seem to be a bit utopian in nature, Bitcoins have been circulating successfully for several years now and have been appreciating in value against most major currencies, to which one’s Bitcoins can be easily converted at any time. Imagine a world where governments can no longer steal your wealth through the hidden hand of inflation. Getting them out of the money-printing business is the only way to do that, and Bitcoins offer an interesting way to start.

MyModernWeb Accepts Bitcoins

We are proud to accept Bitcoins at MyModernWeb and we are encouraging our clients and friends to set up a free Bitcoin wallet for business. http://www.weusecoins.com/getting-started.php Businesses can securely accept Bitcoins from any country in the world, with no fees! If you desire to speed up the transaction process, you may choose to pay a minimal voluntary fee. We believe that Bitcoin may very well change the way the world does business on the internet!

To learn more about Bitcoin, visit www.weusecoins.com.

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