There are a lot of rumors around Bitcoin nowadays. Everybody knows that it exists, but few really can explain the practical usage of it. Let us unveil several facts about Bitcoin and tell how it’s best to use in the framework of online auction or marketplace.
Bitcoin is a form of digital currency, created and held electronically. There is no single control body for it. Bitcoin was invented by software developer Satoshi Nakamoto (nobody is really sure about his real existence) whose main goal was to create transferable electronic currency, independent of any central authority and accompanied by low transaction fees.
Bitcoins have never been physically issued. Bitcoins are produces (“mined”) digitally by interested people using special software. Moreover, The Bitcoin protocol that rules the electronic issuing process says that only 21 million Bitcoins can ever be created by miners. Bitcoin is the first example of a growing category of money known as cryptocurrency.
If a dollar (or any other currency) is historically based on gold rate, Bitcoin is based on mathematics. The mathematical formula is freely available, so that anyone can check it.
Thus, the main advantages of Bitcoins are decentralization, set up simplicity, anonymity, transparency, incredibly small transaction fees, transaction speed, and non-repudiability.
Where can you use Bitcoins?
Due to the all facts mentioned above Bitcoins are more often used in regular payments. Today even business giants who obtain billions of dollars revenue decide to accept Bitcoins for goods and services. For example, air flight companies, air-tickets providers, gambling, marketplaces, and auctions are in! Also this year there is an increased number of regular stores, cafes and other public places that accept Bitcoin. Some US political candidates, including New York City Democratic Congressional candidate Jeff Kurzon have said they would accept campaign donations in Bitcoins. This a vivid sign of Bitcoin wide spread and fruitful future.
Online marketplace is one of the best ways to use Bitcoins. It is so easy to make purchases and sell your products without involving any payment system. The whole process obtains full transparency and security for participants.
In Merkeleon we definitely realize all the advantages of Bitcoin. That is why our eMarketplace solution as well as an auction one developed on our engine offers a possibility of Bitcoin payments integration. It is possible to combine regular currency and crypto-currency payments.
One of our last projects connected with Bitcoins is crypto coins exchange platform. Besides Bitcoin there are a great number of crypto-currencies on the platform including the rarest. Users can access several payment methods – by bank transfer, and electronic payments. The platform is protected by reliable mechanism against hacking. The development team is constantly receiving feedback from the platform owner and dealers and developers of crypto-currency forks. It helps to alter exchange functionality according to both sides’ requirements. This flexible approach contributes to the continuous development of the platform. Exchange was launched in 2014 and continues development according the latest trends in the crypto-markets.
We also accept Bitcoins as payment for our solutions: eMarketplace, Auction platform or any custom development.
Bitcoin is a modern easy to use and flexible crypto-currency that provides great security for payments. All companies that understand the future of Bitcoin start accepting it today. Be ahead of the world and integrate Bitcoins payments in your business today.