What is Bitcoin?
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: you can buy web hosting services, pizza, or even manicures!
The advantages of accepting Bitcoin
- Contactless payments -you don’t have to worry about carrying cash around, and prices always stay the same as they do not change due to fluctuations in exchange rates.
- All the transactions are transparent, so you always know what’s happening with your money.
- Transactions take just a few minutes to complete-accepting bitcoins means you’re open to new customers, many of whom are tech-savvy and already own bitcoins.
- Bitcoin transactions are secure and safe. They can not be reversed, unlike credit card chargebacks.
How Bitcoin works?
The Bitcoin network is made up of thousands of computers run by individuals all over the world.
These computers talk to each other using a technology called bitcoin protocol. Each computer in this network keeps track of all the bitcoin transactions and rejects any attempt to spend bitcoin twice.
So, once a transaction has been verified, it becomes part of the “blockchain” – a shared record that is maintained by every computer on the network. This ledger records every single one of the millions of transactions that occur between users on a daily basis.
Bitcoin terminology:
- Wallet: A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets: a software wallet and an online wallet. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. An online wallet is one that is hosted by a third party. These are often much easier to use, but you have to trust the provider.
- Coinbase: Coinbase is the largest Bitcoin exchange in the world, operating since 2012 and based in San Francisco, California, USA. Due to its huge popularity, Coinbase is also the largest Bitcoin payment processor in the world.
- Mining: Mining is the process of spending computing power to process transactions, which is how new bitcoins are created. The more computing power you dedicate to mining, the higher your chances of earning bitcoins.
- Blockchain: The blockchain is a public ledger of all Bitcoin transactions that have ever been executed (i.e., since the start of Bitcoin). Every time someone conducts a transaction, it is broadcast to this network so that everyone can see it. This communication between individuals and their peers is what enables Bitcoins/blockchain technology to be secure against fraud and theft.
- Fees: Fees are a percentage that is added to all Bitcoin transactions, which serves as an incentive for more people to use Bitcoin over traditional payment methods. The fees will vary depending on the currency you are buying or selling and who you’re buying or selling from. immediateedge.biz charges a small amount of fees against bitcoin trading.
- Bitcoin Miner: A bitcoin miner is a person who uses computers to mine bitcoins using specialized software. Mining makes it possible for a new currency system to be completely digital and with no central bank or single administrator.
- Bitcoin Cash (BCC/BCH): Bitcoin Cash (BCC) is an alternative cryptocurrency that emerged as a hard fork from Bitcoin in August 2017.
How does it help in payment methods?
Accepting Bitcoins will leave your customers with a sense of ease, knowing that you are an up-to-date business.
How about the risks involved in accepting bitcoin?
Only a small number of transactions are fraudulent or reversed, and you can reduce your risk by using common sense: only do business with people you trust, read reviews about both the seller and the product/service before making any kind of purchase online.
Why should you accept bitcoin in your store? What are the five reasons?
- It’s a simple way to accept online payments
- It’s cheap for you, the merchant
- It’s easy for your customers to pay you
- Some people are paying with bitcoin because they want to support the bitcoin ecosystem, so they’re more likely to make a purchase if they’re able to pay in bitcoin
What is a bitcoin address?
A Bitcoin address is similar in format to an email address or physical mailing address and can be shared freely with anyone that you want to send or receive Bitcoin payments from.
Few interesting facts about bitcoin transactions:
1. Accepting Bitcoin is easier for your customers to use than other payment methods:
It’s very simple for your customers to pay you in Bitcoin. They don’t need to have a bank account, they don’t need an email address, and they can easily pay you in any currency. They just need to know how to send money using the right app.
2. It’s easy and quick to set up for businesses, with no risk of chargebacks or fraud:
You don’t need any special software. Just plug in the information your customers will need, and you’re ready to accept Bitcoin.
No chargebacks or fraud risk means less time and money spent on these issues. If something goes wrong (Lost or stolen card), they can simply request their money back, and you’ll know right away, so you can send them a replacement card right away.
You don’t have to worry about chargebacks or fraud when using Bitcoin.
3. Bitcoin has lower transaction fees than credit cards or PayPal:
Because there is no middleman who works for a fee, Bitcoin transfers are cheap and fast. This is why Bitcoin is often used by people that are sending money abroad for the first time.
More people use bitcoin, and you will have more business for your store. The more people that use bitcoin, and the more popular it gets, the easier it becomes to use and the more likely they are to pay with it.
Accepting bitcoin in your store will show your customers that you are an up-to-date business.
4. Bitcoin is a global currency that does not require conversion to local currencies:
You can receive bitcoins from anywhere in the world. Bitcoin is a way to support the Bitcoin ecosystem, and this can result in more business for your store.
Because Bitcoin is censorship-resistant, it acts as an alternative to government-issued currencies. The more that people use bitcoin for payments, the more demand there is for the currency.
In turn, this increases its value and makes it easier and cheaper to use for everyone everywhere. By accepting bitcoins from your customers, you are supporting this growth by showing them that you are a part of it.
5. Bitcoin can help you reach new customers who are looking for an alternative currency:
Bitcoin is still a relatively new way to pay with money, and there are no restrictions on who can receive it. This means that people who want an alternative currency can use Bitcoin as an easy way to spend money. The more people know about bitcoin and how to buy bitcoins, the more they’ll use it online. this will help you reach your target audience and increase your business
6. Bitcoin is a great way to increase your margins in your business:
If you have a business that already accepts credit cards, adding Bitcoin is a simple way to save money on transaction fees. It’s probably the cheapest customer acquisition method available today.
Bitcoin will make your business reach the masses.
As Bitcoin becomes more popular, it will become easier for your customers to spend their bitcoins with you. Not only this, you can become a pioneer in your industry for accepting Bitcoins and help people who want to spend them get what they want from you.
If global adoption increases, nodes actually get stronger, and the network is more resistant to attack due to the high number of decentralized nodes across the world. The Bitcoin network becomes more resilient when there are more users on the network.
Conclusion:
Bitcoin is like digital gold. It can be used as a store of value and as a way to send money instantly around the world using the internet.
Bitcoin’s potential as a payment mechanism is huge, but at the moment, it’s not widely used in businesses like brick-and-mortar stores. While accepting Bitcoin can be risky, there are ways for small businesses to use it safely despite the uncertainty surrounding it.
Accepting bitcoins in your business can help you save costs and gain new customers and will let you show how up-to-date you are in your industry. This will also help your business succeed with an increasing number of people that want to use Bitcoin in their daily lives.
Bitcoin can help you reach new customers and can be a part of a more decentralized world. The more people use Bitcoin, the easier it becomes, and the more people see that there is value in Bitcoin and they want to spend it.
The post 5 Reasons Why You Should Accept Bitcoin In Your Store appeared first on Android Headlines.
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