Why now is the time to back Bitcoin... follow this link

Some Benefits of Bitcoin

Anyone can have a Bitcoin account and start sending / receiving payments in Bitcoin right away.

It's free to setup. The software is free if you want to install a Bitcoin wallet on your PC or mobile device. Or you could use a web wallet.

It costs nothing to receive payments by Bitcoin. Compare that with the fees merchants have to pay to receive credit card payments.

A transfer of funds using Bitcoin is received anywhere in the world almost instantly.

Bitcoin eliminates chargeback fraud. With Bitcoin, a transaction is irreversible after one hour. Card fraud is a huge cost for merchants, and businesses pass on their costs to customers. With Bitcoin, chargeback is impossible.

Bitcoin enables quick and easy cashless transactions without needing to use credit or debit cards, which can make transactions safer.

Bitcoin cannot be shutdown. Bitcoin runs on a global network of computers. Shutting down Bitcoin would require switching off the entire Internet.

The software that runs Bitcoin is open source - this means anyone (with the computer programming knowledge) can see exactly how Bitcoin works.

About Bitcoin

The World Wide Web (www.) was invented in 1989. It took years for the Web to go mainstream, but just think how much the Web has impacted our lives since then. If you've grown up with the Web as a fact of life, you probably find it difficult to imagine a world without Google, Facebook, YouTube, Amazon, internet shopping, internet banking, mp3 players and downloaded music, streaming movies, and so on.

Bitcoin is still at a relatively early stage (it was launched in 2009), but Bitcoin is set to have as big an impact upon how we use money as the World Wide Web did upon how we use computers.

Email is a system that runs on the Internet - but before the Web popularised the use of the Internet, how many people had even heard of email?

If you wanted to send a written note to someone back in the early 1990s, you would probably have put the note in an envelope, put a stamp on it, and posted it. How often do we use the Post Office in that way anymore?

Email has made the postal service redundant for many types of written communication.

Bitcoin could potentially make banks redundant for many types of payments, with potentially huge savings for users.

So what is Bitcoin?

Bitcoin is a digital currency, which you can think of as money for use on the internet.

But Bitcoin is more than digital cash - it is also a payment system, and this is where Bitcoin gets really clever and could well make serious inroads into the business conventionally transacted by banks, credit card companies and money transfer services.

Bitcoin = a robust decentralised network

Bitcoin is able to function as a payment system because it is a computer network protocol. The Bitcoin software is runnning 24/7 on computers all over the world. These computers maintain a public ledger of all of the transactions conducted in Bitcoin, and it is this public ledger that makes it impossible for Bitcoins to be counterfeited. The Bitcoin software is cleverly set up to make sure that the public ledger of transactions is accurate and can be trusted by everyone.

Bitcoin cannot lose value through inflation

New bitcoins are produced by the Bitcoin system at a fixed rate. The total number that can ever exist is capped at around 21 million bitcoins. Because of this, Bitcoin is a store of value that cannot be inflated to the point where it becomes worthless.

Conventional currencies, like the pound, are inflationary. When governments get themselves into yet more debt and the nation faces yet another economic crisis, it's very easy for a nation's central bank to just print more money.

But to do so is to think in the very short term, because printing more money to get ourselves out of an economic crisis ultimately makes the currency lose value. The effect of printing more money is that you can buy less with each note.

That is why the pound is not worth as much as it used to be, and inflation just gets worse. Have you noticed how the price of things just keeps going up, and your pound doesn't buy as much as it used to? The reason is inflation. Bitcoin is a currency that cannot be inflated, because the supply of Bitcoins is fixed.