Keeping up with technical innovations, the Photography of Eduardo Fujii online store started accepting bitcoins in addition to credit cards, Paypal and Amazon payments at the end of June 2016.
Bitcoin is a "cryptocurrency", an internet based money created by a software developer using the pseudonym of Satoshi Nakamoto in 2008. The real identity of Satoshi Nakamoto is still unknown after years of investigations by The New Yorker and Fast Company. It has grown to a $100 million market since it was launched. Today, more than 100,000 merchants accept the virtual currency as a form of payment. Among them are: Shopify, Amazon, eBay, Overstock, Wal-Mart, Target, Starbucks, Microsoft, and others.
Its main characteristic is that it is decentralized. Bitcoin relies on a peer-to-peer network rather than central authorities to generate and manage financial transactions. Other features include: easy to set up, it is anonymous and completely transparent, it is fast and has very low transaction fees.
Bitcoin is also a form of investment used as a hedge against uncertainties and central bank policies being implemented around the world such as negative interest rates and cash bans. After UK BREXIT vote on June 23, the price of bitcoin jumped 8.7% while the S&P 500 dropped 3.6%.
As more and more merchants start accepting digital currencies, Bitcoin might experience tremendous growth in the near future and become a very convenient payment option for our customers. "We want to be prepared for when that happens," said Fujii.
For a more in-depth look read What is Bitcoin — A Comprehensive Guide on Bitcoin