Bitcoin (BTC) has been around for the last ten years, however, has taken some time to get the recognition it deserves within the online world.
Online businesses can and are benefitting greatly from Bitcoin, and if you are a business owner and have not considered having Bitcoin as a payment options, maybe you should reconsider.
Due to Bitcoin, online businesses are now able to access markets which were previously inaccessible to them, making international payments without boundaries one of the real reasons why online businesses are jumping on the bandwagon.
Bitcoin is revolutionising the way online businesses do business!
Benefits Of Bitcoin
There are thousands of online businesses that currently accept Bitcoin as a payment option, with more and more businesses adding themselves to that list every single day.
Uber, Google, Nike, Subway, KFC, Burger King, Expedia, Playboy and Microsoft are just some of the major companies that accept bitcoin as payment.
But it does not only benefit large, global companies it too benefits smaller online businesses, and they are benefitting greatly.
Because cryptocurrencies do not need to use Banks as an intermediary, this eliminates the need for fees.
Pay with Bitcoin and there are not hidden fees incurred.
This is a great benefit from the current system we are so use to, and paying 2% – 3% just in fees alone.
Transactions Are Faster
Due to the Blockchain technology that cryptocurrencies use, payment-processing time is done almost instantly.
This is due to eliminating the need for a centralized body, such as the banks, checking all transactions, which can take days, as we know.
The Blockchain system is a decentralised system, with full transparency.
Cryptocurrencies have been described as being pseudonymous, this means that they reveal less private information that a standard credit card does. However, every single transaction made is recorded on the Blockchain, as mentioned above.
When a transaction is made on the Blockchain, the users Bitcoin address and the amount traded is visible on the public ledger.
Due to the transparent nature of cryptocurrencies and the Blockchain, this has reduced drastically the amount of scams and cheats that we have seen through the use of credit card payments.
Storing your cryptocurrencies is essential, and knowing the best wallet for your needs and your security needs is imperative.
There are many wallet storage options available, unlike credit cards, which is completely reliant on the banks to store your funds and information.
Cryptocurrencies and being able to use them for a transaction is available 24/7, and unlike using the banks, they do not have delays in regards to weekends, public holidays or late hours.
As long as you have Internet access, you can use your cryptocurrency!
Cryptocurrencies have opened up the online market like we have never seen before.
Businesses are now able to access a global market, with no foreign transaction fees, currency exchange rates or delayed payments.
Bitcoin crosses all borders.