Peer-to-peer digital currencies, such as Bitcoins, have become widely popular forms of payment for many online merchants.
Mark Reiken, Managing Director of Text2Pay, says Bitcoins are just the first of many digital currencies that will emerge over the next decade. “By offering Bitcoins to merchants, customers will experience faster payment processing, lower fees, and increased security and privacy,” he says.
Bitcoins are the equivalent of Internet cash. Users can send Bitcoins over the Internet to anyone worldwide with no middle-man or institution to take fees.
“Digital currencies are the future – much like gold, Bitcoins increase in value over time and they’re anonymous,” Mr. Reiken says.
“It’s a currency for the people by the people. They are perfect for online goods and services such as online gaming,” he says.
Bitcoins are widely popular for merchants because they have low transaction fees; can be transferred anywhere in the world; have no setup fees and can be accepted without needing to signup to any service or payment processor.
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