Unless you live underneath a big rock, it’s likely you’ve heard about Bitcoin. This new cryptocurrency is becoming increasingly popular as more and more individuals are using Bitcoin to pay for their goods. Let’s see what the benefits are of using Bitcoin for yourself.
When it comes to charge-backs, most businesses have experienced them. Whether it was a false claim of fraud or another event, the money was in your account one day and then gone the next. Credit cards and bank payments can be reversed easily by the institutional providers. However, with Bitcoin, this is not the case. Bitcoin is 100 percent non-reversible. This means that there are no charge-backs. This is good for you as a business owner as you’ll never have to worry about losing money you thought was yours.
Bitcoin makes it extremely easy for anyone to start accepting money. There’s no need to set up a bank account, show proof of citizenship, IDs, and other necessities. Anyone in any country around the globe can download a Bitcoin application, such as Abra. Then, they simply need to login to the application and create an address. That’s literally all you need to do to accept money from other individuals around the globe. This makes sending money to family members and friends a breeze.
With Bitcoin, there is no third-party interference in the transactions that you place and receive. The Cryptocurrency Standards Association has set rules where the governments, financial intermediaries, and other banking institutions cannot place freezes or in any other way interrupt the transfers that are done with Bitcoin. This is a breath of peace for individuals who have issues with government interference in their financial matters.
Due to the facts stated in the last paragraph of this article, Bitcoin transactions are not taxed. Third-parties have no way of knowing whether or not a transaction took place. Therefore, they cannot identify, track, or intercept the transaction to require sales tax. This is opening up a whole new window for businesses who are disregarding taxation when doing transactions with clients over Bitcoin.
The last benefit of Bitcoin that we’re going to be talking about is user anonymity. The purchase you make through the Bitcoin system is discrete. Unless you publish the transactions you make voluntarily, the transactions will never be associated with your name or other personal-identity features. As an added safety feature, all new purchases with Bitcoin have their own address generation, so there’s simply no way to track down a single purchaser. You can learn more about how this works when you visit this hyperlink right now.
As you can see, there are many different benefits you can gain from using Bitcoin regularly. While Bitcoin is not being accepted at all retail locations, it’s growing in popularity. We encourage you to get on the Bitcoin bandwagon as it starts out, so you can reap the many benefits it has to offer you over other methods of payments that are currently being used in today’s society.