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Will Bitcoin Grow To Become a Major Payment Network

Saying that bitcoin is the most popular cryptocurrency has little impact in a world that does not understand the word cryptocurrency. Bitcoin exists as a distinct alternative from plastic money (credit cards) that are identifiable. Even PayPal transactions can be traced to individual bank accounts. Bitcoin is the equivalent of cash used for under the table payments for goods or services. The infamous Silk Road, an eBay-style black market for illegal goods and services needed a non-traceable payment system and used bitcoin. Silk Road has ceased to exist, and its developer is serving a life sentence for the actions of this nefarious and illegal enterprise.

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What is Bitcoin?

Bitcoin is a virtual currency allowing fast peer-to-peer transactions and worldwide payments. Bitcoin has several advantages compared over other payment methods:

  • No Third-Party Seizure
  • No Taxes
  • No Tracking
  • No Transaction Costs
  • No Risk of “Charge-backs”
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