What is a Bitcoin?
Bitcoin is a decentralized decentralized digital currency that is not backed by any government. Bitcoins can be used online for numerous goods and services. Bitcoins are “mined” by computers utilizing specialized software that solve advanced mathematical problems utilizing algorithms.
New Bitcoins are created at a predictable and decreasing rate, that rate halved until the number of Bitcoins is at 21 million coins. The limited supply make this a volatile commodity similar to stocks.
How do you get a Bitcoin?
- Bitcoins can be mined
- Bitcoins can be accepted as a currency for a good or service
- Bitcoins can be purchased with cash
Benefits of Bitcoin
- Bitcoins is a secure currency that does not require you to provide and personal information
- Bitcoin can be managed via a Bitcoin wallet and does not require a traditional bank
- You have full control of your transactions. This helps eliminate unwanted or unnoticed transactions
- Bitcoin is completely mobile, the only limitation is that you have a smart phone or computer
What is a Bitcoin Wallet?
It is essentially an account, much like your email account that stores information regarding your basic information and bitcoin balance. It also allows you to buy, sell, exchange and trade bitcoins for goods and services both online and offline.
Is Bitcoin Secure?
Bitcoins are very secure, and have never been compromised. Bitcoins must be created by mining, so it is very difficult to corrupt the network, use Bitcoins belonging to other users or create new bitcoins. You can read more about that here.
What is BitPay?
BitPay is both a bitcoin wallet and processor. It is utilized by individuals who have a store of bitcoins to manage their currency and by online stores who need to process transactions from bitcoin users. For information about BitPay, visit https://help.bitpay.com/
What happens if I need to return something?
Simply mail your item back in and we will issue a refund for the full USD value of the order and processed at the Bitcoin exchange rate at the time the refund is completed.