Whenever a new method is introduced to doing a process, it usually comes with many doubts that whether it will work or not. Many companies don’t want to change the old ways and conservatism is the reason behind it.
If we look at Bitcoin, it can fit this example. New cryptocurrencies that are launched after Bitcoin are far more superior, but Bitcoin is still embraced by some operators because it is not only a payment gateway system. Bitcoin is the new money.
Online payment methods like PayPal, Visa, Mastercard, or direct Bank transfer are faulty for some reasons. Every merchant should start accepting Bitcoins now. You don’t control your money using those old payment methods, they have a hold on your funds. When you have millions stuck in your account, the damage can be huge. There is always a risk of something like this. Transaction fees are high, they take a 3% fee on average and this applies to all online wallets that use credit card payment and most credit cards have a payment limit that limits you to buy and sell expensive goods.
Charge-back is another disadvantage that lets the consumer dispute the payment, even if everything went right. This is also known as “friendly fraud”. Some payment providers put a restriction on some specific countries, mostly on 3rd world countries which is a serious problem, because one cannot grow his/her business if he can’t accept the payment from the clients. Switching to Bitcoin is quite a good reason when you look at all these problems. And you don’t have to face these problems using Bitcoin.
Bitcoin is a decentralized P2P cryptocurrency system. It is cheap, the average fee of the transaction is $1, no matter how huge the amount is. Transactions are much faster because they get registered in blockchain in a matter of minutes. After integrating your system with a specific wallet provider, it will only take a few seconds. Bitcoin is more secure than those credit card payments. Only you have access to your funds because money will go directly to your wallet. Bitcoin payment is easy, there are no problems of high transaction fees, no bureaucracy. You can start accepting Bitcoin payment right away, as the job is simple. All you need is a memory stick and you are good to go. That same currency can be used in any country without converting currency.
One of the great advantages of Bitcoin payment is that it is decentralized. Anyone can send funds to anyone, to any part of the world. There are no restrictions. Digital currencies provide more autonomy to users over their money. There are lower risks for buyers, they can complete the payment without revealing any details of their financial and personal information. Bitcoin users can enjoy anonymity and hackers cannot intercept them easily because they are digital cash. A credit card can be locked and blocked which causes a delay in the payment. This is not the case with Bitcoin payment. The transaction fees are low as compared to credit card payments, as no third-party will get involved in Bitcoin transactions. No third-party can track the transactions. This proves to be useful for all travelers.
There are no risks of inflation when using Bitcoins. This system was created to be finite, hence risks of inflation are zero and this is beneficial for both buyer and seller. There are also no chargebacks in Bitcoin payment, transactions cannot be reversed. Bitcoin offers discrete purchases unless you voluntarily publish the transactions and it cannot be easily traced.
By accepting Bitcoin, you’re taking back your financial freedom and when you accept Bitcoin payment and hold to these, you most likely are going to earn a profit with the increase of the price. If you start Bitcoin payment today, you’re going to have a profit in the future and you will get a better Return on Investment (ROI).
More on advantages of Bitcoin payment here.