Tuesday, April 9, 2013

What are Bitcoins?

Bitcoins are digital currency, or a form of electronic money, used as an alternative method of payment for goods and services, that do not involve or require the use of banks, governments, or central organisations of control. Bitcoins have quickly become a popular alternative form of payment, with usage skyrocketing since early 2013, and the exchange rate being valued at approximately $191 AUD per Bitcoin. (source: spendbitcoins.com)

Advocates and users of Bitcoins are particularly drawn to the fact that Bitcoins operate without the necessity of a central bank or other central body of control. Additionally, purchases made with Bitcoins aren’t easily traceable, helping to protect the privacy of the individual and their transactions.

How do Bitcoins work?

Every Bitcoin is composed of code generated through mining, also known as computer processing. This requires various software and hardware. The use of Bitcoins allow for direct and immediate transfer between two individuals located anywhere in the world, and transactions cannot be reversed. To begin using Bitcoins you’ll need to purchase a Bitcoin wallet, found through a simple Google search. You can then buy Bitcoins through specialist online currency exchanges, after which you’ll be able to use Bitcoins through our website as an alternative form of payment to PayPal or bank transfer.

Bitcoins can not be printed or counterfeited. They operate on open source software on both computers and smart phones and there are no transaction fees, usage fees or start up costs. Transactions between individuals are kept record of by a peer-to-peer network and with regards to privacy; purchases can be made anonymously with very low risk of identity theft. If you no longer wish to continue your usage of Bitcoins they can be exchanged in open markets for any other currency.

Using Bitcoins for purchases from Media Fortress

Bitcoins can be used as an alternative form of payment to PayPal and bank transfers on our website, https://mediafortress.com.au/. For use of payment, proceed to check out with your cart of purchases and select the option to pay with Bitcoins.

For further enquiries regarding available services, information regarding checking out with Bitcoins or general enquiries, please don’t hesitate to contact us or call 1300 308 488