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What the Heck Is a Bitcoin Anyway?And how can my business accept payments with the digital currency?

ByMikal E. Belicove•

This story appears in theApril 2014issue of雷竞技手机版.Subscribe »

Illustration © John Weber

Q: My customers are asking to pay with Bitcoin. How does it work?

A:It's easy. On the surface,Bitcoin--a peer-to-peer payment system and digital currency not tied to any government--appears to be a financial breath of fresh air for small businesses. There are no annoying credit card fees, bank transfers or delays in receiving payments.

Anyone can send Bitcoins from a mobile phone, desktop computer or SMS to anyone else within seconds, for free. No government authority can seize those funds, and no bank can prevent them from being sent.

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