With the global blockchain market expected to reach $23 billion by 2023, businesses across the world are beginning to add cryptocurrency to their accepted forms of payment, alongside long-time standards such as cash, checks and credit cards.
In its simplest definition, cryptocurrency is a decentralized form of digital currency exchanged and managed via the internet. Bitcoin, launched in 2008, remains the most prominent form of cryptocurrency, though dozens of other competitors now exist, as well.
This summer, A1 Garage Door Service processed its first Bitcoin payment from a customer who purchased a new garage door and opener system.
“It’s a historic day for the company, a historic day for me, and I think it’s going to launch A1 Garage Door Service into the future,” said owner and CEO Tommy Mello.
A1 Garage Door Service is using Coinbase, a digital asset exchange and marketplace for securely sending and receiving cryptocurrencies, to process payments. Estimates for Bitcoin payments will be based on the current exchange rate between Bitcoin and the American dollar.
With the housing market continuing to climb, many homeowners are taking advantage of home improvement projects. Your garage door represents 40 percent of the curb appeal of your home, and garage doors offer one of the best return-on-investments of any home upgrade.
If you’re looking to upgrade your garage door, now’s the time to act. And, with Bitcoin added to the mix, you now have more options than ever for how to pay for your project.
“I truly believe the world is turning to cryptocurrency,” Tommy said. “I believe decentralized monetary sources are going to be the next big thing. The smartest companies in the world are starting to look at it, and we’re getting in early.”
Bitcoin has been a popular buzzword in recent years, but how exactly does cryptocurrency work? It begins by installing a Bitcoin wallet on your computer or mobile device. Doing so generates your first Bitcoin address, and you can create more, as needed.
By sharing your address with friends, family or businesses, you’ll be able to send and receive Bitcoin credits. Each address should only be used once for safety purposes.
The Bitcoin network relies on the block chain, a shared public ledger, which includes all confirmed transactions. It allows Bitcoin wallets to calculate their spendable balance so new transactions can be verified. The integrity and chronology of block chain balances and payments are enforced with high-level cryptography.
There’s a lot more to the process, including how transactions are handled through a process called mining. Learn more about how Bitcoin works.