Bitcoin and its Impact

Bitcoin and its Impact on the World of Payment Processing

Dec 22, 2015

Digitization has really got hold of the world; same being evident from the different modes of electronic payment that are available these days. Launch of Bitcoin is an example of the revolution payment processing industry is experiencing in the current era.

So, what exactly is Bitcoin?

A form of decentralized electronic money, Bitcoin is a digital currency that is represented in form of the symbols BTC or XBT. Bitcoins are exchanged via peer-to-peer transactions without requiring going through any external bank or financial institution. Bitcoins are saved in digital wallets that are actually virtual bank accounts. Decentralized networks of global computer users verify the transactions involving use of Bitcoins.

A unique address, which is a combination of numbers & letters, is provided to all Bitcoin users. This address is essentially required in order to send a user Bitcoin payment. A record of every transaction is added to each global Bitcoin user’s log to avoid duplication in use of Bitcoins. At present, Bitcoins can be deployed to buy a host of products & services.

One of the greatest lures connected with Bitcoin is that no central governing authority influences this virtual currency and so one gets the absolute freedom of physical money while also maintaining one’s identity for online purchases concealed. However, one of the major drawbacks associated with Bitcoin is the volatile nature of its value that keeps fluctuating with passage of time.

Is Bitcoin Really the Currency of Future?

Awareness about Bitcoins is increasing gradually; still there is a large mass of businesses & individuals to actually accept the use of Bitcoins as a currency. Some of the most critical questions that almost everyone is looking answers to in context of usage of Bitcoins are –

  1. Can Bitcoin be trusted?
  2. Will Bitcoin gain global acceptance?
  3. Will it make banks redundant?

Besides these questions, there are other factors too that govern the reluctance of merchants to accept it as a global currency. However, despite all this, the perception about Bitcoins is altering gradually. Time is not far when Bitcoins will get global acceptance by merchants & businesses.

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