You’ve probably heard by now about Bitcoins. It would be impossible not to. They’ve been talked about all over the internet these days. It seems like bitcoins might become the payment method of the future.
Those who were inspired to buy them when they were launched will probably be sitting pretty good in a few years time.
So, what exactly are bitcoins?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.
What are its characteristics?
Bitcoin has several important features that set it apart from government-backed currencies.
- It’s decentralized
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
- It’s easy to set up
Conventional banks make you jump through hoops simply to open a bank account.However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
- It’s anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However…
- It’s completely transparent
Bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.
There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.
- Transaction fees are miniscule
Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.
- It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
- It’s non-reputable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.
The new way of paying cam girls
Neeedles to say, we are pretty sure that this virtual way of payment will pretty much take over all other currency. The fact that is not controled by any kind of institution makes it appealing to everybody. You are in control of your own money, there’s no bank sponging off of them.
At the moment, there are a few sites already accepting bitcoins, to name a few : LiveJasmin, Chaturbate and Flirt4Free.
Camgirlsowned is a camming platform that also accepts bitcoins. Camgirlowned is a site owned by the best models out there, the #GirlsFromStudio20. It recently implemented the bitcoin means of payment because of the mutual and many benefits.
They chose to implement this way of paying as a way of encouraging people to start using bitcoins more and more.
There is no way that someone can track or find out how and when users used their bitcoins, so that’s a relief, no more bank statements with your track records on these sites.
The bitcoin is a coin of total freedom, as it allows instant transactions anonymously. This is a win win for everyone.