There several benefits and advantages to using bitcoins for online trading. If merchants or consumers wish to be involved in this type of online trading and the merchant or consumer is also planning to use Bitcoin as a form of payment for some specific transactions, then they can possibly do that. Once they are in the process, they will surely learn that using Bitcoins for online trading or transactions have some benefits and advantages. Here are some of the benefits of using Bitcoins to those merchants and consumers who want to utilize this option for payment:
Fast and easy transactions - They can have a fast transaction since Bitcoin can be transferred instantly by using the application and the internet.
Low fees or no fees at all - Unlike those credit cards, this form of payment can be utilized at a very low cost or free of charge since there is no centralized institution as a middleman, no need to pay for the authorizations or any fee for the transaction. Thus, this can also increase the sales of the profit margin.
Eliminates or reduces the risk of fraud - Only the owner of the Bitcoin can send the payment to the recipient or to the only one who will take as a receiver. The network will recognize the transfer has happened, and the transactions will be validated. Then, they cannot be taken back or challenged. This is somewhat big enough for those online merchants who are sometimes subject to the processors' assessment of the credit card of whether or not the transaction is considered fraud or businesses that pay a higher price of chargebacks for a credit card.
Data is said to be secure and safe. As people have seen with the recent hacks on the national retailers' processing systems of payments, the internet is not considered a secure and safe avenue for private data. With Bitcoins, all users don't give up his or her private information.
They have 2 keys - a public key, which serves as a bitcoin address, and the other one is the private key with their personal data.
Transactions will be digitally signed through the combination of private and public keys; a mathematical is also applied. Some sort of certificate is being generated, proving that the user has initiated the said transaction. Those digital transactions are said to be unique to every transaction and can never be used again.
The recipient/merchant never sees the user's secret information such as name, physical address, number, and others. So, this is somewhat anonymous but can also be traced.
A convenient way of the payment system - Any merchant can utilize a Bitcoin completely as a payment system. They don't need to hold any currency of Bitcoin since it can also be converted to dollars. Merchants or consumers can also trade or do some business in and out of Bitcoin and some other currencies any time they want.
International payments - Bitcoins can be used in many parts of the world. Service providers and e-commerce merchants can easily accept some payments internationally, which opens new potential or prospect marketplace for them.
Easy tracking - The network permanently logs and tracks all transactions in the Bitcoin blockchain or database. Just in case there are some wrongdoings, it could be easier for the officials of law enforcement to trace the transactions made.
Micropayments tend to be possible - Bitcoin can be divided into small amounts; so, running fewer dollars becomes a free or nearly free transaction. So, this could be a great convenience and advantage for coffee shops, stores, and even those subscription-based online sites like videos and publications.
These things are just of the advantages of using Bitcoins as a form of payment online. If ever you would like to be involved in this kind of online transaction, it would be better to explore more about the bitcoin revolution app. In this way, you can have prior knowledge before you on any online trading.
