Bitcoin is an innovative kind of virtual money and an emerging technology.
Heard about Bitcoin, but not sure where to start, or how it can help you achieve your goals? Get help with this Bitcoin introduction!
From absolute newbies to seasoned cryptocurrency devotees, our resource caters to everyone who’s interested in learning more about how the system works, how to use it in most profitable ways, and what mistakes and scams to avoid.
With fast transactions, low processing fees and an impressive worldwide payment network, it’s no surprise that Bitcoin is taking the world by storm – and it’s about time to jump on the bandwagon to reap the most benefits.
Due to its unique properties, Bitcoin has tons of impressive features no previous payment system can support. No central authority or banks involved – Bitcoin utilizes peer-to-peer technology to operate, including issuing bitcoins and managing transactions. This means that nobody owns or even controls Bitcoin – it’s completely open source, and everyone is welcome to participate in the network!
Whether you’re an individual, a business or a developer, Bitcoin is great for you – read our quick reference guides to find out why!
Bitcoin for individuals
Tired of money-hungry payment systems with their huge fees and frustrating policies? Try Bitcoin instead! Here are just some features of this simple, amazing system:
Flexible fees
Receiving bitcoins is 100% free of charge, and when it comes to transferring the cryptocurrency, you can decide which wallets to use thus controlling the fees you’re spending. Most wallets’ fees are very reasonable – and on top of that, they don’t change regardless of the amount transferred, which means sending 5 or 5000 bitcoins will cost you the same. Transparent and simple!
Secure and protected
No need to worry about your funds, as Bitcoin transactions are protected by military grade security. You and only you are in control of your Bitcoins – no one can make transactions on your behalf, period. Just make sure you follow Bitcoin’s security tips, and your account will remain protected from scams and glitches alike.
Your identity is safe with Bitcoin
No more flashing your credit card online, as using Bitcoin doesn’t require that information. Not only you don’t have provide your card details, but the payments can even be done without revealing your identity! Of course, it’s always important to use Bitcoin responsibly and take the necessary steps to protect your personal information, but Bitcoin still offers much more security than your average payment provider.
Make payments anywhere, anytime
There is no need to install any particular software to use Bitcoin, so if you need to send some money, the recipient can just stick to their favourite program and a service provider they trust the most. As Bitcoin is open coded, all such apps are compatible! And of course, payments can be made 24/7 – Bitcoin never sleeps.
Easy mobile payments
Speaking of technologies and apps, Bitcoin on mobiles is truly impressive as it lets you make payments using a unique two step scan-and-pay system. Forget swiping your card, remembering PIN codes, signing up or having to leave a signature. Just display a QR code in your favourite Bitcoin wallet app and let your friend scan it, or, if NFC is available, simply touch the two phones together.
Fast international payments
Traditional international money transfers can be very frustrating with all the outrageous fees and waiting period. Three days for a transfer? Who has time for that? Fortunately, using Bitcoin is much easier. There are no extra fees for international transactions, no limitations or transfer minimums, and no annoying waiting periods. So, sending money overseas is no more difficult than handing it over to your next-door buddy!
Bitcoin for businesses
The most affordable, ultra-secure solution to process payments for your business.
Flexible fees
Receiving bitcoins is 100% free of charge, and when it comes to transferring the cryptocurrency, you can decide which wallets to use thus controlling the fees you’re spending. Most wallets’ fees are very reasonable – and on top of that, they don’t change regardless of the amount transferred, which means sending 5 or 5000 bitcoins will cost you the same. Transparent and simple!
Guaranteed fraud protection
There is a reason why many business owners still avoid credit cards, PayPal and the like – they might be losing revenue, but almost nothing in the world is worth the pain of dealing with transactions that bounce back! Fortunately, with Bitcoin you don’t have to choose between income and convenience. Bitcoin payments are irreversible and secure, which means no chargeback frauds whatsoever. Remember – such frauds not only hurt the business, but the customers as well, so with Bitcoin, everyone wins.
PCI compliance not required
Another pain of accepting credit cards online is the fact that the feature comes with extensive security checks related to PCI compliance. Although Bitcoin does have extensive security procedures in place, it comes without the ongoing costs and responsibilities related to handling your customers’ personal information, meaning less fees and more profits for your business.
Lead the growing movement
Although it’s still early days for Bitcoin, it’s already very popular, and customers are always looking for exciting new ways to spend their cryptocurrency. Therefore, accepting bitcoins is a great way to demonstrate your business’s innovative spirit, as well as get some free, easy exposure! Research shows that accepting extra payment types is beneficial for growth, so jump on it – and you’ll win.
Multi-signature
In business, it’s very important to keep spending on track by only providing access to funds to selected people – and Bitcoin’s Multi-signature feature helps achieve that extra level of security. Payments can be set up in such a way that transactions must be approved by a subset of people. This is a useful feature for corporate leaders, as well as for overall accounting and tracking purposes.
Transparent accounting
Speaking of accounting, Bitcoin allows you the highest possible level of transparency, enabling verified reports on balances and transactions. The reports can also be made public – which is great for charities and non-profits, since it gives such organization a convenient option to share their spending summaries without having to compile lengthy reports.
Fast international payments
Traditional international money transfers can be very frustrating with all the outrageous fees and waiting period. Three days for a transfer? Who has time for that? Fortunately, using Bitcoin is much easier. There are no extra fees for international transactions, no limitations or transfer minimums, and no annoying waiting periods. So, sending money overseas is no more difficult than sending them across the street!
Bitcoin for developers
Addressing common needs or building new amazing things – with Bitcoin, anything is possible!
As simple as it gets
Accepting payments has never been easier – unless you need to deal with automatic invoices, all you need is a link or a QR code. Even inexperienced users can easily figure the process out, making the system accessible for a wide range of clients. The system also allows for great transparency, which is great for fundraising and accepting donations.
Be your own financial system
A Bitcoin node can be integrated directly into your applications, essentially making you your own bank and payment processor. This means you can process Bitcoin transactions however you see fit – but remember, with great power comes great responsibility.
Dozens of third party APIs to pick from
Prefer the comfort of third party APIs? Great news: there are many to choose from – so just stick to ones you like, no need to store Bitcoins on your server if that’s too much to handle. Most of these APIs will let you process invoices and perform cryptocurrency exchange at competitive rates, so pick wisely.
Unique address for each transaction
…which means you’ll be able to generate and monitor a Bitcoin address for every payment if you’re developing your own payment system! It is advised for one, not to use the same address for multiple transactions simply because of the risks involved in doing so.
New payment options
With Bitcoin, you can create unique services which were not available before due to financial constraints. Automatic payments, interface for tipping, crowd-funding, time-locked payments, micro-payment services, public asset monitoring, low-trust escrow solutions and more – with Bitcoin, the limit does not exist.
Let clients handle the security
No need for PCI compliance – most security is handled by the protocol anyway. Monitoring a single variable (the confirmation score) is enough to detect fraudulent transactions. And fraud is extremely rare anyway, as keeping the bitcoins secure is as easy as securing your wallet and using secure protocols such as HTTPS to direct payment requests to customers.
Hope you enjoyed this Bitcoin introduction! Share it with your friends, who need a Bitcoin introduction. If you want to learn more about Bitcoin and crypto, check out other crypto blog posts here.
