One of the most famous buzz words in the economic and trading industry today is Bitcoin. It is slowly and steadily being accepted as the mode of payment solutions for every kind of industry. Some countries like Australia, Russia, and Japan have already accepted Bitcoin as a mode of payment and legalized it as their official tender currency.
Now, you may think that what is the need of paying in cryptocurrency mode when fiat currency is here to do the favors? The reason is pretty simple, paying in Bitcoin is fast, secure and easy. You can even easily make international payments that is not possible in case of fiat currency as it takes its own sweet time. Having said that, Bitcoin is free from any kind of the third party control unlike fiat currency and does not charge high fees. A very small amount of charge is deducted for the same.
So, let me tell you guys the reasons to implement Bitcoin as a mode of payment.
Protection from frauds
In the case of online transactions with debit or credit cards, there is a huge risk of the theft of your personal information as well as your identity. However, that is not the case with Bitcoin transactions as it protects the identity of the user with its blockchain technology.
Great transitional security
Bitcoin has a high level of transitional security that keeps the Bitcoin funds secure. Bitcoin uses multi-level encryption which provides the guarantee of security of your funds. Apart from that, each transaction is recorded forever in the official ledger of Blockchain so that is no chance of fraud activity. People are trading and becoming Bitcoin Billionaire online by trading in Bitcoins.
Fewer fees of transaction
Bitcoin charges very less fees for the transaction. Each Bitcoin transaction fee is around $0.30 to $1.00, even the fees for increasing the speed of transaction is way less. Whereas if you see fiat currency transactions, there charge very high fees for money transaction starting from $ 3 to sometimes 5 percent of the entire transaction.
Bitcoin is a completely decentralized cryptocurrency that operates only online. The best part is that it is not controlled by any third party. Bitcoin is free from government control and there are no hidden charges or terms and conditions.
Ok, this feature is best for businessmen who are tired of consumer’s chargeback. It happens many times that clients after paying traders; sometimes cancel the transaction, which make traders suffer chargeback from the bank. However with Bitcoin, once when you have made the transaction, it is the final transaction. You cannot cancel the transaction and don’t even think about chargeback.
No exchange risk
In an international transaction, you do not have to bother about currency exchange in the case of Bitcoin. However, on the other hand, being a volatile currency that Bitcoin has always been, it is in your best interest to exchange the cryptocurrency soon after the transaction, because you never know…you may have to face either gain or even loss.
In the case of Bitcoin transactions, how fast the cryptocurrency will be transferred depends on the confirmation from the blockchain. The whole process may take not more than 10 minutes time, however in case of fiat currency; it is not in your control. Being regulated by the third party, bank transactions of fiat currency can take up to three days.
So, these are some of the amazing reasons why Bitcoin should be surely implemented as a mode of payment.