Ecommerce site DinoDirect has added the option of paying via Bitcoin to its customers.
Typically, most ecommerce sites provide payment options in the form of PayPal, Visa and so on. Bitcoin basically refers to a crypto currency. It is something that was described first in a 2008 paper. This is an electronic cash system. The creation as well as transfer of Bitcoin is based on an open source cryptographic protocol. This means that it is not being managed by any kind of a central authority.
This is not a currency limited for use on DinoDirect only. It is being accepted by merchants as well as individuals in many parts of the world, including the US, UK, Canada, Finland, Australia and many others. In total, merchants in around 98 countries accept this form of currency.
Each bitcoin is further subdivided and it goes down to eight decimal places. This way it is able to form up to 100 million smaller units that are called as satoshis.
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