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We at Beardo have been accepting Bitcoin payments for over 3 years now and have noticed a significant increase in bitcoin transactions over that time. Though this has a lot to do with an increasing awareness of bitcoin due to media reports and the skyrocketing BTC-USD value, but even before the recent ‘Bitcoin boom’ usage was on the rise.

So, what is bitcoin?

Simply put, bitcoin is a form of digital currency, created and held electronically. No one controls it and bitcoins cannot simply be printed, like dollars or euros. Instead, bitcoin is created digitally, by a community of people that anyone can join, in a process referred to as ‘mining’. 

Why use bitcoin over traditional forms of payment?

Just like many of todays startups like UBER, AIRBNB and even AMAZON, people care about only a few things: Low Costs, Convenience, speed and security … and bitcoin checks them all.

Small online retailers and independent consultants often don’t sell their wares and services internationally because of expensive cross-border transaction fees. Bitcoin relieves the steep cost of going global, making cross-border payments easier, faster and cheaper. When you accept Bitcoin, you can accept payment from anyone anywhere in the world at the speed of an email!

With over 150,000 online merchants estimated to be accepting bitcoin as payment, it is quickly proving to be one of the hottest things to hit the tech world since the invention of the mobile app. At the time of publishing, other cryptocurrencies were making some amazing strides to knock down barriers and make accepting cryptocoins simple, and widespread. With a current value of over $5000 USD per bitcoin, one thing is for certain, bitcoin is here to stay.

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