Probably you have been hearing people mention Bitcoin in the digital currency world and you keep wondering what Bitcoin is and why you should get some. Well, in this article you will receive answers to your questions. Bitcoin is a global cryptocurrency that is named the first decentralized digital currency that operates without an administrator. Originally it was created for mining, but currently, it can also be used in the market for services, products or currency exchange. Other than accessing merchant services, Bitcoin can also be kept as an investment, check out vanbex blockchain consultant for more on Bitcoin investment. Bitcoin has plenty of advantages over the local currencies we have. Below are reasons why you should consider getting Bitcoin for your merchant activities.
Why Bitcoin is good news
Less paper work
The only thing you need to begin sending and receiving Bitcoins is the Bitcoin Wallet Program that can be easily downloaded from the internet. Once you have downloaded the Bitcoin wallet program you can open as many Bitcoin addresses you wish to have, it is limitless. With this convenience, it saves you the hassle of ID requirements and documents for opening a bank account.
With a keen observation of the Bitcoin exchange Value graph, it is clear the Bitcoin value was highly volatile earlier when it was introduced to the market. However, in the recent past, the graph shows that Bitcoin has gained stability with its value escalating day in day out.
In comparison with the local methods of moving money, Bitcoin transfer is significantly cheap and very quick to transfer. A usual Bitcoin transfer costs around 0.0005 BTC which are remarkably lower compared to an international wire transfer that costs between 700THB to 1300 THB for every single transaction. In regards to quick transfer, you find that wire transfers may take some days while with Bitcoin transfer it only takes a few hours for a client to receive the transfer confirmation.
Once a Bitcoin transfer has been approved it cannot be reversed at all. This irrevocable transfer of the Bitcoin majorly benefits the traders. In this case, the trader is safe because they are assured that once the customer has done the transfer and the trader has dispatched their products, there is no chance of them reversing the transfer.
Security and control
Bitcoin allows users to be in control of their transactions thus saving them from any extra charges from greedy merchants. For instance, if a merchant wants to charge an extra fee on an item they must first consult with the customer. In regards to security, stealing someone’s identity to perform illegal transactions is impossible because with Bitcoin personal identification is usually concealed.
With Bitcoin transfer, you don’t have to worry about distance or time. Unlike bank transfers that can be limited by holidays or distance, you can be able to make Bitcoin transfers to any part of the world whenever you want.
Bitcoin is relatively young and new in the market thus not very many people have become conversant with it. However, with its outstanding strengths, it is likely to become a common currency as many people get its awareness.…