1. Easy Transactions
Bitcoin offers fast and cheap transactions, making it easier for customers to pay you online compared to traditional methods.
2. Low Fees
Unlike credit cards, there are no transaction fees associated with accepting bitcoins.
3. No Third Parties Needed
You don’t need to rely on expensive middlemen such as PayPal or Stripe to process payments.
4. Scalable Payments
Bitcoin can be sent to any address in the world. This means that your business can accept bitcoin payments from anywhere in the world.
5. Instant Payments
When a customer pays using bitcoin, they receive their funds instantly. They never have to wait days or weeks for their payment to arrive.
6. Anonymous Payments
The blockchain technology used by bitcoin makes it impossible for anyone to track where the money came from.
The blockchain is an open ledger of all bitcoin transactions. It’s completely secure because every single transaction is recorded in this public ledger.
Because the blockchain is decentralized, there is no central authority that can control its use.
9. Immutable Records
Once a transaction has been made, it cannot be changed. This means that once a payment has been received, it cannot be reversed.
1. Reducing transaction costs and speed
Credit cards charge merchants anywhere from 2%-3% of each purchase amount. This cost covers the credit card companies’ processing fees and interest rates.
Bitcoin offers a way to reduce those fees and speeds things up. For example, if I wanted to buy $100 worth of goods, it would cost me about 0.02 BTC ($2). But if I had set up my payment via Coinbase, the same transaction would cost me about $0.01.
The average transaction takes about one hour to process, depending on whether you use a blockchain explorer like Blockchain.info or a block explorer like BlockCypher.com. You can also opt to wait longer for faster confirmation.
If you’re sending large sums of money, you may wish to look into a Lightning Network wallet. These wallets allow you to make instant payments without incurring any transaction fees.
2. Safety from fiat exchange rate risk
Bitcoin is a digital asset that enables instant transactions worldwide without needing a central authority. Transactions are recorded on a public ledger called blockchain.
A cryptocurrency is a form of digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. A virtual currency operates independently of a central bank system, relying upon cryptography and economic incentives to achieve consensus and record transactions. Cryptocurrencies allow for near anonymous transactions due to the fact that there is no single administrator that controls the issuance of units of the currency.
The most widely known example of a cryptocurrency is Bitcoin, although others such as Ethereum exist.
3. International sales
Bitcoin transactions let you reach people around the world without having to pay exorbitant bank transfer fees. You can send money anywhere in the world instantly. And it doesn’t matter what currency you use because bitcoin works across borders.
You can even buy things online with bitcoin. For example, you could sell your old iPhone for bitcoin, and then spend those bitcoins at Amazon.com.
There’s no limit to how much you can send or receive. You can send $100,000 per day, or $1 million every month. You can also make purchases worth millions of dollars.
The only limitation is where you’re willing to ship. If you want to sell something in China, you might find buyers there, but you won’t find anyone else outside of China.
If you want to do business internationally, you’ll need to start thinking about whether or not you can accept payments in different currencies.
4. No chargebacks
Bitcoin transactions are irreversible. As soon as a customer makes a purchase, it cannot be reversed. This means there are no chargebacks. Merchants often worry about fraud, but the reality is that most claims are legitimate. If a customer doesn’t pay, that’s usually because he or she didn’t receive what was promised. In those cases, merchants simply refund the money to the buyer.
The biggest problem with chargebacks is that they take time and resources away from running your business. You’ll spend hours dealing with disputes and refunds, rather than focusing on growing your business.
5. Ease of use
Bitcoin is a digital currency used online. It uses peer-to-peer networking to operate without a central bank or single administrator. This makes transactions very fast and cheap, but also leaves bitcoins vulnerable to theft. If someone gains access to your wallet, they could steal your coins. A lot of people choose to keep their money offline in “cold storage,” where they store the keys to their wallets in paper form rather than electronically. But even cold storage isn’t foolproof.
6. Positive publicity
Bitcoin acceptance is growing rapidly around the world. In fact, there are now over 2,500 businesses accepting digital currency payments. But while some companies see the benefits of accepting bitcoin, others choose to remain neutral. While most people know about the cryptocurrency because of its association with online black markets such as Silk Road, many don’t realize that there are legitimate reasons why businesses should consider accepting bitcoin.
The main benefit of accepting bitcoin is positive publicity. If a restaurant accepts bitcoin, customers may tell their friends about it. This could lead to increased traffic to the restaurant’s site. And since the number one reason visitors leave a website is lack of interest, having a few more interested customers could mean a lot.
Another advantage of accepting bitcoin is the ability to track transactions. Many merchants use third party payment processors to process credit card transactions. These processors charge fees every time someone makes a purchase. By accepting bitcoin directly, merchants can avoid those fees.
Finally, being the first business to accept bitcoins can help increase brand awareness. When a customer sees a familiar name on a list of accepted coins, it gives them confidence that they’re dealing with a reputable business.
7. Forward-thinking brand identity
Suppose you’re a “cutting edge” brand or have established yourself over many years as a thought leader and “early adopter” of trendy and up-to-the-minute things. You’ve built a reputation based on your willingness to embrace change and take risks.
In that case, adopting Bitcoin as a payment method sends out a clear signal to your audience about what you stand for. It’s a powerful statement because it demonstrates solidarity with the world’s most persecuted dissidents, underbanked people and other honest and hard working individuals who are fed up with the drama, infighting and endless corruption that leads to gross mishandling of central banks’ money and markets.
Bitcoin is a universally public, open, transparent, empowering and inclusive technology designed to make it impossible to corrupt and discriminate among its users. By supporting Bitcoin and promoting its use, you show support for those who fight injustice and discrimination wherever they find themselves.
One of the best examples of how forward thinking brands adopt Bitcoin is Canadian restaurant chain Tahiti Nui, owned by a passionate Bitcoin advocate. His decision to convert his restaurant’s balance sheet into Bitcoin has helped boost its brand awareness and opened up new business opportunities – like expansion of the restaurant chain, and even a new outlet in Toronto.
8. Immutable savings
Bitcoin is designed to be the world’s most robust and resilient digital cash system. This is because it is based on a decentralized blockchain technology that ensures every transaction is recorded forever. As such, it is impossible to change transactions once they’ve been added to the ledger. This gives bitcoin a unique advantage over traditional currencies like the US dollar, where governments can print money whenever they want and spend it however they wish.
The fact that bitcoin is completely resistant to government intervention is one reason why many people believe bitcoin could become the ultimate safe haven asset for investors in times of economic turmoil. In addition to being immune to inflation, the cryptocurrency is also impervious to political interference and manipulation, making it a great alternative to gold.
9. Deep security
– A look into the world of cryptocurrencies
Cryptocurrency is becoming increasingly popular among consumers and businesses alike. While some people see it as a way to avoid banks, others believe it is the future of online financial transactions. In either case, there are still many questions surrounding how safe and secure these currencies are.
Bitcoin is one of the most well-known cryptocurrencies, but there are hundreds of different types of digital currency out there, each with their own unique features. Some use cryptography to verify transaction records; some use proof-of-work systems; some require trusted intermediaries to process transactions. And while each type of currency offers advantages over traditional banking methods, none of them offer perfect protection against fraud or theft.
In fact, the risks associated with cryptocurrencies are growing every day. Hackers steal large sums of money from exchanges, hackers compromise servers storing customer data, and scammers impersonate legitimate companies to trick customers into handing over personal information.
The good news is that most of the risk is eliminated once a consumer buys his or her coins. But even then, there are several ways for someone else to gain access to your money.
#1 – Your computer could be hacked
A hacker could break into your computer and steal your login credentials. Once he gets those, he could log into your wallet and make off with your money.
#2 – You could lose power during a blackout