We do many things over the web for free – send email messages, talk long distance on Skype, to name two. Now there’s the currency startup phenomenon of Bitcoin. According to weusecoins.com
, “Bitcoin is a new kind of money….a decentralized electronic currency not controlled by a single organization or government.”
Bitcoin use has spread to over 100,000 users, who are doing many thousands of dollars worth of online financial transactions. The user network is a decentralized conglomeration of virtual “miners
” who look after the Bitcoin trade and run the system in return for reaping Bitcoin rewards. Buying and Using Bitcoins
You can buy Bitcoins on line for U.S. dollars through trading sites like BITSTAMP
and our favorite, Coinbase.com
. You purchase your Bitcoin at the going rate and do your trades and purchases through those sites.
Bitcoin use is free in the sense that people anywhere in the world can send money online for less than a penny per transaction. There’s no bank or other costly financial server taking their cut by running interference between the buyer and seller. Supplies are finite
There’s also a speculative angle, since the value of Bitcoins
fluctuates like a commodity on the stock market. Currently there are just over 13 million Bitcoins in circulation, with a single Bitcoin value of between $488 and $491.
According to Bitcoin.org
, “Bitcoin is unique in that only 21 million Bitcoins will ever be created.” However, since Bitcoins can be divided into eighths, the value could increase to where a phenomenon similar to a stock split could occur.Here are some of the advantages of using Bitcoin:
Banking without borders. Send any amount of money instantly, anytime anywhere. There are no limits to the amount of Bitcoin transactions.
Rock-bottom processing fees (or no fees at all). Bitcoin merchant processors quickly convert Bitcoins to currency for deposit to bank accounts. They charge significantly lower fees than PayPal or credit card companies.
Fewer risks. Bitcoin deals are secure, irreversible and occur without customers’ sensitive information. There is no need for PCI compliance.
High security and more control. Bitcoin users stay in control of a Bitcoin transaction. No personal information is required and the customer’s stash of Bitcoins remains secure through encrypted backup.How we process Bitcoin payments
MacUpgrade Store patrons can pay with Bitcoin by going through our checkout process and choosing Bitcoin as the form of payment as opposed to one of the credit cards we accept.
If you already have an account with Coinbase.com you can just log in and pay much the same as making a PayPal payment. If they don't have a Coinbase account, you can just copy the Bitcoin payment address and send us the payment from whatever digital wallet you use.
On the other hand, if you prefer the old fashioned credit card, we’re totally fine with that. Contact us
if we can help with your order. We want you to have a successful Mac upgrade, and we have the gear to do that for you.