The recent and rapid rise in value of Bitcoin and other crypto currencies has highlighted this new and dynamic payment system designed to allow customers to settle transactions through digital units of exchange instantly and with complete safety. A growing number of retail merchants are now accepting bitcoin in exchange for goods and services. Many of them are e-commerce websites, but an increasing number of high street stores are also accepting crypto currencies.
Due to the unique nature of crypto currencies, there are several inherent advantages to transacting with Bitcoin from which users of other currencies fail to benefit. Whilst digital currencies are still a relatively new payment method Paul Wright Jewellery has integrated a Bitcoin payment option within its payout procedure making it quick, easy and safe to buy jewellery using Bitcoin and various other Altcoins.
Started in 2009 by a mysterious programmer, Bitcoin has generated plenty of interest and controversy as a new form of currency and an alternative to government ‘fiat’ currencies like the pound, dollar or euro or pure commodity currencies like gold or silver coins.
Bitcoin payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in something called a “blockchain” on each computer that updates and informs all other accounts. Having purchased Bitcoin with (with standard national currencies) they are placed into a secure “Bitcoin wallet” that is accessed through a smartphone or computer.
In a sense Bitcoin can be considered a common currency of the world. The advantages of buying online with bitcoins are that it’s easier, faster and safer. Let’s take a look in greater detail.
Bitcoin purchases are both safe and discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity. Customers do not have to provide any sensitive financial information that hackers may potentially use to fraudulently access bank accounts. The system is totally free of interference from banks and other financial intermediaries. It is purely ‘peer-to-peer’ and the users benefit from a greater degree of freedom than most other national currencies are able to offer.
Since Bitcoin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low. Credit card companies charge up to 3 percent per transaction, whilst a Bitcoin transaction typically costs no more than 1%. Additionally, any transfer in Bitcoins happens very quickly, eliminating the inconvenience of authorisation requirements or other potential delays.
It is no secret that the Internet plays an integral role in almost every company’s efforts to expand its customer base. Paul Wright Jewellery is no exception. While the United Kingdom has the pound and Europe the euro, Bitcoin is quickly becoming recognised as the currency of the Internet. Because Bitcoin is borderless by design, Paul Wright Jewellery can now accept payment from someone in China or Australia just as easily as from someone sitting in the same room by offering this new online payment option. Whilst no-one can predict the future success of Bitcoin and other Altcoins, Paul Wright Jewellery is pleased to have integrated this additional payment facility for the use of all customers throughout the world. As early adopters we are amongst the very first online stores in the UK to do so!