Houston Law Firm accepting Bitcoins
January 16th, 2014 by Omar Malik
Houston Attorney starts accepting Bitcoins.
Arguello, Hope and Associates has decided to start accepting payment for our fee-based services via Bitcoin. We are the second practice in Houston and one of only a handful of firms that has started to accept Bitcoins in the state of Texas. Bitcoin has the potential to shake up the financial industry and many companies are starting to realize that adapting is not an option, but a requirement to survive in todays economy.
What is Bitcoin?
Bitcoin is a peer to peer digital “currency” that is completely decentralized and so far, unregulated by any government or banking entity. Bitcoins can be sent anywhere around the world with the click of a few buttons in as little as 10 minutes, with miniscule fees involved. Bitcoins are created by “miners” who run specialized software to perform proof of work mathematical calculations on the transaction blocks transmitted through the Bitcoin network. This proof of work protects the transactions on the network from being altered or duplicated. The reward for performing these calculations is a chunk of Bitcoins for the successful miner. The total amount of Bitcoins to come into existence will be 21 million, of which approximately half have been successfully mined. Once they’ve all been found, the incentive to continue running the calculations required for operation of the network will be in transaction fees instead of a block of Bitcoins, and as such the network will continue to be protected.
How do I get Bitcoins, can I mine them too?
When Bitcoins were first introduced, they could be successfully mined using an ordinary computer’s processing power. As they increased in popularity, more and more people started mining Bitcoins and to compensate, the Bitcoin network automatically increased the difficulty of performing a successful calculation. The difficulty increases to keep the average target for calculating a new block at 10 minutes. As the network grew, the amount of processing power required to successfully mine a block increased proportionally. Fast forward to today, the amount of power needed to mine a block requires very specialized hardware dedicated to running these calculations. An average computer could take years to mine a block, if it even finds one at all!
Now, the easiest way to start using Bitcoins is to buy them from a Bitcoin exchange. As Bitcoin starts to enter the mainstream, we are going to see more and more services and goods offered using Bitcoin as payment, perhaps even people willing to accept Bitcoin as a salary from their employers.
Why does Arguello, Hope & Associates accept Bitcoins?
At Arguello, Hope & Associates, we strive to stay on the leading edge when it comes to technology and using it to our clients’ advantage; in this case, remaining as flexible as we can when billing for our fee-based services. In partnering with payment processer Bitpay, we are able to bill and settle at the current market rate, and as such remain protected from any Bitcoin volatility. Whether a client needs to pay with Cash, Check, Credit Card through PayPal, and now Bitcoin, we’ve got them covered.
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