For Immediate Release:
Web development firm now accepts payments in Bitcoin & Ethereum.
Web Development Agency SPAZ Media is now accepting Bitcoin and Ethereum, meaning digital currency can be used to pay for website design, online marketing, video production and other digital creative services.
“We believe that Cryptocurrencies are forward thinking, and shifting the landscape of money exchange. We are actively developing bitcoin web projects and are super excited at the prospect of its future.” Says SPAZ Media director.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
Why is SPAZ Media accepting bitcoin?
Bitcoin is a new payment option intended to offer even more flexibility for clients. Bitcoin payments can be made easily from anywhere in the world, and offer reduced payment processing costs.
What are the benefits of Bitcoin for consumers?
You have complete control over your bitcoin, so your bitcoin account isn’t tied to any financial institutions, can’t be frozen and carries lower transaction fees than most major credit cards.
How do I obtain bitcoin?
To get Bitcoin, you’ll first need a bitcoin wallet. This is the account from which you can send and receive Bitcoin. Once you have a wallet, you can purchase bitcoin from an exchange that converts traditional currency to bitcoin.
What is a bitcoin wallet?
A bitcoin wallet is a secure way to store your Bitcoin balance, typically an app on your mobile device.
Where can I find more information on Bitcoin?
Please visit Bitcoin.org or their Wiki FAQ for more information.
FAQ Source: CoinDesk