We Accept Bitcoins and the Majority of Other Cryptocurrencies
Where Did It All Come From?
Few people know that cryptocurrencies initially weren’t thought to be a currency at all. Satoshi Nakamoto, the Bitcoin inventor, was trying to develop “A Peer-to-Peer Electronic Cash System” which resulted in a digital cash system with no central entity.
These currencies can be defined as limited entries in a database no one can change without reaching consensus. Bitcoin was the first digital cash to provoke such enthusiasm and fascination and, thus, became an incredible success for its creator.
Apart from Bitcoin, there are some other more or less popular digital currencies like Ripple, Litecoin, Ethereum, Monero and hundreds of others.
How Do Cryptocurrencies Work?
Cryptocurrency is a currency created and managed via encryption techniques that cryptography offers. New coins are created through mining. Mining is the process when a transaction is confirmed and added to a public chain. If the operation is successful, the coin is issued to the miner as a reward. Cowners, store them in wallets and can transfer them to others.
What’s the Difference Between Cryptocurrency and ICO?
ICO (Initial Coin Offering) is – a type of funding based on receiving cryptocurrencies for tokens. Digital tokens are released and distributed to investors by a platform that wants to attract investment in exchange for digital assets. Token is a means of payment in a particular system, which is based on cryptocurrency. A cryptocurrency can exist without a token, but a token cannot exist without a cryptocurrency. That is because tokens are based on a certain blockchain, and cryptocurrency is its integral part. That is why you can pay for transactions with crypto but not with a token. Besides, tokens are issued by the issuing organization during the ICO, which means they are centralized, contrary to cryptocurrency. Another difference is that tokens can play the part of securities, which crypto cant.
Is Сryptocurrency Legal?
Bitcoin has been added as a payment method in corporations like Microsoft, Dell, Virgin Galactic, and others. In the USA and Canada, Bitcoin is considered a valuable asset, in Cyprus, you can use it to pay tuition at a university, in Japan, it is recognized as a financial asset, and in Spain, Bitcoin is an official payment system. In general, the legalization of a cryptocurrency depends on the economic development of the country. States with a weak economy are not ready to admit cryptocurrencies to their market, and some countries want to control it through taxation. In our time, Ukraine proposes to consider a draft law on cryptocurrencies taxation, as well as a free exchange of coins for other valuables, services, and goods.
Who Accepts Cryptocurrency?
Bitcoin and other cryptocurrencies are actively spread around the world. Now the majority of companies add the opportunity to pay with Bitcoin for their goods and services. You can do shopping in electronics stores, buy Microsoft and Xbox applications, even rent an apartment and pay off with cryptocurrency in Europe. In Ukraine, it is also gaining popularity! Bitcoin is accepted as payment in equipment stores, clothing and accessories shops, cafes and restaurants, hotels, flower shops, travel agencies, aw firms and IT companies.
Universality and virtuality are the main reasons for the popularity of cryptocurrency. In our time, they act as an international currency, which can be exchanged for goods or fiat. Many people appreciate its anonymity and the absence of intermediaries, as the price of various coins is growing every day and reaches hundreds and thousands of dollars per one. The cryptocurrency system is reliable and cannot be hacked. Now it is a powerful financial tool with a lot of investments.
Why Use Bitcoins?
In just a couple of years, the cost of Bitcoin has grown thousands of times. It is an independent currency, which can only belong to the owner of the wallet and cannot be taken by anyone else. The state can not claim your savings either. The Bitcoin system does not require the disclosure of personal data since it works with private and public keys. After making a transfer operation, the payment can’t be canceled either, which excludes fraud.
Bitcoin is the first cryptocurrency that has jumped over 15 000$ per coin, and its value is still the highest on the market, as the number of buyers exceeds the size of supply.
What About Redwerk?
Redwerk keeps pace with the times and is always on the wave with the latest technologies and innovations, so now we accept bitcoins and other cryptocurrencies for our services! Besides, we use blockchain technology for developing software solutions that need to store unalterable data records.