– Pay Using A Virtual Currency

Bitcoin.orgPaypal has modified the way in which we make online payments for good, but this new project shows us that there is always room for improvement. Basically, we can define Bitcoin as a peer-to-peer currency that lets people conduct transactions without having to resort to any financial institution in the process.

By downloading and installing the featured application (available for Mac, Windows and Linux), people will be creating a sort of virtual wallet from which they will be able to make payments (and to which they will receive payments themselves). Users of this site send and receive bitcoins, and these are purchased at an online currency exchange. (And a set number is provided to users when they sign up for the service, too.)

A currency like this one has to main advantages, to wit: 1) It is an international currency, and 2) Transactions done using bitcoins are not limited in the ways bank transactions are, IE users can send and receive a limitless amount of money this way. That makes the whole service really flexible, and turns it into one that freelancers and self-employed people will more than probably take a liking to. It will all be taken from there. In Their Own Words

Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.

Why It Might Be A Killer

The fact that transactions have no limits and no fees are charged for processing them turns something like Bitcoin into a solution that will largely appeal to self-employed people.

Some Questions About

How quickly can this spread? How firmly can it be adopted?