Prescott Regency - How Are Locals In San Antonio Using Bitcoin?

Many businesses, as well as individuals in San Antonio, are big advocates of Bitcoin. In fact, experts predict that the status of Bitcoin will increase even more by next month when the cryptocurrency will be traded as a futures commodity, as a part of the Chicago Mercantile Exchange. Bitcoin's value saw an unprecedented rise this week, when it reached a value of more than 8,000 USD.

No Need For A Bank Account


There are several instances of people in San Antonio using the Bitcoin cryptocurrency. For example, Alex Eaton says that one does not need a bank account to own Bitcoin. It is possible to just download an electronic wallet for the cryptocurrency on any mobile phone. Eaton said he can complete any anonymous transaction, anywhere in the world, within minutes. With Bitcoin’s decentralized technology enhancing the speed of transactions even further, he believes the cryptocurrency is the future.

For the unversed, Prescott Regency define Bitcoin as a Peer to Peer virtual currency, that is only available over the Internet. It is free from the jurisdiction of banks or government agencies. The currency was launched in 2008, and since then has gained an increasing popularity within the financial sector.

Use Of BTM Exchange Machine In Stores


Paras Arora, associated with LOL Liquor, keeps a machine for BTM Exchanges in his store. The machine enables users to sell or purchase Bitcoins. He also accepts some of the major digital currencies as payment when customers purchase items in his store. Arora, by his own admission, conducts daily transactions through cryptocurrencies.

All transactions made through Bitcoins are stored in a ledger known as a Blockchain. The technology ensures that a user is not using the same Bitcoin multiple times. The ledger also tracks how much Bitcoin currency is available all over the world. It is the responsibility of the miners to input the data. Individuals like Arora support this system through special mining computers that function 24 hours a day. Miners receive Bitcoin as a reward for their efforts and support. Arora added that he puts all his cryptocurrency earnings in a distinct account.

Payments Being Made Through Bitcoin


Associate of George Plumbing, Clayton Saliba, has begun recognizing payments made through Bitcoin. While no one is yet to make such payments, he has trust in the Bitcoin network, and has desires of supporting them.

Eaton also feels that people who are investing in Bitcoin cryptocurrency know that there is risk in investing in it, as it’s at its emerging stage, and is quite volatile.

If you want to get in touch with the experts, visit Prescott Regency today.

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