What is Bitcoin and how does virtual currency work?
Bitcoin is a decentralized digital currency that was first generated in 2009 by a computer expert or a group of experts with a pseudonym Satoshi Nakamoto. It was released as open-source software and provides an exciting opportunity to delve into an entirely new asset class. Being open-source, any developer around the world can modify, review and make the modified version of the bitcoin software. This digital public money is created by computer code; thereby it is not generated or controlled by any central bank or a single regulatory body. Therefore, it can be considered as world’s first decentralized digital currency that can be used to merchandise through peer to peer network. In layman terms, Bitcoin can be considered as cash for the internet.
Bitcoins are crypto currencies generated as a reward for a process we call mining. They can also be exchanged for other virtual currencies, physical currencies, products or services. You can utilize them to buy goods and services online or you can store them with the hope that their value will increase over time. Bitcoins can be traded from one ‘wallet’ to another. A ‘wallet’, also referred as ‘bitcoin core wallet’ is a small database that can occupy space on your hard-drive, smartphone, tablet or even cloud storage. The authenticity of such a trade is ensured through digital signatures.
Though it was introduced way back in 2009, it started picking up exponentially in 2013 among the users. Currently, reputed online firms such as WordPress, Reddit, and Flattr use bitcoin. If the current trend is anything to go by, we should soon see a completely new channel of payment gateway with bitcoin currency integrated with major e-commerce websites or mobile applications.
HOW TO IMPLEMENT BITCOIN PAYMENTS
You can use plugins provided by e-commerce platforms such as WooCommerce, Magento, Shopify or any other platform that you may be using to run your online shop. These plugins will enable you to integrate bitcoin payments into your shop. Use the wallet to collect the payments and the exchange sites to monetize the payment received in your preferred currency.
You can also integrate bitcoin payments into your e-commerce shop using third-party providers. Simply set up an account, and integrate the provider with your online store to receive payments directly into your preferred bank account. You can register with third-party providers such as BitPay, Coinbase, and, CoinSimple.
BENEFITS & DRAWBACKS OF ADDING BITCOIN PAYMENTS TO YOUR WEBSITE/APP
Benefits of adding Bitcoin payments:
– Open-source nature
– Offers anonymity
– Minimal Fees
– No or little setup required
Drawbacks of adding Bitcoin payments:
– Fluctuation in value
– Not mainstream (yet)
IS IT SAFE TO USE THE TECHNOLOGY?
Even though the technology is open-source and one of the biggest distributed computing projects in the world, Bitcoin has a pretty effective security track record. Most of the bitcoin’s vulnerability stems from user-error. Much like how physical money can be stolen or lost from the wallet, the private keys can also be accidentally deleted or lost from the bitcoin wallet. However, this can be easily avoided by using sound security practices or work with service providers that offer strong security and insurance against any kind of theft or loss. So yes, with right security protocols and practices, it is safe to use the technology.
INDIA’S FIRST BITCOIN TRADING APP LAUNCHED
Currently, there are few apps on the market that carry out transactions using bitcoin addresses. However, this process is long and prone to error. The recently announced Pluto Exchange mobile app will bring about a change in this trend and enable the bitcoin transactions using mobile numbers only. This is the country’s first app-based wallet to possess such feature and offers a solution to a coordination problem between payment processors, financial gateways, and banks. This mobile application allows a range of transactions including payments, b2b commerce, remittances, asset management, and trading.
Even though it’s not mainstream yet, e-commerce is gradually yet surely converging towards virtual currency. So now is a good time to integrate bitcoin payment into your business website or mobile application.
We at SearchNative have the developers equipped to complete bitcoin development projects.
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