Did you know that Prague has a cafe that accepts payments only in Bitcoins? This Bitcoins only cafe is called The Paralelní Polis Cafe. What’s more, the cafe also pays its employees in Bitcoins. Now that is revolutionary indeed!
For those of you not familiar with Bitcoins – Bitcoin is a form of digital currency that is created and held electronically. Bitcoins were created by Satoshi Nakamoto and have been around since the 1990s. There is no central authority that controls the creation or regulates the use of Bitcoins. The technology is based on a decentralized peer to peer network. Users can hold their coins in a Bitcoin wallet. Recent times have seen a growth in the popularity and usage of Bitcoins. There are more than 100,000 merchants and service providers that accept Bitcoins as a valid form of currency as payments for their goods and services. The number of users who own cryptocurrency accounts is estimated to be between 2 and 5 million which is many times over what it was just a few years ago. This should give you an indication of the growing popularity of Bitcoins.
Bitcoin Services
Keeping this growing popularity in mind, leading online payment processing platform Payza, recently extended Bitcoin support within its platform to provide more comprehensive integration. This means merchants can now receive payments in Bitcoins and also make Bitcoin payouts. Payza users can now hold Bitcoins directly in their Payza wallets – earlier they could do so only in a Bitcoin wallet. Users can easily buy Bitcoins using the Bitcoin withdrawal feature and sell Bitcoins using the Bitcoin Deposits feature. This makes dealing in digital currency as simple and straightforward as working with any other currency.
Bitcoin Payouts
Payza merchants can now make Bitcoin payouts to their partners, vendors and affiliates. This includes mass payouts to affiliates that do not have a Payza account. This new feature is expected to be available in the updated version of the Payza MassPay API. As the Payza API is being upgraded to include more Bitcoin support, it will make it possible for Payza merchants to provide a completely integrated Bitcoin based payments solution. What makes the Bitcoins solution more attractive is that Payza charges lower fees for Bitcoin transactions. Using the enhanced API, merchants will be able to automate Bitcoin payouts. Payments can be sent out directly to another Payza e-wallet or to an external Bitcoin wallet.