Bitcoin: What It Is, And Why Retailers Are Using It | Webloyalty


The Webloyalty blog discusses the growth of Bitcoin, and why retailers are taking notice

so… what is Bitcoin?

Not much is known about Bitcoin’s elusive computer programmer inventor, Satoshi Nakamoto and only a little more is known about Bitcoins themselves. Created in 2009, Bitcoin is a decentralised virtual currency – meaning that it only exists online, and has no central bank. However, it is much more than just an online payment processor. A currency in its own right, consumers can buy a finite number of Bitcoins online, and the value of Bitcoins rises and falls like other currencies and commodities.

Bitcoin shot to mainstream financial attention after its value increased 1,000-fold since the start of the year, and recently made headlines after the shutdown of illegal marketplace Silk Road, which used the currency. However, Silk Road represented only a very small fraction of payments made in Bitcoin, which is…

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