What is Bitcoin?

By now there is a good chance that you have heard about Bitcoin. On the internet, in print publications, and TV, everyone is talking about this amazing new technology that has so many use cases and will serve as the foundation for many new innovations in the years to come.

So what is bitcoin, really? It’s actually many things, but one the most important is a new form of money. Bitcoin has been aptly described by some as ‘digital gold’. It has the same four primary properties as gold: Durability, Divisibility, Transportability, and Non-counterfeitability. These are all essential properties of ‘sound money’.

Another important property is that it is international, and borderless by nature. Bitcoin is not issued by a government or other central authority that has the ability to control supply or access. The bitcoin ecosystem is supported by individuals and companies around the world acting out of self-interest, with no trust required.

Bitcoin is like a parallel set of railroad tracks that has been built next to the existing global financial system. No permission is required to spend or accept it. It is an escape-hatch from the restrictive world of existing payment processing options.

So, what does this mean for you, as a merchant?

• Accepting bitcoin releases you from the risk of credit card fraud, and chargebacks.
• When you receive a bitcoin payment it goes to YOU, and no one else along the way.
• When a transaction has happened (and been confirmed), no one can reverse the payment.
• You can stop worrying about the challenges associated with keeping cash secure.
• You can stop losing a significant portion of the transaction value to processing costs.
• Your customers are safe from the risks of identity theft. No exploitable information is left behind after a transaction is complete.

What can 34 Bytes offer you?

• We offer a simple, familiar, POS platform to make accepting bitcoin payments easy.
• Both the customer and merchant receive a paper copy of the transaction.
• We allow you to send your bitcoin to a destination of your choice to convert to fiat, or you can keep it as bitcoin.
• We offer a simple interface to allow you to keep track of your sales activity.

Want to learn more? Contact us at [email protected]!