Ever since Bitcoin gained popularity, people have started to look for businesses that accept this cryptocurrency in exchange for goods and services. People no longer want to carry cash or debit cards with them all the time. Bitcoin is considered the best alternative currency to make peer-to-peer transactions using a laptop or mobile within seconds.
Bitcoin was launched in the year 2009 and is known as the third type of currency. Unlike fiat and commodity currencies, Bitcoins allow people to transfer money quickly. In recent times, several countries have developed trust in Bitcoin and legalized Bitcoin payment methods.
Introduction To Bitcoin
On a shared program, privately linked computers process Bitcoin payments through a safe network. Blockchain verifies and records every successful Bitcoin transaction made by users across the world. Every account is regularly updated within seconds after a transaction is made using Bitcoin.
Computers mine Bitcoin after solving some difficult mathematical algorithms. A person can use a desktop or smartphone to access a Bitcoin wallet that stores their fiat currencies. Several small and large-sized businesses are taking advantage of adding a Bitcoin payment gateway as an alternative option to exchange goods and services.
Benefits Of Using Bitcoin
The best thing about Bitcoin payment gateways is that it allows consumers to make international payments without going through currency conversion.
1 – Lower Risks For Buyers
Consumers don’t need to reveal their details and financial information while using Bitcoin to buy products and services. Since most people worry about sharing personal while making online transactions, when you add a Bitcoin Payment Gateway, the buyers are more likely to make purchases securely.
Compared to buyers who use credit and debit cards, Bitcoin holders can make transactions without revealing any information to put their money at risk. Bitcoin is like digital cash that can’t be taken away by hackers when the users are using a good platform to store their cryptocurrency.
The processing and transaction of Bitcoin are done in a decentralized platform. Therefore, hackers will not be able to find your real identity.
2 – Anonymity Of The Users
When the consumers use the Bitcoin payment gateway, the transaction of the currencies is done through a decentralized platform. Hence, there is no chance of revealing personal details.
You will be glad to know that the Bitcoin address that is created before the completion of the transaction process is completely anonymous. This address will change every time you make a purchase using Bitcoin.
3 – Lower Transaction Fees
When you use a credit or debit card to purchase online, the transaction fees are quite high. You should start using Bitcoin payment gateways because the transaction fees are extremely less for peer-to-peer foreign purchases. When you choose wire transfers or platforms like PayPal, they charge huge fees for the process.
While using the Bitcoin payment gateway, you won’t find any intermediaries or third parties involving in the process of the transaction. Therefore, the transaction fees when using Bitcoins to make payments are extremely low. You can take advantage of this payment method, especially as a traveler.
4 – Transactions Can’t Be Reversed
If you are a merchant or running an eCommerce business, be aware that the customers can reverse the transactions after paying through a credit card or bank transfer. When you add the option of Bitcoin payment gateway, the Bitcoin users won’t be able to reverse the transactions.
Most merchants, nowadays, have started adding irreversible Bitcoin payment methods because they don’t like to see that the customers have revered the payment even after their product was dispatched.
We hope now you understand the main benefits of adding a Bitcoin payment gateway for business owners and consumers. You must take advantage and make more profit by adding this payment method. Customers will feel more secure while using this method to buy goods and services.