Can you use Bitcoins in a submarine*?

Can you use Bitcoins in a submarine*?

As many of you will know already, Bitcoin is an innovative peer-to-peer payment network and digital currency- it is a new kind of money. As the BBC declares, it is ‘an online version of cash’. Bitcoin is a fully decentralised form of currency that is open-sourced; meaning that anybody has access to the code. It is a public design which everyone can take part in- no one owns or controls Bitcoin. As we stand at the moment, people are using it to purchase products and services, but there are still lots of retailers that don’t accept this as a form of payment just yet.

  • So how does it work?

A Bitcoin is ultimately a computer file that is located within a ‘digital wallet’; an app that users can download onto their smartphones or computers. Every single transaction is publically logged in a list called the ‘blockchain’, which means it is very difficult for the user to undo transactions, forge Bitcoins or spend Bitcoins that they don’t have; increasing the levels of security.

  • What do Bitcoins do for businesses?

According to specific global currency research, it is thought that certain retailers that accept Bitcoins do so for the publicity benefits. Another advantage of accepting Bitcoins is that there are no costs for the vendor within the transaction process, unlike credit card transactions.

You may be thinking this all sounds very sophisticated and attractive, however like with everything it does need to withstand the test of time before any explicit conclusions can be made. Additionally, as I mentioned previously, it isn’t currently very widely held within the brick and mortar industry so perhaps this will be one of the challenges for Bitcoin this year.

For more information on Bitcoins please click here, here or here!

Over and Out

Steph-The Marketing Assistant

P.S - *Only if the submarine is online.