It’s time to embrace the future, and the future is Bitcoin.
This bitcoin banner is a graphic I expect we’ll be seeing more and more on websites and even in retail stores in the very near future. Our company creates explainer videos to promote and explain innovative concepts in business, social media, and technology. It only makes sense that we embrace new ideas and new ways of doing business. With this philosophy we decided it was the best thing for our customers for How It Works Media to begin accepting Bitcoin. Another consideration was our international customer base. We create explainer videos for companies all over the world. Bitcoin is an ideal currency for international commerce. It can be transferred easily from one country to another with the help of sites similar to Coinbase. For these reasons, and just because we think it’s a cool idea, we have made the decision to embrace the future and accept this new currency.
What is Bitcoin?
Many people have heard about it but don’t have a clear understanding of what it is and how it works. Bitcoin is a digital currency created in 2009 by an unknown individual. While many of our online transactions are digital via online sites using credit and debit cards, we are still trading in traditional currency. Bitcoin however, exists entirely independent of banks or any other controlling authority. One attractive aspect of Bitcoin is that transactions can be done anonymously, with no name, social security number or other ID required. If one were to visit this link, they’d get an elucidation of the idea of cryptocurrency. There are also no credit card fees. It has begun gaining traction and popularity in recent months and some very well known and traditional retailers are accepting them now. Any product or service can be purchased with this currency, from a $103,000 Tesla to a $10 pizza.
For a more complete explanation read this.
Who Else Accepts Bitcoins?
Check out some of the larger companies accepting Bitcoin as of today, April 2014. We’re in pretty good company.
How Do I Use Bitcoins?
Bitcoins are stored in a digital wallet which can be on a person’s local computer or in a cloud storage location. And just like paper currency, they can be lost to a hard drive crash or virus just as currency can be lost in a fire. But unlike US banks, owners of Bitcoins do not enjoy the protection of the FDIC, so use and store them with caution. Most people will use a bitcoin exchange site. From these sites individuals or businesses can buy and sell Bitcoin, set up an account to accept Bitcoins, and download a button for their website to take the buyer to the exchange to make a purchase much like paypal buttons are used. From an exchange bitcoin owners can sell them or transfer them to regular currency and link a bank account to the site.
How Are New Bitcoins Created?
This part is fairly complex but for a simple explanation, Bitcoins are created using a system called “mining”. Computers solve complex math puzzles to verify transactions. When someone is successful at completing enough of these they are rewarded with newly minted Bitcoins. The maximum number to be created will be 21 million.
What is the Future of Bitcoin?
No one knows that for certain. Some say it’s a scam similar to a ponzi scheme, others such as the Winklevoss Twins made famous in the facebook movie predicted in December of 2013 that the value will go to $40,000! It was about $400 at the time. Many say that Bitcoins will change the nature of money much the way the internet changed the way we do business and communicate.
If you have an innovative business concept, could you be more successful if 80% of your site’s visitors could fully understand what you do in about 90 seconds? Most could, and that’s what an explainer video can do for your business. Pay for it with traditional currency or with Bitcoin at How It Works Media. Tell us about your business and we’ll design a creative animated video to help drive traffic and increase conversions.
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