Bitcoin

The Advantages of Bitcoin

As people embrace the internet of things, new and secure online mediums of exchange have been invented. Indeed, this includes the invention of digital currencies like Bitcoin. Bitcoin is a peer to peer and decentralised cryptocurrency system that allows online workers and entrepreneurs to process digital transactions using digital units. Though it was started by a mysterious programmer in 2009, it has elicited a lot of controversy and interest as a third global currency and mode of online payment.

Bitcoin payments are processed through a network of private computers that are linked through a shared program. Every Bitcoin transaction is recorded simultaneously in blockchain on every linked computer that informs and updates all involved accounts. Bitcoins can be purchased with standard global currencies or mined through a computer process that entails solving highly complex mathematical algorithms. Once acquired, bitcoins are stored in bitcoin wallets that can be accessed through a computer or smartphone connection.

Advantages of Bitcoin payments

Bitcoin and cryptocurrencies offer numerous benefits as compared to traditional payment methods, especially among online transactions. The benefits include;

No third party interruptions

Bitcoin is a digital currency. As such, it is transacted and stored online as opposed to conventional currencies that must be transacted via banks or third-party financial institutions. Hence, governments and financial intermediaries have no means of regulating their value or placing freezes on thriving Bitcoin accounts. The bitcoin payment system is peer to peer, and the users enjoy a high degree of freedom that is not offered by national currencies. Additionally, it allows you to send and receive money at any time and from any location in the world. You never have to worry about bank holidays, prolonged verification periods and authentication among other transaction challenges when handling huge sums of money. Bitcoin eliminates central currency authority figures to offer absolute control of your money.

No taxes

As aforementioned, Bitcoin system eliminates the need for third-party currency control and authority figures. Hence, governments and tax agencies have no means of tracking or intercepting your digital bitcoin transactions. Everyone dreads taxes because they take out a huge chunk of your income leaving you with little and sometimes unmanageable resources. Another great advantage is that online sales taxes are not added to your online purchase when Bitcoin to make payments.

Low transaction fees

Regular foreign purchases and wire transfers attract above average exchange costs and fees. But, since Bitcoin payment or transactions systems are not governed by governments or intermediary financial institutions, they attract very low transaction and exchange costs. This is a great advantage among travellers and online entrepreneurs who transact using different currencies. However, users may opt to pay transaction fees in a bid to enjoy faster transactions. Note that, the higher the fees you opt to pay, the more priority your transaction gets within the bitcoin network and the faster your transaction is processed. Besides, digital currencies allow merchants to process transactions through exchanging bitcoins into authorisation currencies. These convenient services attract lower fees as compared to when facilitated via PayPal or credit cards.

Mobile payments

Like most online money systems, Bitcoin peers have the freedom to pay for their coins from any spot as long as they have a stable internet connection. As such, you never have to travel to a bank or queue to pay for your coin or product you wish to buy. Moreover, unlike the conventional online payments that are transacted via banks or credit cards, bitcoin payments do not require personal information. You can make all your online payments anonymously.

User anonymity

Unless a user chooses to publish their transactions and personal details, all Bitcoin payments, purchases and transfers are discrete. No Bitcoin transaction is associated with your identity or verification using government identification documents. Every user is offered a randomly generated address that changes with every transaction. Meaning that you cannot be traced using the transaction addresses.

Control and security

Unlike the conventional bank transactions, users are offered absolute control over their Bitcoin transactions and are mandated to ensure that the Bitcoin network remains safe. Merchants are not allowed to bill extra fees on any item; they must notify the buyer or consumer of the extra charges before billing. The transaction can only continue if the consumer or buyer approves the extra charges. Since all transactions are completed without exposing a users’ information, Bitcoin protects against identity theft and user intimidation by malicious individuals. Above all, Bitcoin can be encrypted and backed up to ensure the safety of your online investment.

Transparency

Blockchain ensures that all completed transactions are available for every peer to see. However, the users’ personal information is concealed. Your allotted public address is visible to everyone, but your personal information is not classified under public address; hence, it remains concealed. Any participant can verify Bitcoin transactions under blockchain at any time. Though it offers transparency among peers, the Bitcoin protocol is cryptographically secure. Meaning that its protocol cannot be manipulated by anyone in their favour. 

Fewer risks for merchants

Online fraud has been on the rise. But, it would be hard for fraudsters to get to steal from merchants who trade using Bitcoin. This is because all Bitcoin transactions are irreversible and do not contain personal information. This ensures security, as all merchants are protected from potential, loses that may result from online fraud. This also allows merchants to conduct businesses with otherwise high-risk customers because the public ledger (blockchain) makes conning or cheating in the Bitcoin business very difficult.

The future of Bitcoin in E-commerce

Its decentralised nature gives Bitcoin the potential to transform commerce and enable easy international currency transactions. It facilitates transactions at a fraction of the regular costs charged by major online payment networks. The Bitcoin wallet does not attract ongoing costs and maintenance charges. These are major advantages for merchants and buyers. Hence, Bitcoin has the power to connect merchants and buyers globally and reduce online fraud by using multi-signature escrow services. The use of Bitcoin eliminates the risk of chargebacks among merchants. However, this also poses a challenge among buyers who may genuinely require chargebacks.

Therefore, Bitcoin currency is an evolving technology that holds the ability to change e-commerce. It upholds privacy by keeping user information safe from the prying eyes. Additionally, the blockchain nature retains and manages your records through the wallet software. Since the wallet software can be managed remotely and in-house, it makes funds management among businesses much easier because they do not need an external financial network to facilitate payments. This feature offers total control for e-commerce platform merchants.

Benefits for buyers

Using Bitcoins for payments offers numerous benefits for buyers. Transactions are confirmed within 10 minutes; a great feature for international transactions that take longer in other online payment platforms. As such, it allows easy purchase of items from abroad without having to worry about currency conversion charges and hefty transaction fees. The minimal transactions fees are paid by the senders who in most cases are the buyers. Elimination of currency conversion charges and hefty transaction fees lowers the overall costs of items purchased online. This translates to more online transactions and ultimately, e-business growth. Above all, the Bitcoin wallet can be used on any smart electronic device.

Why pay for cannabis seeds with Bitcoin

Apart from being the best online cannabis seeds store, Midweek Song is swift at embracing tried and tested technological advancements such as the use of Bitcoins to make online purchases. But why should you choose you to pay via Bitcoins as opposed to your regular mode of payment? Here is why;

At Midweek Songs, we value our customers and hence, focus on offering value for your money. That is why we are offering attractive discounts for all members who embrace Bitcoin payments. You get a 15% discount on the first Bitcoin order. Alternatively, you are awarded extra seeds for making Bitcoin payments. Note that, the first Bitcoin transaction may take longer because you may need to register and set up your Bitcoin wallet. However, all subsequent transaction should take less than 5 minutes.

Final words

The ever-growing hype about Bitcoins is bound to scare pessimists. Notwithstanding, Bitcoin and other cryptocurrencies are here to stay and will grow bigger with time. They define the future of e-commerce and online entrepreneurship. Hence, it is advisable to embrace the monetary technology, seek to understand it and enjoy its unique financial security benefits. Lately, every online business enthusiasts have either made or received a Bitcoin payment or have been approached by a buyer who requests to make a Bitcoin payment. Hence, Bitcoin will change the e-commerce operations and accept it should be a worthy investment for wise businessmen and women alike.

 

Another in depth guide can be found here https://www.vpnmentor.com/blog/ultimate-guide-bitcoin/

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