What Is Bitcoin?

+1 vote
asked Nov 2, 2015 in Bitcoin by robert (180 points)

2 Answers

0 votes
answered Nov 3, 2015 by admin (1,210 points)
Bitcoin is a technology breakthrough that many say is as big a development as the Internet itself! The best way to answer this question is to refer you to Bitcoin.org, Letstalkbitcoin.com, bitcoinmagazine.com ... those are enough for a running start.

But as huge a development that Bitcoin is, we are just scratching the surface here in the way we use it. We use Bitcoin as a payment system. Customers/advertisers pay for their advertising with Bitcoin and that Bitcoin is dispersed among the API installers as commissions.

But if you are a business (particularly if you are an online business) there is a very strong probability that you will be using Bitcoin (or a Bitcoin derivative) in the near future. Bitcoin is at the very early stages of adoption and, so, there is not a huge customer base that will suddenly rush to your business if you start accepting it. Even though Bitcoin keeps growing (and growing quite rapidly) there is still the proverbial "chicken or the egg" problem as the adoption grows.

BungeeBones offers merchants that start accepting Bitcoin for their own goods and services an alternative method to spend their Bitcoin earnings rather than cashing it in for their native currencies. Bungeebones sells web advertising and businesses are usually in the market for advertising.
0 votes
answered Sep 1, 2016 by Nicole1332 (240 points)
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank:
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