The creator of Bitcoin is named Satoshi Nakamoto. Bitcoin is a decentralized computer network with no single point of control. Bitcoins are not created by elite demand, like the U.S. Dollar, but are mined from electricity as rewards for securing the network. The rewards are held by POS (Point of Sale) or POW (Proof of Work).
Bitcoin also includes a multi-signature feature which allows bitcoins to be spent only if a subset of a group of people authorize the transaction. This can be used by a board of directors, for example, to prevent members from making expenditures without enough consent from other members, as well as to track which members permitted particular transactions. There are no escrows or third-party (banks) that record your transactions. They are placed cryptographically online and in a secure P2P network.
Bitcoin is an emerging market of new customers who are searching for ways to spend their bitcoins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has often shown to be a clever practice for online businesses.
Accepting credit cards online typically requires extensive security checks in order to comply with the PCI standard. Bitcoin still requires you to secure your wallet and your payment requests, however, you do not carry the costs and responsibilities that come with processing sensitive information from your customers like with credit card numbers.
Any business that accepts credit cards or PayPal knows the problem of payments that are later reversed. Chargeback frauds result in limited market reach and increased prices, which in turn penalizes customers. Bitcoin payments are irreversible and secure, meaning that the cost of fraud is no longer pushed onto the shoulders of the merchants.
Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
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