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What Is Bitcoin?

Bitcoin functions as not only a currency, but also a payment network for that currency. Bitcoin is  an intriguing technical feat.

It is both a digital currency unit and a global payment network through which one can send and receive the Bitcoin currency units.

It is kind of like peer-to-peer technologies, such as file-sharing, torrents and telecommunication.

When viewing Bitcoin as a currency unit, compare it to other currencies or not. We are all familiar with euros, dollars, yen, gold and silver ounces.

Many companies have accepted Bitcoin, like Wordpress, the modern equivalent of the Gutenberg press. WordPress uses BitPay.com for exchanges, rates and pricing. As WordPress stated at the time:

At WordPress.com, our mission is making publishing democratic — accessible and easy for anyone, anywhere. And while anyone can start a free blog here, not everyone can access upgrades (like going ad-free or enabling custom design) because of limits on traditional payment networks.

Today, that changes: you can now buy WordPress.com upgrades with bitcoins.

PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions. Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. Whatever the reason, we don’t think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can’t control. Our goal is to enable people, not block them.

Bitcoin is a digital currency that enables instant payments over the internet. Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network. Merchants who accept Bitcoin payments can do business with anyone.

Mega, the brainchild of Kim Dotcom, announced the use BTC. Kim Dotcom announced via Twitter today that his new website Mega would be accepting Bitcoin through the payment system bitvoucher.co, where one can see Mega services offered in Bitcoin with relatively (for BTC) high exchange rates.
Reddit also one accepted BTC for its gold program. The site has already used PayPal and Google Wallet for its premium “Gold” service, which allows users a range of editing tools and an option to turn of advertisements.
Accepting bitcoin enabled the site to take payments from anywhere in the world, according to Reddit’s blog.
Heretofore, Reddit has only accepted credit card payments, but only from the US and Canada. Its Bitcoin processor will be Coinbase, based in Beaverton, Oregon.

Reddit blog post:

Starting today we’ll be accepting bitcoin and credit cards for purchasing reddit gold, in addition to the existing options of PayPal and Google Wallet. We’ve gotten some requests for additional payment methods so hopefully this brings us closer to reaching everyone who wants to buy gold.

We’re using Coinbase as our bitcoin payment processor and Stripe for credit cards. Right now we’re only accepting credit card payments from the US and Canada, but bitcoin payments can be made from anywhere in the world.

Buy your loved ones reddit gold for Valentine’s Day–it’s a gift sure to warm their hearts.

You can buy gold here and see the current gold features here.

NOTE: In a week or so I hope to open up credit card payments to all countries.

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