Bitcoin is gaining considerable steam in becoming one of the most accepted forms of digital currency in the world. Bitcoin is now the first interoperable payment network, to enable small amounts of money to be distributed throughout the world with a new “tip” button. Digital currency experts believe that this newest development will revolutionize how consumers support their favorite websites, and change the way websites can acquire more financial support.
Coinbase, a San Francisco-based company, created the tip button to enable Coinbase users to make micropayments to website owners. Website owners can place the tip button anywhere on their webpage just like any other social media sharing link. With only one click, visitors can make payments directly to the site. Currently the default amount is 300 bits (10 cents), but senders can choose other amounts.
When the tip button is clicked, a dialogue box appears to show who receives the micropayment. Visitors can also choose between using a Bitcoin address or a Coinbase wallet. Early adopters of the tip button include: Zapchain, Startup Management, Haywire Adam Carolla, and The Morning News. Bitcoin use in general is also speeding up. PayPal’s Braintree now accepts the digital currency. Merchants who use Braintree’s v.zero software development kit can use Bitcoin when opening an account with Coinbase Inc. In addition, Square Market online marketplace, and E-retailer Bitcoin Shop Inc. will accept Bitcoin along with Litecoin, and Dogecoin.
Bitcoin is quickly becoming a globally recognized currency. The beauty of this digital currency is that it traverses the need for the exchange of physical currency, or the conversion of physical currency. It also eliminates the need to disseminate private credit card information to business entities.
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