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article imageWordPress to start accepting Bitcoin as method of payment

By Andrew Moran     Nov 16, 2012 in Business
Atlanta - WordPress.com, the popular blogging platform, announced Friday that it will now be accepting Bitcoin, a decentralized digital currency that is the most widely used virtual currency, as a method of payment.
The company confirmed in a news release that users can now pay with Bitcoin for upgrades. This move is an attempt to end geographical and corporate barriers due to the fact that PayPal is banned in more than 60 nations, including Ethiopia, Haiti and Kenya, and certain credit card companies have the same restrictions.
Anyone can establish a blog for free using WordPress.com, but there are various upgrades, such as going ad-free or permitting custom designs. Since Bitcoin has no central authority, buyers and sellers can accept payments with just about anyone.
“With Bitcoin we join a new digital economy that doesn’t leave anyone behind, essentially making financial transactions open source — something WordPress.com is behind 100%,” wrote Andy Skelton, code wrangler at WordPress parent Automattic, in the blog post. “We’re proud to support bloggers from all over the world by providing a Bitcoin option.”
For Bitcoin users, there is a Bitcoin payment method in the store’s checkout section, which shows the amount due and the address of a wallet initiated for your transaction. The process takes only a few seconds, which usually transpires between five and 10 minutes.
Those new to Bitcoin will first have to open up a new account before any transactions can be made using the digital currency.
Refunds will also be issued as WordPress will work directly with BitPay.com, the payment processing partner, in order to provide a refund in bitcoins (BTC). BitPay follows the exchange rates, garners the quotes and the wallet, receives the BTC and sends WordPress United States dollars.
A lot of companies use WordPress as a blogging platform, such as the New York Times, eBay, CNN, Reuters, Mashable and many others.
Bitcoin recently made news after it was reported that the European Central Bank published a report on Bitcoin and virtual currencies. It’s the first central bank study that takes a comprehensive look at the emerging industry.
More about bitcoin, Wordpress, digital currency, Paypal, Vitalik Buterin
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