Elon Musk is by and large a household name these days, not only for his creation of the first widely-used digital payment alternative in PayPal but also for being the engine behind the Tesla line of high-end electric vehicles. PayPal is well established, but Bitcoin is moving out of the shadows of the could-be class of digital technologies and yet next to no one will know who Satoshi Nakamoto is. He’s the man who developed Bitcoin in 2009, and he’s acknowledged to be something of a ‘mysterious’ figure in the tech world. Here at 4GoodHosting, we’re a top Canadian web hosting provider, but we’re also keenly attuned to how many of your clients are operating e-commerce websites. Bitcoin is something of a buzzword these days, and as it continues to gain momentum there’s more than a few who are wondering how easy or not it will be to adapt Bitcoin as a payment method for customers. Bitcoin is what’s come to be known as ‘cryptocurrency’ that is based on blockchain technology, rather than being regulated by a national currency, Bitcoin is considered by its proponents to provide unmatched privacy and security when compared to other currencies or payment systems, and without transaction fees or taxes. Where it’s iffy is that some of these same advantages also make Bitcoin appealing to those conducting criminal business online. In addition, security issues with Bitcoin exchanges and wallets contribute to its extreme volatility. Still, its growing popularity cannot be denied, and we bet that it will continue to make inroads into the e-commerce world A cryptocurrency is a subset of digital currency that is decentralized and structured on a set of algorithms and protocols that enable a peer-to-peer, cryptographically based payment mechanism, medium of exchange and store of value. It’s independent of external monetary value influences, and as such presents a more organic, interpersonal buyer / seller experience. Independent Currency Bitcoin’s currency supply is created through “mining,” and transactions with it are conducted peer-to-peer before being verified by network nodes. The blockchain is where each transaction is recorded in a public database. Blockchain technology is based on the concept of a distributed database, in...
