Ever since bitcoin was launched in 2009, over 80,000 businesses have been using it. The reason is that bitcoin offers them some incredible benefits. Today, we will examine all the significant benefits of Bitcoin as a part of a payment system that works so well.
The risk is lower
If a business permits its customers to use Bitcoins to make payments is advantageous to the buyer, they do not need to share any of the confidential financial details like debit or credit card numbers.
With traditional payment methods, a business usually stores the customer’s financial data for the next transactions. It is okay if their systems are secure and are not suffering from any data breaches where cybercriminals can steal their information.
Trading in Bitcoins is also a form of digital cash, and hackers can’t intercept a Bitcoin transaction. This also protects the identity, and in the event of a data breach, the financial details are always secured.
There is no inflation or deflation with Bitcoin.
The government of a country can manipulate the money supply by increasing or decreasing the traditional currency. There are no governments involved with Bitcoin, and therefore it didn’t suffer from any inflation or deflation.
There are a finite number of Bitcoin tokens, so creating more of them is not possible when there is no possibility of inflation. An investor can choose Bitcoin as a more stable investment than a fiat currency.
The transaction fees are smaller.
The transaction fees associated with credit card payments and the wire transfers are expensive from banks and other financial institutions. To keep it short, Bitcoin transaction fees are meager.
Most businesses accept credit cards and end up passing on the cost of the transactions to their customers. With the low fees associated with Bitcoin payments, they can reduce their products and services’ sale prices.
Most businesses accept credit cards and end up giving the cost of the transactions to their customers. With the low fees connected to the Bitcoin payments, they can reduce their products and services’ sale prices.
Payments are faster
Though the credit card payments are usually fast, there can be problems where a business will not receive their money for several days, particularly if customers pledge chargebacks.
When a Bitcoin transaction goes through, then it is irreversible. It usually is taking less time to receive a Bitcoin payment than a credit card payment. It is normal to receive a Bitcoin payment in around two business days.
Bitcoins are secured
There are no third parties included with Bitcoin. No government can seize your Bitcoins or even freeze your account. It is tough to steal Bitcoins as well if they are appropriately secured.
Faster and cheaper international payments
Nowadays, many businesses are looking to outsourcing specific tasks for their companies to freelancers located in different countries. It is subtle but usually has high transaction fees associated with making international payments.
Also, the freelancers have to wait for several days to receive their money. International bank transfers are very slow. One can make a payment in Bitcoins anywhere in the world for a minimum transaction charge. The recipient also receives the Bitcoins a lot faster than an international bank transfer.