Crypto currency or virtual currency has gained popularity since its conception in 2009. At first there were many controversies around buying crypto currency but it has succeeded in becoming a viable and suitable alternative to other currencies and investing. Bitcoin is one of the most popular crypto currencies and its follower litecoin are purchasable through a bit coin exchange.
What is Bitcoin?
Bitcoin and Litecoin alike can be easily and immediately transferred. The transactions are public, transparent and traceable. It is designed to function extremely safely with the highest technology ensuring it to be hack proof. Making bitcoin payments is easier than using a credit card as payments are made from a wallet application. The fees are lower than using a credit card or PayPal. It is immune to inflation as it is not run by one particular person or company but rather a number of servers scattered at various points around the globe. It is run by all the users all over the world. While Bitcoin remains a new form of exchange it is widely used in North America and Europe by a progressively large growing number of businesses. Bitcoin can be used online or in stores just like any other currency. It can also be exchanged in physical form. Bitcoin is still undergoing changes for optimisation of use. Bitcoin is not available in all countries. In areas such as Iceland, Russia and Argentina where there are restrictions on foreign currency. While it is argued that Bitcoin is attractive for fraud criminals we have to bear in mind that these issues exist with credit card ,cash and wire transfer alike. New bitcoins are created through a process called ‘mining’and individuals are rewarded for their services. The miners process the transactions and use hi tech hardware to exchange bitcoin. Bitcoin operates just like money but is based on mathematical principles rather than tangible ones.
How does Bit Bay work?
Bit Bay is one website exchange that offers easy handling of your bitcoins. It is user friendly and contains clear diagrams. The diagram on the main page shows the rate of exchange, easy for the everyday user to understand. There are also clear table diagrams to show the current buy and sell offers on a live feed. If you need to sell your virtual money, you choose your amount, the best offers will be found by Bit Bay and then an automatic transaction will take place. When you buy bitcoins or litecoins , choose an amount and Bit Bay will resource the best options for you and the money will land in your account. If buying or selling, you simply just choose you amounts and your offer will appear on the networks and allow others to make a transaction. Due to real time transactions you will be able to clearly see all of you account transactions as they are happening live making it fast and the most effective way of exchange. The My Wallet application allows you to make exchanges easily though various forex accounts such as BTC, LTC, USD, EUR, or PLN. You can check your account and make payments or withdrawals when you wish. You can use a particular account number to make payments. Within 24 hours your PLN will appear on your account. Bit Bay have partnered with Dot Pay to can make transactions quick as what you have acquired will appear on your account immediately. Withdrawals are also fast. You choose the account you wish to draw from showing your account number or choosing it from a list. You can receive your money within 20 minutes with a small fee involved. You can control your own withdrawals as you have easy access in viewing them. You are always aware of your withdrawing actions. Cryptowallets make it even simpler as the Bitcoin and Litecoin addresses are generated on a platform allowing you to send your coins directly. Full account History is available for the users of Bit Bay to access and is also downloadable. Every minute statistics are updated where you can view every currency at the current rate of exchange. You can also view all transaction amounts. Online Consulting is an added plus to problem solve and help and guide you through the process. Notifications are sent to inform you of actions on your account set to your own preferences.
Safety is an ensured priority. The bookmark safety feature enables to make changes to your account, to your sms settlements to logging and notifications. You can choose your own personalised settings. Bitcoin transactions are safe as they do not require any personal information. Recent IRS developments are regulating Bitcoin and naming it ‘Property’ instead of Currency for tax purposes adding to its transparency and security. Quality service is achieved with 24 hour access operating on SSL server platforms. There is high tech encryption coding for wallets, back-ups and data bases for further safety. Transfers are authorised by a 2 employees. All funds are stored in encrypted cold wallets. Password security requires use of strong passwords only. Backups are performed according to the 3-2-1 system. Log in history is logged and safe. There are a number of ways to authenticate your account, via SMS or Authenticator Google
The future of Bitcoin
It is a very new method of payment and as always with anything new there are bound to be critics but as there maybe risks involved there are also a vast number of opportunities. The analysts of the financial world are calling it the next Pay Pal. Using digital currency is the wave of the future which we have already stepped into. What makes it so is the fact that any two people in the world can transact with ease as there are no fees or bank accounts involved. The rules of Bitcoin are set from the Market and not by government making it stable against currencies the rise and fall with inflation. In the future it is predicted that bitcoin miners can be supported by small transaction fees alone. Off to a slow start Bitcoin has boomed in 2013 rising 5 000% wish is a sign of things to come.