We are now accepting Bitcoin
We are excited to announce that we can now accept Bitcoin in our list of payment options. As a company we are very interested in blockchain technology and looking for ways in which it can help our business, accepting Bitcoin is the first step for us.
What is Bitcoin, and why should I be interested in it?
Released as an open-source software in 2009, Bitcoin is often credited as the world’s first cryptocurrency. Its creator Satoshi Nakamoto to this day remains to be some what of a mystery, it could have been one person or a group of people. Whoever it was devised the first blockchain database, also solving the double-spending problem for digital currency.
There are now so many different cryptos, its almost impossible to keep up with them. As all crypto currencies can be exchanged for BTC (Bitcoin) we don’t feel the need to list any other coins as payment methods for now.
Bitcoin is decentralized, meaning it doesn’t have a central issuing authority or political institution, that controls the amount of bitcoin in circulation. Not to worry though as the Bitcoin platform is far from kaos.
The whole process is actually pretty simple and organized: Bitcoin holders are able to transfer Bitcoins via a peer-to-peer network. These transfers are tracked on the blockchain, which is a giant ledger. This ledger records every Bitcoin transaction ever made. If a single file in a chain is corrupt or fraudulent, the blockchain prevents it from damaging the rest of the ledger.
Instead of relying on a government to print new currency, Bitcoin’s blockchain programming, handles when bitcoins are made and how many are produced. It also keeps track of where bitcoins are and ensures the transactions are accurate.
There are currently about 17 million bitcoins in circulation. The total supply to ever be created is capped at 21 million bitcoins.
This cap raises an argument that Bitcoin could have problems scaling. However, since Bitcoin users can transfer as little as 0.00000001, this doesn’t really create a scaling issue. Bitcoins low supply actually makes them more desirable.
It’s believed that Bitcoin was designed to become a deflationary currency, to combat the government’s use of inflation, as a hidden taxation to redistribute earned wealth. Many people praise Bitcoin for empowering the people by overthrowing the currency printing powers of passing politicians.
One of Bitcoin’s most appealing features is its strict verification process, which greatly minimizes the risk of fraud. People referred to as “miners”—constantly verify and update the blockchain, whilst earning Bitcoin for their efforts. Once a specific amount of transactions are verified, another block is added to the blockchain, and the process starts again.
A simple Bitcoin transaction explained
Mark would like to put a deposit on, or buy a new vehicle from Best Price Car Sales. He simply places his order with us, we then send him our wallet address or QR code to scan. Mark can then send the agreed amount of BTC from his wallet to ours. Transactions are already fairly quick but will for sure get quicker, as the always evolving technology improves.
Payment methods we currently accept are
- American Express
- Visa Electron