What Is Bitcoin? Here’s An Explanation In Plain English.guides
Bitcoin is everywhere, and it’s grabbed the world’s attention. There is still a great deal of confusion, however, over what it is and why people are so excited about it. Bitcoin Depot is here to demystify Bitcoin, and help clear away the hype and confusion surrounding it.
Let’s Buy a Cup of Coffee
Let’s imagine you are walking into a convenience store to buy a cup of coffee.
When you reach the counter, you take out your physical wallet and choose to pay with what the store will accept: cash currency (US Dollars, British Pounds, Euros, Yen, etc.) or a credit card (Visa, MasterCard, Discover, AMEX). Once you hand over some cash or swipe your credit card to pay for that cup of coffee, a complex series of rules agreed to by your bank and the convenience store are executed. These rules dictate how money is moved along deeply-entrenched networks between you, your bank, and the store.
Bitcoin is a digital currency. Let’s assume that the coffee shop accepts Bitcoin for payment. To pay for your coffee, you would take out your phone and activate a digital wallet. Instead of that complex series of rules involving you, your bank, and the store, money is moved directly between you and the store. Your bank — and all of the fees, minimum balances, and confusion that come with it — is removed from the equation.
At the moment, buying a cup of coffee using Bitcoin isn’t quite so simple. Rules governing transactions are still in flux and retailers have yet to accept Bitcoin in mass numbers. However, it’s important to remember that it took decades for traditional financial institutions (multinational banks, credit card companies, etc.) to build the payment networks that allow you to pay for items with a simple swipe of a card. As these traditional financial institutions have grown larger, though, so too has the overall complexity of the system grown as well. As a result, innovation has slowed and consumers have been left to rely on products and services that were developed decades ago.
Bitcoin presents a much simpler alternative to the traditional financial system. It is not run by a single network, company, or person. Instead, the system is run by networks of computers located all around the world. As payments are made electronically from one user to another, these networks continually update each other and keep track of all Bitcoin transactions.
Four Reasons Why Everyone is Excited About
There are four reasons why excitement is growing about Bitcoin:
Buying and selling between store and consumer is just inherently simpler.
Banks and credit card companies typically charge fees for transactions. Removing these middlemen typically results in an elimination of those fees.
Lower International Cost.
Because Bitcoin is not tied to any specific country (and their regulations), international payments can be made at a much lower cost.
Payments for products and services can be made without requiring the consumer to share confidential financial data such as bank account info, credit card numbers, etc.
10 Companies That Accept Bitcoin
As interest in Bitcoin continues to climb, so too has the list of businesses that accept the currency as payment from their customers. Well-known names include:
Bitcoin Depot Can Help You Buy Bitcoin
Are you interested in buying Bitcoin? Bitcoin Depot is here to help.
We offer the convenience and simplicity of the traditional ATM.
We operate nearly 100 Bitcoin ATMs across 13 states in the US.
We are adding new Bitcoin ATMs daily!
The transaction process is very quick and 100% secure.
Need Help? We’re Friendly and Ready to Assist You.
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Please email us at Support@BitcoinDepot.com
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Dec. 13, 2017