If you haven't heard of Bitcoin, it's time to buckle in
and read this blog because it might very well be the way of the
future and another mode in which to conduct business.
Bitcoin is a digital currency stemming from an online based
software payment system where transactions are performed without
the need of a central bank. Bitcoin has been around since about
2009. But don't be surprised if you have only just heard the
term as it was only recently that it really kicked off.
I won't delve too much into the way in which Bitcoin works
because it is quite a complex system. Essentially anyone can buy or
sell Bitcoins, but the creation of Bitcoins is from users competing
to "mine" Bitcoins by solving complex math puzzles. If
you are able to solve these puzzles you are rewarded with Bitcoins.
Bitcoins are then stored in a digital wallet working as a virtual
In line with the increased interest and use of Bitcoin,
Australia recently introduced its first Bitcoin ATM in Sydney CBD.
Let's not forget that Bitcoin is currency so it was only a
matter of time before a Bitcoin ATM came around.
The use of Bitcoin gives users more control as it has no
centralised system – users are in complete control of
payments. Furthermore, transactions do not contain personal
information which makes identity theft very difficult.
What is most welcomed is the fact that international payments
are easy because Bitcoin is not regulated or owned by a certain
country or any bank. So for businesses performing regular
international transactions the use of Bitcoin could make conducting
business a whole lot smoother and potentially more secure.
The fact is, more and more people are using Bitcoin – as
at August 2013 there were $1.5 billion worth of Bitcoins in
circulation and before we know it this digital currency might be a
way in which we most of us conduct business. But before you decide
to transact with Bitcoins you should do some research, there's
a lot of information that should be understood before dealing with
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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