About BitCoins (BTC)

Bitcoin is an innovative payment network and a new kind of money. Bitcoin allows you exchange money in a different way than with usual banks.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

For those unfamiliar with Bitcoin, it is a digital currency first developed in 2009. Since then, Bitcoin has established itself as the world’s most widely used alternative currency. Traded through online exchanges, it is rapidly gaining traction across an ever-increasing number of merchants including ip-Mart (Malaysia), BolehVPN (Malaysia), Geekzen (Malaysia), Overstock (USA), and TigerDirect (USA).

In practical terms, Bitcoin works much like any other currency. When you make a Bitcoin deposit it will be instantly transferred into Malaysian Ringgit (MYR) at the prevailing market rate, with no currency conversion fees.

Bitcoin is a great option for a number of reasons:

The currency and its infrastructure provide you with anonymity;
Allows lower payment processing costs and quicker processing times, and;
Eliminates the risk of credit card fraud.

And because you control your funds in your own e-wallet, you have total control over their security. Although the technology is still fairly new, it’s getting better, more popular, and easier to use all the time. With the advantages it offers over traditional currencies we are expecting a major increase in popularity in the coming years.

Cygnus IT Solutions (CITS) is proud to announce that we are the first IT Company in Malaysia to adopt the use of Bitcoin as we believe Bitcoin is the currency of the internet generation - it puts the power back into the hands of the people. We really think Bitcoin is a great idea and are willing to accept payments in BTC forms, apart from our conventional mode of payment.

For more infomation about Bitcoins and how it works, please refer to the following links: