Bitcoin is a decentralised form of digital payment that puts the power back in the users’ hands rather than being dependent on a bank or government policy. The end user experience is similar to any modern smart phone App. They can pay for goods and services of all kinds with digital bitcoin and in turn be paid for any good or service they provide.
One of the beauties of Bitcoin is that it evens the playing field between currency conversion rates, commission fees, and transfer limitations that come into play with traditional monetary systems. Bitcoins are transferred directly from user to user, and a public record is kept of each transaction. A unique digital signature protects every exchange so that there is no risk of fraud, chargebacks, or identity theft.
Freedom from a centralised currency paves the path for global exchange, development, and collaboration. To utilise the potentials it’s been built into the new social site CommonCollection.com, which is a website for global peer-to-peer giving. CommonCollection connects people directly and instantly transferring donations from one person to another. People with an urge to help can browse through cases on CommonCollection and read individual stories, which have been uploaded by people in need. Once the givers are ready to donate, they scan a code with their mobile device, decide the amount they want to give and click send. Within a few minutes the recipient is notified and can use the received donation for its intended purpose.