Web Hosting Service and Payment: After the grueling process of selecting the Web hosting service provider and the package comes the payment options for the services availed. There are many methods of payment for the web hosting services. Out of all available and trusted methods making the payment through Bitcoin has become a very simple now.
With digital currencies being accepted widely, web hosting companies have started adopting the cryptocurrency, Bitcoin, as a viable method of payment. It involves simple procedures like choosing the best hosting plan and makes the payment using Bitpay, the Bitcoin payment gateway.
All you need is the address of the Bitcoin to make the payment and an email which is in working condition so that you get all required credentials and other information in the email. The biggest advantage here is that you do not need the credit card details or other bank details, or any sort of identity cards, this ensures that while making payment through Bitcoin there is no need of revealing one’s identity, the name, address etc of the person who thus makes the payment remains concealed.
Using Bitcoins, one can purchase any web hosting of their choice. Thus, the anonymity and privacy that is being offered by Bitcoin are unparallel. It also is a hassle free method because there is no indulgence from the stringent laws of the government or other financial institutions. It requires little or no processing fees and it can be used by customers all across the world. It is a very good option for people residing in countries which do not have access to options like Paypal etc.
Bitcoin is also known as cryptocurrency. Bitcoin is a currency in digital form which is encrypted and is used to regulate the generation of digital currency in units and verify the transfer of funds. Bitcoins operate independently of a central bank unlike other regulated National or Private Banks. It was invented by a group of unknown software programmers under the name of Satoshi Nakamoto. Bitcoin was released in the year 2009 as open-source software. Satoshi Nakamoto as an association had released the white paper on Bitcoin in the year 2008 and worked on the software which released in 2009. As per the Bitcoin terms, users need to feed in their birthdays during the signing up process.
Bitcoin can also be used as a mode of transaction where exchange with other currencies are concerned against the purchase of products as well as services, and this is acceptable in both legal as well as black markets.
Bitcoin works on the fundamentals like storing balances with the help of public and private keys which are long strings of alphanumeric characters linked through the mathematical encryption based algorithm. The public key is treated as the bank account number which serves as the address which is being made public to the world whereas the private key which works as the ATM PIN is being treated like the confidential numbers which are needed to authorised the Bitcoin transmissions.
First decentralised digital currency
Bitcoin has been labeled as the first decentralised digital currency as the entire system of transaction works without a single administrator. The transaction takes place between two sources directly without any interference from an intermediary. This facilitates instant payment.
The transactions are vetted by network nodes in a public distributed ledger called Blockchain. Bitcoin mining is a process of releasing Bitcoins for circulation, it involves cracking a difficult riddle to earn a new block, which thereafter sums up in the Blockchain. In the course of mining, the users who offer their computing power, miners in return are being awarded with newly created Bitcoins and transaction fees.
As per the latest stats, the miners receive 12.5 Bitcoins every 10 minutes. These halves every 4 years. The next decline resulting in another halving will happen in mid-2020. Bitcoin can also be used as a mode of transaction where exchange with other currencies are concerned against the purchase of products as well as services, and this is acceptable in both legal as well as black markets.
The price of Bitcoin is directly related to the size of the mining network, larger the network, the more difficult it gets and hence results in the surge in the pricing to create new Bitcoins. Hence the cost of Bitcoins increases with the rise in cost of production of the same.