You have probably heard of Bitcoin – the world’s first digital currency which has taken the world by storm! This alternative form of payment, otherwise known as cryptocurrency, could benefit your business in many ways. It has turned out to be the most successful decentralized payment method. It is innovative and cutting edge and is changing the face of business and industry, although it still has a long way to go.
No third party is involved, which makes Bitcoin as private as it could ever be. Every time one is spent, or you use btc to hkd, a block is created to record the transaction. These transactions are recorded on a publicly shared cryptographic ledger called Blockchain.
However, it is not all about money. A Blockchain is a set of transactions that are linked, which are all confirmed by third parties in unchangeable blocks. The chain is formed because every transaction, which is known as a block, contains a numerical reference to the blocks that came before. The operations cannot be edited and, while you can see the contents of a block, you cannot view all of the information in the chain automatically, which makes it extremely safe and secure.
How Bitcoin can benefit your business
There is little doubt that Bitcoin could be hugely beneficial for your business. There are many reasons as to why you should adopt this decentralized payment method for your business operations. The first and probably the most significant reason to consider it for your business is the decentralized concept of Bitcoin. A bank does not need to be relied on for approving and processing your transactions. Instead, all the transactions are validated by miners, who process them and add them to the Blockchain. This means that the process is much quicker and avoids you having to pay high transaction fees to the banks.
Another benefit is that there is virtually no risk of inflation. Inflation mostly occurs when the Government issues more money over the year, decreasing the value of the currency. However, the Bitcoin system was created to be finite. This means that the threat and worry of inflation to almost zero.
This form of digital currency also gives you extra protection against many types of online fraud. Because of the unique way Blockchain works, it is impenetrable and utterly immune to cyber attacks. Bitcoin payments are also irreversible, unlike PayPal and bank transactions, so you can rest assured that someone will not take your money back.
More people than ever are shunning traditional forms of payment because of the issues that we have described above. By offering this as a form of payment, plenty of businesses have seen an uptake of new customers, who are drawn to the ability to use Bitcoin. Bitcoin and Blockchain banking is a huge step towards transparency in the financial and business sector, and is a step that is considered to be incredibly positive in the world of both online and high street business.