Overclockers UK, Newcastle-Under-Lyme are taking a big step into the future of making online payments. All customers now have the option to pay the contents of their shopping cart by using the virtual currency Bitcoin.
Like other cryptocurrencies too, the aforementioned Bitcoins are being created through the use of cryptographic mathematical equations that are resolved by computers under high computational cost. A double SHA256 hash function is used for Bitcoin. The difficulty level of the calculation can be adjusted and regulated by the entire Bitcoin network at all times. Upon finding a valid solution of the mathematical problem, a so-called block is being produced, which is then going to be proven and verified under relatively minor computational effort by the entirety of the Bitcoin network. A specific amount of Bitcoins is allocated to each block found and subsequently conceded to the discoverer(s) of the respective block.
Bitcoins can either be exchanged directly for other currencies (like Pounds or Dollars), by taking an exchange rate into account, or generated through so-called mining, by employing computational power of a computer.
During the checkout process, Bitcoin can simply be selected as the desired payment method. The payment service provider BitPay is then going to convert the purchase amount from Pounds to Bitcoin using the latest exchange rates. Afterwards, the payment can be completed in a time frame of 15 minutes.
Naturally, order cancellations are still possible at all times. Refunds for orders that have been paid via Bitcoin will be handled directly through BitPay and can only be reimbursed in Bitcoin by taking into account the respective exchange rate valid at the moment of the refund. A reimbursement of any amount in GBP, e.g. to a bank account, is impossible. Furthermore, Overlcockers UK is not accountable for any fluctuations of the Bitcoin exchange rate and therefore cannot assume liability for resulting losses or gains. A refunding of Bitcoins using the original exchange rate to GBP is not possible.
For more information please click this link: http://www.overclockers.co.uk/LP/bitcoin.php