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Home What is bitcoin

What is Bitcoin

Bitcoin is an innovative payment network and a new kind of money.

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Fast peer-to-peer transactions
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Worldwide payments
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Low processing fees

Silver and Gold for Cash does accept payments in Bitcoin and the ones who already use world’s first decentralized currency can readily spend it on the choicest goods here.

If you wish to acquaint yourself with this idea of real money in a virtual world, we’ll be glad to explain.

Bitcoin is a peer to peer digital currency. It is created, used and stored digitally. The origin of this concept is traced to Satoshi Nakamoto, a pseudonymous programmer who called it P2P Electronic Payment System.

Transactions involving Bitcoins do not involve banks and there is no transaction fee on their transfer. This is why more and more merchants worldwide have begun to accept payments in this ‘cryptocurrency’.

Obtaining Bitcoins

You can use fiat currencies – such as dollar, euro and pound sterling – to buy and sell Bitcoins. Once bought, they need to be stored in a Bitcoin Wallet that can exist either in cloud or on your computer. This wallet is like a virtual bank account that lets you send or receive Bitcoins, pay for goods or simply accumulate your money.

Transacting with Bitcoins

You can send Bitcoins to others through mobile apps or your computers. It is quite like transferring cash digitally. All the transactions are stored in one long ledger called the blockchain.

Anonymity

Though each Bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. This keeps Bitcoin users’ transactions private and secure.

How do you benefit by paying in Bitcoin?
  • No bank clearing fee per transaction involved
  • No currency exchange handling fee
  • Low risk of inflation
  • Easier to carry and transfer than paper money
  • No pre-requisites or arbitrary limits on usage
  • Value not influenced by monetary policies of government and central banks

For more information on this currency, you can write to us at info@silverandgoldforcash.com