Bitcoin is a commonly accepted form of cryptocurrency, with thousands of businesses all over the world supporting it. It has many advantages compared to regular currencies, with the most important being that blockchain is more transparent compared to any other traditional payment system. Still, many businesses have not yet adopted a bitcoin payment method.
With that being said, we are going to take a look at some of the benefits of using Bitcoin in your business operations:
Reduced Risks Of Frauds- with bitcoin, it is not necessary for consumers to divulge their sensitive financial details, like debit card or credit card information. Financial anonymity is appealing for any customer because it will be harder for hackers to intercept transaction data. When customers or buyers are sending payments through Bitcoin, each transaction will be signed digitally, before being transferred to the blockchain. It is a robust and secure digital structure for exchanging and storing bitcoins.
No Inflation- Bitcoin isn’t affected by inflation because there are only 21 million Bitcoins, with nearly 19 million already mined as of 2020. On the contrary, governments issue more money each year and inflation is considered as an inherent part of the economic process. With about 2 million Bitcoins left to be mined, the value of Bitcoin will increase steadily.
Low Transaction Fees- compared to purchases with debit and credit cards, transaction fees through Bitcoin are much lower. This fact alone is enough to encourage individual customers and small business owners to use Bitcoin.
Easy To Use- it’s extremely easy for both buyers and merchants to use Bitcoin. There’s no need to convert between foreign currencies and it’s not necessary to comply with any specific banking procedures.
No Third Parties- when making payments with regular currencies, involved third parties usually include banks and payment services. Bitcoin transactions are directly peer to peer, without third party intervention. No government or financial organisation can seize the funds.
Quick Transfer Of Funds- for businesses, a quicker transfer can ensure smoother operations and improve cashflow. When customers or other businesses send a large amount of funds through credit cards or regular cash transfer, they can be locked for days or even weeks. Internal processes in banks may delay payment for no apparent reason. It’s not the case with cryptocurrency payments, including bitcoins. Payments are can be instantaneous and settlements may be completed within two days.
To learn more about online payments using cryptocurrency, contact KryptoX today and speak with a cryptocurrency expert who can answer any questions you might have.