GO-KOT Now Accepts Bitcoin!
Bitcoin is a software-based online payment system that utilizes a shared public ledger of all transactions. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call Bitcoin a decentralized virtual currency.
Bitcoins are essentially encryption keys and lines of code stored in a digital wallet. This wallet can either be kept on your own computer Bitcoin Wallet or a hosted Bitcoin Wallet company such as Coinbase or Bitcoin exchange such as Bitstamp These keys are exchanged between wallets in exchange for goods, services, or currency within a market value that follows supply and demand of the currency.
If you are still a little confused, that is completely normal! Luckily, NerdWallet did a great job explaining bitcoin further. They state that fiat money (like the U.S. dollars in your bank account) is backed and regulated by the government that issues it. Bitcoin, on the other hand, is powered through a combination of peer-to-peer technology — a network of individuals, much like the volunteer editors who create Wikipedia — and software-driven cryptography, the science of passing secret information that can only be read by the sender and receiver. This creates a currency backed by code rather than items of physical value, like gold or silver, or by trust in central authorities like the U.S. dollar or Japanese yen.
Why We Accept Bitcoin
Bicoin is the world’s first and most popular digital currency. It broke all value records in February 2021 and is only continuing to grow in popularity.
As a technology forward company, GO-KOT recognizes the benefits of using Bitcoin virtual currency. By adding this cryptocurrency to our payment options, we’ve provided more opportunities for our customers and have increased payment transparency and efficiency.