Bitcoin is an up and coming currency which operates in a manner which is totally different to any other currency currently in use across the globe. Bitcoin only exists online which means there is no physical money involved in any online transaction. Transfers are almost instant due to the nature of the transaction being similar to an email rather than a traditional bank transfer. As business starts to move at an even higher speed, this could be the answer to many businesses looking for a quick and easy way to take and make payments.
There are currently only a small handful of businesses who currently accept bitcoin as an payment method with cloud storage site Mega and the social news platform Reddit. Bitcoin is becoming a hotly traded commodity and as more and more people see the benefits of this online currency the use will only increase. As well as converting regular currency into bitcoin it is possible to “mine” bitcoin using specialist computer programs to create new bitcoins. This requires extremely hardcore computer power, a large amount of electricity as well as a good length of time. As a new currency bitcoin has the potential to become commonplace across the globe.
We here at Firefly New Media like to move and develop with the current times and believe bitcoin is going to become one of the dominant currencies used around the globe. We are now accepting bitcoin as a payment method alongside the use of pound sterling. To begin with, we are limiting the use of bitcoin to only selected products but will hopefully start using it across our entire product range.