Bitcoin now accepted in Nicaragua

Jan. 30, 2014

Have you heard about bitcoins? The experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world? Well, it is now officially being used in Nicaragua. In fact, Nicaragua is one of the few Latin American countries where you can purchase properties with bitcoins.

In December 2013, a US ex-banker purchased a property in San Juan del Sur, Nicaragua, using only bitcoins. The transfer was immediate and cost-free, unlike traditional transfers. This innovative transaction—the first of many to come—has drawn a lot of attention and has introduced Nicaragua into the global currency revolution Bitcoin is creating.

Bitcoin is, essentially, a virtual currency: it is a digital representation of money that can be used for the purchase of goods and services just like cash. However, it differentiates from other currencies in its independency from any bank or nation and in having no formal organizational structure behind it; Bitcoin is managed entirely by a Peer to Peer (P2P) network of individuals that manage balances and transactions on their own.

You can acquire bitcoins in four ways: as a payment for goods and services, purchasing them at a Bitcoin exchange, exchanging them with someone near you, and earning them through competitive mining. Bitcoins are “mined” from computer networks through the process of solving a complex mathematical problem; however, the total amount of available bitcoins is a finite number, which may create a huge demand and value for them in the future.

Bitcoins are already being used to pay for many products and services across the globe. Though it is still an emerging technology, its ease and speed offers a great opportunity to reimagine how the financial system can work in the Internet era. The coming years might bring great drama and excitement revolving around this new technology. In the meantime, Nicaragua is already one of the few countries in the world where you can use bitcoins for large purchases such as properties.

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