What Is Bitcoin?
Bitcoin is an open source digital currency that protects both the merchant and the consumer in a perfectly secure, protected payment transaction. Bitcoin is based on an encrypted math process. This means that unlike cash and credit/debit cards, a Bitcoin payment cannot be counterfeited, and the payment transaction cannot be reversed or cancelled. Zero fraud, zero risk!
Bitcoin has been around since 2009 and has gained global acceptance. Thousands of merchants currently accept Bitcoin worldwide. These companies include Dell, Microsoft, Expedia Travel, DIRECTV, Deloitte, and Overstock.com, just to name a few. There are more than 35 million active Bitcoin wallet holders in the US with a spending power exceeding $65 billion. Every day the value of Bitcoin transactions exceeds $500 million. Bitcoin companies have received more than $2 billion in funding and joint venture capital from companies like Visa, Goldman Sachs, Mastercard, and NASDAQ.
How Does It Work?
To send and receive Bitcoin, you must have a Bitcoin wallet. This wallet contains a secret piece of information called a private key which is used to sign transactions. As transfers between wallets are signed, there is mathematical evidence that the exchange happened. These transactions are confirmed by participants in the Bitcoin network by a process called mining. Mining is done by a distributed, decentralized network of computers that ensure the cryptographic integrity of each transaction. Transactions are packed into a block, which is then added to the end of the block chain, the common ledger that powers the Bitcoin system. As everyone has a copy of the block chain, and all blocks are mathematically confirmed, this ensures that no one can alter transactions once they are committed.
Accepting Bitcoin at your retail or online location means you will never have to worry about chargebacks, fraud, or protecting sensitive payment information ever again. Our zero risk program powered by Mobile Currency will instantly process, confirm, and then settle your transactions through the ACH bank settlement network on the next business day. You and your customers that transact with Bitcoin will receive instant notice that the payment has been made. You have zero risk of Bitcoin price fluctuation, zero risk of fraud, and your transactions are settled in US dollars.