Huh? What? Bitcoin? What is that? Yup. I said the same thing to myself. As little as 2 weeks ago I figured it was just a flash in the pan type of money for criminals and sketchy characters in general. And then I, Dave, your fierce and fearless WordPress lovin’ website hostin’ digital outlaw decided to find out the real story.
I Googled around and among other things, learned that the inventor of PayPal, Peter Theil, had invested a half million dollars in a new start-up company called coinbase. Whose purpose is to make it super easy for us regular folks to use the new digitally based form of currency called Bitcoin. This pretty much changed the game for me right there. I have used PayPal extensively for 15 years and really enjoy it. (PayPal is now owned by eBay. One of the smarter moves they ever made. Unlike when they bought SKYPE.)
Another thing I learned is that the fee that a business pays to accept Bitcoin is only 1%. Compare that to skyhigh fees with accepting credit cards. So businesses, small and large alike, can potentially save HUGE amounts of money. Nicely played Bitcoin!
There are also no charge backs ever. Sure, the person/company can send you a refund if they want, but it is an entirely separate deal. Again, good for business.
I set a goal of purchasing a Bitcoin for myself by the time you read this. And I have attained that goal! All except for the final approval. It took about 5 days of studying various websites and engaging my brain to wrap around this new concept. And another 2 days to find the best way to buy one.
The point of this post is to inform you of the existence of Bitcoin. Not to fully educate you. You will need to visit the various websites if you decide to learn more about it. But I am as sure as I can be that you will be hearing much more about this new form of currency.
I am not sure how old it is, I am guessing about 3 or 4 years. But it has not been in the foreground until recently. All of a sudden it seemed like I needed t explore Bitcoin as it has the possibility to be a game changer. Like the Internet was a game changer.
Bitcoins can be bought and sold similar to stocks. They are good in every country. And right now they cost about $109. And I own one! The question is, when will you own one? Or more? Newsflash: I do not own one yet. I checked and it will take about a week.
And just in case you are thinking that you will never come across a company that actually takes these things, you should know that NameCheap.com, one of the premiere domain sellers on the Internet, already accepts this form of currency. So it is certainly NOT just for sketchy fly by night businesses. Which is what I thought myself about a week ago. CapeWP.com has used NameCheap to register your domains for about 15 years!
Here are some links to explore if you are fascinated by this concept. Because although it may not pan out, it may catch on. Like, oh, I don’t know… email caught on 🙂
Side note: The person who invented this must be among the 10 smartest people in the universe. The technology is astounding. But remember, just like we did not have to invent the Internet to use it, we can learn about Bitcoins without having to invent them.
Sidenote 2. The reason I chose www.coinbase.com was because it made it easy to learn and truly easy to sign up for. And because it was the company that Peter Theil chose to invest in.
All information contained in this post is deemed to be accurate. However, I am still soaking up knowledge about this and reserve the right to correct any facts presented here in the future.
My next goal is to setup the shopping cart for www.veryhappycats.com to accept Bitcoin. And also to setup CapeWP.com to accept Bitcoin. Could there be more appropriate way to pay for website hosting? I think not.
CapeWP.com will be the first Cape Cod micro business to accept Bitcoin!