"Bitcoins are, in the words of the Bitcoin Project, open-source, peer-to-peer digital currency. For those accustomed to dollars and cents, almost none of that makes any sense at all. Boiling it down: Bitcoins are a synthetic currency that are kept in a "digital wallet" on your PC or mobile phone. Payments are sent from one wallet to another--similar to Paypal--and an in-depth cryptographic system verifies that transactions (such as purchases) are legitimate. These transactions are verified by other Bitcoin users (part of the P2P aspect of the currency), and as a reward, those transaction processors are eligible to receive newly minted Bitcoins. (These amount to free money, but they are exceedingly difficult to obtain. This has led to sophisticated Bitcoin mining operations sprouting up, as well as an entire industry based on supporting of those operations.)
On the other hand, working with Bitcoins isn't easy. Pricing is the biggest challenge: With a currency this volatile, you must either update prices daily (or multiple times daily) or, as Josh Tordsen of Gigastrand does, let the shopping cart manage exchange rates in real time. And once you have Bitcoins, what do you do with them? Exchange them for dollars or hold on to them in the hopes the rollercoaster ride keeps getting better? (Most seem to be keeping them because they just want to see what happens.) "
http://www.itnews.com/business-issues/60534/should-your-business-start-accepting-bitcoins
I did not know about Bitcoint, but this is a very interesting project. I would not start accepting Bitcoins because the market is not mature enough and the currency is volatile. You have to be an expert in this field otherwise should wait until the waves disappear and you can sail out without taking huge risks for small reward.
On the other hand, working with Bitcoins isn't easy. Pricing is the biggest challenge: With a currency this volatile, you must either update prices daily (or multiple times daily) or, as Josh Tordsen of Gigastrand does, let the shopping cart manage exchange rates in real time. And once you have Bitcoins, what do you do with them? Exchange them for dollars or hold on to them in the hopes the rollercoaster ride keeps getting better? (Most seem to be keeping them because they just want to see what happens.) "
http://www.itnews.com/business-issues/60534/should-your-business-start-accepting-bitcoins
I did not know about Bitcoint, but this is a very interesting project. I would not start accepting Bitcoins because the market is not mature enough and the currency is volatile. You have to be an expert in this field otherwise should wait until the waves disappear and you can sail out without taking huge risks for small reward.
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