Merchant Account Glossary:

Bitcoin Definition

Merchant Account Bitcoin Explained:

What is Bitcoin? Bitcoin, often abbreviated as “BTC,” is a largely unregulated digital currency that can be transferred from peer to peer via any two internet-capable devices. Bitcoin is not generated by a central bank or other financial authority, and the global community has yet to reach a consensus on how this new form of currency should be regulated, traded, and valued.

Bitcoins are bought and sold on open online exchanges for variable prices against the value of other currency. This exposes the Bitcoin’s exchange rate to extreme fluctuation. Since its introduction in 2009, Bitcoin has appreciated considerably overall, generating interest from banks and large businesses as a potential investment. Due to its relatively anonymous nature, it has come under fire for being used as a payment method for illegal purposes. There are also some concerns among businesses about the security of a decentralized digital currency. At this time, Bitcoin payment processing is in its infancy and is the subject of ongoing review as to its legality. Whether major merchant account providers will ever process Bitcoin-based transactions remains to be seen.

Bitcoin Video Explanation
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I’m a former credit card processing sales director who left the industry to start my own small business. From the time that I starting working in the merchant services industry to when I left to write about it, I’ve been on the pulse of payments for nearly 15 years. It didn’t seem fair to keep this insider knowledge to myself, so built this website to expose unethical processors as well as to educate business owners. I’ve reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you would like to learn how to stop wasting money on processing fees, contact me.

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