What is Bitcoin?
Bitcoin is a cryptocurrency, money which only exists digitally, created specifically to be irretrievable when transferred. Transactions are verified and recorded through a process called ‘mining’, which also creates new bitcoins, without the need for a bank or governing body. Bitcoins are traded on marketplaces for other currencies and can also be used to purchase items, in which case, the bitcoins are transferred from a personal wallet to a receiving Bitcoin address. When you use Mollie to allow customers to pay with bitcoins, we ensure that you’re paid out in the corresponding amount in euro.
Because Bitcoin was developed specifically for irreversible, online transactions, it’s a great payment method for online retailers. Bitcoin is mostly used in online tech stores, but it’s also being implemented and used in food delivery services, clothing stores and tourist accommodations like bed and breakfasts.