Bitcoin is an Internet currency system. Money can be transferred from person to person like sending an e-mail or text message. The system avoids banks and a central authority by using peer-to-peer connections to share the balance sheets. The system is great for small businesses, musician, and artists to sell their work or accept donations. You don’t need to be punk, just have an independent attitude.
punk.org and Milly Bitcoin are here to provide Bitcoin support. The good stuff:
- All you need to do is download the software or open up a web wallet to be able to send and receive payments to anyone in the world 24 hours a day, 7 days a week. There are no restrictions, no bank is needed, and nobody can stop your payments.
- Transaction fees are tiny any usually no more than a few cents. This allows for small payments.
- Transactions are irreversible. This means that nobody can take your payment away, no chargebacks, and no associated fees.
- Charge 10 cents for access to an article.
- Charge 50 cents for an online concert or event.
- Charge 75 cents for an all-day pass to your web site.
- Take donations for song downloads.
- Sell your own concert tickets without a promoter.
The bad stuff:
- Bitcoin is still new and experimental. Many of the services are sometimes hard to use and have bugs … but things are improving.
- If you make a mistake or your bitcoins get stolen you can’t them back since nobody is in charge.
- Bitcoins are still hard to get … but things are improving here too!