Bitcoin was released as a payment method aiming for facilitating a transaction. Bitcoin was invented in the year 2008, and the network of bitcoin went on air in 2009. Bitcoin inventor was familiar with the flaws and drawbacks of the traditional banking system and centric dominated fiat currencies. In order to mitigate the domination of these intermediates and central parties, the concept of a decentralized cryptocurrency was introduced.
Bitcoin consists of tons of features and strong points. All the more, every gigantic firm has just blazed the trail of accepting bitcoin as a payment method. You can use ethereum trader to get more details about bitcoin. However, is bitcoin worth adapting for a smaller or medium-scale business? Despite the volatility rendered by the bitcoin complex, there are tons of reasons why your business should accept bitcoin as a payment method. Below mentioned are some of the reasons why you should accept bitcoin as a method of transaction if you own a business. Let’s have a look.
Why Is Bitcoin Much Better Than Other Method Of Transactions?
Fiat currencies and few digital currencies such as Yunnan are regulated, authorized, and supplied by higher financial authorities such as the national bank and other statuary bodies. Bitcoin, on the other hand, is not regulated by any of the government authorities, including intermediates. In a nutshell, bitcoin is devoid of third parties, unlike fiat currencies. The political freedom of bitcoin demonstrates the number of features of bitcoin. Here are some of the features of bitcoin which can assist in the expansion of your business model
The traditional banking forums, either land-based or virtual, are primarily subjected to buyer’s protection merely. Platforms like PayPal concentrates on the buyer’s protection merely, and in case a seller confronts fraudulent activities, this platform does not take actions with that much potential.
All the more authentic carding systems such as debit cards and debit cards process reversible transactions as in case the buyer is willing to reverse the transaction, these credit card and debit card companies reverse the transaction without any robust proof. In a nutshell, these traditional banking systems are merely concentrated on favoring buyers.
Chargebacks and fraudulent activities are the utmost often complication confronted by the business, either small scale or large scale. All the more, this kind of activity hits the morale of business owners alongside the productivity. However, bitcoin is considered as the mere solution to this entire problem as bitcoin is the only payment method existing that allows you to process the irreversible transaction. Yes, you read it right.
The fact might amaze even if the buyer buys bitcoin from a credit card or debit card and direct transfers to you utilizing the bitcoin wallet; the buyer cannot reverse the transaction. The irreversible transaction processed by the bitcoin complex renders zero possibilities for scams and chargebacks.
Transaction fees levied by the traditional banking system are just skyrocketing. You might have noticed even in the case of refund or chargeback, the transaction fees are deducted from the wallet of the seller. The fact might amaze you that at the instance of receiving a transaction, there are no transaction fees. The transaction fees charged by this bitcoin wallet or trustable utterly depend upon the organization and the amount of that explicit transaction. Decentralized bitcoin wallet and trustable exchange cost you a specific amount of transaction fees only no matter what the amount of transaction is, whereas, in the traditional banking system, the transaction fees are utterly dependent upon the amount of transaction.
Quick international transactions
As mentioned ahead, fiat currencies are exposed to tons of complications and flaws. Transferring fiat currencies internationally utilizing the traditional banking system is an extremely complicated task, all the more transaction fees charged in the case of the intentional transaction is huge.
However, bitcoin is devoid of third parties and other intermediates, as the entire complex of bitcoin is subjected to a peer-to-peer network, which correspondingly eases down the complication of international transactions alongside the transaction fees. All the more, you can transfer as much bitcoin as you want as there are no limitations of funds in the complexity of bitcoin.