What is Bitcoin? Start Accepting Crypto Payments on Your Website
By: Munira H. Alanjari
The usage physical money is becoming less as we are moving more towards a digital era in money transfers. Nowadays, we use Credit Cards, PayPal, GoTap, and other digital solutions to send and receive money and it’s as simple as a swipe of a card or a click of a button.
What does the future of money look like?
With all these digital solutions, it is no surprise that physical money will become obsolete in the near future as blockchain-based cryptocurrencies, such as Bitcoin, are making their way to mainstream markets.
Bitcoin is the first blockchain-based cryptocurrency in the world, and is considered the most widespread, and most successful of all digital currencies.
Bitcoin was launched in 2009, and the price of one bitcoin remained at a few cents for its first few years.
Today, the price of 1 bitcoin is KWD 3,570
How does it work?
Banks use a centralized solution to keep track of their money. They keep ledgers to keep a tally of how much money is in each account. The central bank’s role is to ensure that there is no corruption or mismanagement of that money, but ultimately, each bank keeps its own ledger, and no one but the bank and central authority know what these ledgers contain. This means that banks and governments have complete control over each individual’s money.
Unlike banks, Bitcoin does not use a centralized authority. Bitcoin is decentralized, which means their ledgers can be accessed from more than computers.
In other words, anyone can see all the transactions and balances, but senders’ and recipients’ identities remain anonymous.
In order to hack the ledger, you would have to take down thousands of computers, as there is nothing physical about Bitcoin - it is simply rows of transactions and balances.
Centralized vs Decentralized Money
For the first time since digital money came into existence, we now have an alternative to the current monetary system:
- No government or bank can control blockchain-based cryptocurrency
- Information is decentralized on the internet
Advantages of cryptocurrency:
- Gives you control over your own money
- No government can confiscate your money - as it is digital by nature (smart money)
- Opens up digital commerce to people who do not have access to regular bank issued money
Today, there are several merchants online and offline that accept Bitcoin and other forms of cryptocurrency.
Should you start looking into accepting crypto payments on your e-commerce website?
With this shift in how money is issued and used, it is always recommended that businesses stay ahead of the current market trends.
Crypto.com helps entrepreneurs accept crypto currencies on their websites:
Whether you are familiar with cryptocurrency, or just starting to understand it, there is no doubt that this is the future of money and transactions. So, if you need help with developing your e-commerce website, and accepting different modes of payment online, contact us today: 66605095