Cryptocurrency – A Powerful Concept
To know how Bitcoin can be used in businesses one should know the nature of Bitcoins. Bitcoin is a decentralized digital payment system that was launched as open-source software in 2009. It was mentioned in a paper released by Satoshi Nakamoto. Bitcoin refers to a peer-to-peer network payment system where transactions are conducted and encrypted between parties anonymously bypassing third party intermediaries like banks or governments.
Bitcoin uses a cryptographic proof protocol that lets parties conduct transactions without involving any middleman. The interactions between traditional currencies and Bitcoins are not completely regulated by laws. But, at the same time, Bitcoin can be used for businesses and it can also be accepted as payment by businesses. Since 2012, well-known websites like OkCupid, WordPress, Microsoft and Overstock.com have been accepting payments in Bitcoins.