The new era of online payment is here! Digital currency known as Bitcoin is gaining popularity among the online world.
So what the heck is Bitcoin you may ask!
It is an open source application that allows for distribution of payment in a digital format. There is no cash or credit card transaction. It allows users to transact online without any government, company or individual controlling the transaction. In turn, you are saved from being charged transaction fees!! Nice huh!
Bitcoin is now a growing market for retailers and businesses worldwide. It is claimed to be the most secure way to transact online without the worry of someone stealing your credit card information or hacking into a bank website. The transaction does not require a secure connection due to it being totally digitized. You will not be using your bank credit card.
Bitcoin transaction process is conducted through a wallet (The wallet is basically where an individual keeps his Bitcoin). Bitcoin has a public key (transaction passcode) that is issued to the receiver for a payment transaction. All a user has to do is open a Bitcoin online account and hit send after choosing an amount. Bitcoin can then be exchanged for real cash using online exchange sites MtGOX.com
Bitcoin still has a lot of people confused with the technology and it still has not made way to our main retail and online stores. It will soon be available through ATM machines which will make it easier to buy and trade Bitcoins.