We’re thrilled to announce that companies can pay for our services with cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH) or Litecoin (LTC). Find out more about cryptocurrencies, blockchain technology and our offering.
As an innovative IT company we are rolling out innovative methods of payment - companies can pay for our services with Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH) or Litecoin (LTC)! We offer our clients the chance to pay for our outsourcing IT services with cryptocurrencies - digital payment systems that are getting more and more popular nowadays. In terms of IT companies using cryptocurrencies, we are leading the industry with this choice of payments.
The first cryptocurrency
Bitcoin (BTC or XBT) was invented in 2009 by Satoshi Nakamoto, a figure whose real identity is still a mystery. It is a new generation of money - one that does not have a physical, cash-like equivalent, like with traditional fiat currencies. Bitcoin and other cryptocurrencies exist solely as digital data and are not governed or regulated by any national bank, institution or government. A cryptocurrency is created by users of the given cryptocurrency system, with the only limits being rules imposed by their developers, such as the maximum number of coins that can be issued. Bitcoin’s limit was set at 21 million coins, as of today (September 2017) ca. 17 million coins have been mined (issued).
Cryptocurrencies are based on decentralized peer-to-peer systems, which means transactions are conducted directly between users without any overseeing third-party. The network consists of nodes, which run verification checks on processes and store information about all transactions. All of the nodes receive information on each transaction that happens in the system. Each transaction is recorded in a public ledger called the blockchain. Once one block in the blockchain is fully written with records, the next one is created.
In the Bitcoin system, a new block in the chain appears approximately six times per hour. Any new block in the chain is connected to the previous one through a cryptographic hash of the previous block and new transactions, so there is no way of altering the record without changing the whole chain of transactions (which would require tremendous amount of computing power). This technology serves as a safety measure from double spending any Bitcoin.
New bitcoins are created via a process called mining, which is essentially solving an extremely complex mathematical equation using the computational power of a miner’s computer. Bitcoins serve as a sort of a reward for such an action. Cryptocurrencies are stored in a “wallet” - just not your regular one, of course. The wallet itself can be on a local PC, virtual (hosted by third party which is least secure), physical (resembling a USB drive) or even virtually indestructible metal or a paper one. A cryptocurrency wallet contains two encryption keys: public and private. The private key encrypts (signs) messages (transactions) that only the holder of the key may decrypt. The public key is available to everyone and anyone can verify that the messages were signed by the owner of the private key (without knowing the private key itself). A Bitcoin address consists of a keypair of both keys. To stay secure remember: “Your keys, your Bitcoins; not your keys, not your Bitcoins”.
Not only Bitcoin - what about Ethereum and Litecoin?
Bitcoin was just the beginning of the cryptocurrencies’ movement - now there are more than 700 of different types of virtual coins. Apart from Bitcoin, we can also accept payment in Ethereum or Litecoin.
Ethereum was launched in 2013 and besides being a cryptocurrency, with its smart contracts, it is also a blockchain-based platform for investments, transactions, crowdfunding etc. Ethereum is one of those currencies which doesn’t have a maximum limit of coins set. 61 million coins were distributed among investors and developers during the Initial Coin Offering (ICO), and then everyone has been able to mine them since. Right now there are around 91 million Ethereum coins in circulation.
Litecoin technically is almost identical to Bitcoin, but processing blocks is currently much faster than its famous predecessor and the transaction fees are much lowers. Its limit is set at 81 million coins.
On August 1st 2017, there was a split in the Bitcoin blockchain since there was a disagreement in the community related to a part of the underlying tech’s specification (namely the size of a block), which resulted in creation of a new coin - Bitcoin Cash (BCC or XBC).
Bitcoin becomes official form of payments
Many were and still are doubtful if cryptocurrencies are a useful thing that will properly catch on and actually become a serious solution for payments. But financial crises that have struck most of the world markets in recent years have made many investors turn to this idea as an alternative to traditional currencies.
In April 2017 Japan officially started recognizing Bitcoin as a legal form of payments which resulted in thousands of online and offline retailers accepting Bitcoin. More and more countries are officially recognizing cryptocurrencies as a form of payment, amid a growing number of individuals and businesses using cryptocurrency.
Pay with Bitcoin for your next IT project
iRonin, as a highly innovative company, can now accept the most popular cryptocurrencies as a form of payment for our services - web development services paid by Bitcoin, Ethereum or Litecoin. You can use these to pay for your next web or mobile application, DevOps services with bitcoin payment, and other IT services. We are a part of a new era of software houses using cryptocurrencies and we hope that others will catch on.