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detail31 karma

Give or take, yeah. In and of themselves Bitcoins are utterly worthless, just like anything else people dictate a value for them, similar to say Gold...Gold isn't worth anything except what people decide what it is worth in relation to other things. As of now the value of bitcoin is $110, a value which fluctuates.

That is the current exchange rate, though.

detail31 karma

Its a peer to peer decentralized currency, what this means is that no government or governing body in general is in control of bitcoin. Its essentially a way for people to exchange bitcoins (which are assigned a monetary value ((in your case likely USD))) for goods or services, exactly how a currency is used now, for example your fiat dollar.

The difference is that while the dollar, or any other fiat currency, is inflationary (meaning more and more dollars will be created over time thus taxing the purchasing power of your savings) bitcoin is actually deflationary, that is to say that there is a set amount that will ever be in existence and that's it. Its sort of like a digital gold. The current exchange value in USD for one bitcoin is $110.

Its very fast and you send it similar to an email, and its also border-free just like an email is. For example I can send bitcoins to my friend in Russia just like you would with Western Union, except its totally free and takes about an hour to totally confirm on the network (which is a bunch of computers set up to process bitcoin transactions). The network is global, so no one country really has much of a say in Bitcoin regulatory policy.

The bitcoins are protected because they are a cryptocurrency, that is to say that they are actually a string of numbers that are protected by military grade cryptography, the best people in the field have tried to crack Bitcoin and can't do it. Its secure.

Tl;DR: Its a way to exchange value over the internet with zero fees, zero regards to country/state/logistic boundaries, can be converted to fiat if desired at an exchange, can be anonymous if you really know what you're doing (but its hard), and is very, very fast. It really blows other methods of exchange away and the main hindrance to adoption is resistance from current regulatory bodies such as the Federal Reserve and frankly it sounds way more complicated than it really is and that scares people away.

Happy to go into more depth if you so desire.

detail30 karma

To each their own.

But in your case you would actually be accepting Bitcoins for payment, which you would then presumably convert into fiat instantly, so I fail to see how this would do anything but benefit you by opening your doors to a greater market through much greater ease of transaction. However, as I stated, to each their own. Best of luck.