In the last few months, Bitcoins have gained traction as a form of currency. Since its inception, Bitcoins have definitely had some up and down’s, crashing to as low as a $1/Bitcoin. Primarily due to economic concerns, bitcoins have risen in value dramatically against the USD. The value of the bitcoin may be due to the fear that is contagious in the financial sectors right now. No one can deny that the currency has gained some momentum. But how long that will last? For the time being, Foundry512 will be accepting Bitcoins as payment for services.
A Brief Bitcoin Explanation
The Bitcoin currency is an intriguing one. Instead of having a central bank that authorizes and secures the transfer of money, bitcoins rely on processing power in an effort to prevent currency duplication. That processing power comes from a network of p2p computers that run algorhythmic hash checks to ensure bitcoins are only used once. Bitcoins are a digital currency that is earned through a process of mining. The process is called mining because it is similar to mining for gold. Like the kind of gold that backs up fiat currency. Those mined bitcoins can then be spent at service providers and retailers for goods and services rendered. Bitcoins can also be purchased from several online marketplaces. Everyday users also have the opportunity to use their own machines to mine for bitcoins.
An Interesting Concept
Bitcoins are indeed an interesting concept in terms of future currency models. Bitcoins are a decentralized currency, meaning there is no central issuing bank or authority. All integrity of the financial system is done by the system itself, through mathematical calculations performed by advanced chips and processors.
Bitcoins are also in limited supply. Because of the way calculations are performed, there will never be more than 21 million bitcoins generated. Additionally, it is estimated that the final bitcoin will not be generated until 2140. This is done because having a limited supply and ensuring the longevity of that supply could help bitcoins survive for many years.
Why We Are Getting Involved
Inherently, there are many risks to a new currency. Rapid devaluation and bubbles come and go like the weather changes. However, even with the risk of losing value, bitcoins provide an interesting insight into the future of our currency and financial systems. It is because of that future potential that Foundry512 has decided to move forward and accept Bitcoins as payment for services.
Effective immediately, all of our web marketing, web design, website hosting, and retainer services accept Bitcoins as payment. If you have needs for web marketing services, contact Foundry512.
Here’s our Bitcoin Address: