When bitcoin was launched by Satoshi Nakamoto, the inventor, the idea was to eliminate the centralized control of money by government agencies. More so, to bring a swift and easy way to make transactions.
After cryptocurrencies were globally accepted as a source of payment, cryptocurrencies have gained a huge audience and recognition. Check here for more resources.
Bitcoin has been designed to offer some unique benefits like sending and receiving funds, giving it an advantage over other payment methods. Here are some of the top 5 benefits of using bitcoins as a payment system in your business.
1. No Banking Fee
It is true that there are various charges associated with using banks for transactions. Bank transaction fees may include maintenance, withdrawal cost, occasional deposit, etc.
But when using bitcoin removes all these banking fees or reduces them to the minimum. Meaning bitcoin transactions will save you from being charged for any of those costs.
Also, when you are engaging in any foreign transactions, you won’t be charged either as bitcoin is not under any government policy. Bitcoin transactions are also fast, so there is no need to wait for authority, requirement, and other time wasting protocols.
2. User Autonomy and Anonymity
There are various restrictions that are associated with using fiat currencies. For instance, using banks can subject you to tremendous financial losses as there may be bank crashes or shutdowns.
This has occurred numerous times, causing individuals to lose their money. But the case is different for bitcoin transactions as the payment method is not linked to any defined government rules.
So, the users have total rights and control over their money.
Bitcoin transactions also make it easy for business people not to relay any sensitive financial information to their associates. For instance, when using banks to send money to another person, you have to identify that the information by both parties is verified. This also brings certain financial anonymity as you don’t need to use any bank card or other personal information.
The only means of verification is by blockchain addresses, and an individual can possess various blockchain addresses just as they can have various usernames and passwords.
Also, Bitcon transactions prevent any form of digital hackers as your identity is kept to avoid any breach in your business. Check here for more resources.
3. Flexible and Quick Payment
With Bitcoin payment, business people no longer need to go through the inconvenience of carrying money everywhere. This is because you can buy anything you want with just a click.
You can also use your Bitcoin wallet anywhere, as you mustn’t go to a local bank to make a transaction when you travel to a different country. All you have to do is make payment with your phone and you are off to go.
There has also been the emergence of wallet technology which makes it easy for users to pay, store, and receive their payment from anywhere in the world.
Paying with bitcoin is also very fast as payment doesn’t delay, except when there’s no internet connection which is very rare.
4. No Third Party
Since bitcoin is a decentralized cryptocurrency that involves peer to peer transactions, there is no need for any third party. In other words, the transaction is not authorized by any government, but is maintained between two two parties involved.
It also means users are able to send money and receive money from anywhere in the world without waiting for any external approval.
5. No Risk of Inflation
Inflation occurs when the government releases more money in the system which in turn lowers the purchasing power of the people.
With Bitcoin, you will experience zero inflation as the system was built to be finite. So, without issuing more currency, there will be inflation, making it benefits both buyers and sellers.
Bitcoin is one of the safest, easiest, and reliable means of transferring money. It is suitable for both business and personal use.
Bitcoin provides a lot of advantages to business people, whether you are a buyer or a seller. So, if you have not been using bitcoin for trading, commit yourself to start doing so now.