“BitCoins are essentially encrypted numbers that have fluctuating value according to open-market trading. It has been referred to as a crypto-currency for the complex system under which BitCoins are generated and traded. Gallippi, who runs BitPay with Stephen Pair, said the company recently signed up merchant number 1,000, a significant mark for a currency that has only been in existence since 2009. BitPay hopes to compete against payment services from big credit card networks such as Visa and MasterCard and others such as PayPal by offering lower transaction fees but keeping merchants’ confidence about BitCoin’s security.”
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