Buy into Bitcoin: What small businesses need to know about digital currencies.

bitcoin-brand-map17 Apr 2014 /


If you’re familiar with Bitcoin it could well be because of the controversies that have seen the digital currency grab frequent headlines over the last five years. From bubbles to Silk Road to congressional hearings, the entire concept of digital currency seems to drag behind it suspicion, misunderstanding and technophobic baggage that often obscures the real facts.

If you’re not familiar with Bitcoin – it is a digital currency and payment system created in 2009. It is a decentralized way of transferring value from one individual to another with no middle man. This value is based on an in-built scarcity that means only a certain amount of Bitcoins can ever be produced.

The technical process behind Bitcoin has been explained thoroughly elsewhere and in the same way that you do not need to understand the ins and outs of international finance to spend cash, you do not need to be a cryptographer to accept or spend Bitcoins.

Advocates of cryptocurrencies point to the wealth of opportunities it offers for business and individuals to accept and make purchases without the costly interference of a middle man or restrictions imposed by a central government. This kind of freedom brings great opportunity, but can also create an instability and lack of trust.

In this article we’ll look at who is currently using Bitcoin and what they gain from it and then examine what Bitcoin and other digital currencies means for both investors and for small businesses….. Read more

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