Bitcoin or BTC is a cryptocurrency which was introduced in 2009 by an individual or a group of individuals named as Satoshi Nakamoto https://bitpapa.com. The identity of the creator is still unknown, but the idea behind bitcoin was to create money that is decentralized and can work anywhere in the world irrespective of the borders. Click here to know more about bitcoin.
So, what is bitcoin?
Bitcoin is a peer to peer network and it is not controlled by a central authority. It is an open-source network and is managed by a different group of miners who can be anyone from anywhere in the world. Anyone can become a miner provided that you have the fast processing power and can earn a reward for mining a bitcoin block in “bitcoins”.
Bitcoin introduced the world to a new technology called as blockchain technology or distributed ledger technology (DLT). As bitcoin was the first blockchain, technologist around the world became obsessed with this new form technology and now there are thousands of blockchains present with different use cases.
Bitcoin cryptocurrency is an asset of the bitcoin blockchain and with the rise of this new technology, the price of bitcoin cryptocurrency also rose. Today there are many shops and e-commerce companies around the world that use bitcoins as a form of payment method.
Does amazon accept BTC as a payment method?
While Amazon has registered multiple cryptocurrency domains and BTC among them. But till now there is no official confirmation that you can buy with bitcoin. The price of bitcoins fluctuates a lot, maybe this is the reason for them to wait in deciding it as a form of payment method.
However, every new technology takes some time to be accepted around the world and with the price of 1 BTC outclassing every other commodity and stocks out there, it will surely be accepted as a form of payment in e-commerce websites sooner than later.
Where to buy these?
You can buy Bitcoin easily using ATM. Some can help in converting traditional money into a bitcoins. Some commercial banks and brokers accept money and can help you make the transaction for you. Some direct methods are also available in which you can directly contact the seller. These methods are much cheaper than the other ones. Various exchange platforms is another option you can go for. They offer great security and the process is usually quite quick.
Visit the website to know all about Bitcoin and its trading. There’s no need to worry when American Express is there to help you out. As a consumer, one is certainly given the choice of payments- be it cash or cheque, debit card or credit card, dollars or bitcoins. Payments will continue to evolve in the long run, when creative minds discover better ways of dealing with it. The bitcoin system happens to function differently, and relies upon numerous competing ‘miners’ to verify transactions.
Many tourist destinations, hotel owners and online traders have encouraged customers to use Bitcoin for payment. It is still going strong and it’s better that you have some crypto coins with you when there is an emergency.