Why is it profitable to use Bitcoin for transactions?
Since its creation in 2008, Bitcoin has inspired many news headlines and faced many controversies. Find out why it can be profitable to use Bitcoin for transactions.
Bitcoin is based on blockchain and uses P-to-P trading for the safety of its traders on apps like the bit-profit.app/. As Bitcoin prices shot up over the years, it gained a number of investors. Many companies, such as Facebook are accepting Bitcoin as a mode of payment, and Tesla are accepting it as payment for their cars.
You can pay for hotels, for flights, and even you can gamble by paying in crypto. Using Bitcoin for the transaction is easy because it does not involve any third party. It provides direct merchant-to-customer service. Intermediaries like banks and brokers who charge high fees to provide their essential services are bypassed.
Binance pay has been introduced to make crypto payments all around the world. It facilitates speedy and secure overseas payment transactions. In addition, Binance may allow you to pay and get paid in crypto, making the business more crypto-friendly, and it can start accepting crypto for online and offline sales.
Why consider using Bitcoin for transactions?
Here are some of the main reasons why using cryptocurrency can be beneficial for transactions.
Safety of payment
Bitcoin payments use blockchain to record the transactions, and all the transactions are recorded in the public ledger without any involvement of central authorities or intermediaries, which makes the payment more secure for its investors.
Credit cards and debit cards are the primary sources of fraud in 2020. The pandemic has led to increased credit card fraud, and the attempts of fraudulent transactions rose to 35% in April 2020.
Worldwide availability
You can accept payment from anywhere in the world with Bitcoin. You do not have to visit banks or Western Union. You get the amount transferred by the other person to you, or you get the funds directly into your account they transfer them to you.
Pay less fees
When receiving a payment from a foreign country, we have to pay minimum fees for the transaction. For example, PayPal charges about 4% per transaction and sometimes more. Cryptocurrencies, on the other hand, charge a minimal fee.
Some Bitcoin exchange offers fees under 1% if you are providing services to customers overseas. Virtual currencies are also not bound to any origin or central Bank as these are decentralized platforms.
Transparency
All crypto transactions are stored in a blockchain public ledger. Anyone can use specific tools to open ledgers and see the movement of money. For example, you can see how much money is sent, what amount is available in the wallet and to whom it was sent. This means you can easily prove someone received the money sent to a specific wallet in that particular wallet.
Hands-off payment
Some companies use Bitcoin to facilitate payments. They convert fiat money into a digital asset and out of crypto to fiat money. It is used to make and receive payments without actually touching them. It is also to keep the crypto out of the books without bringing them into the company’s balance sheet.
Superior customer experience
A rise in online shopping means customers are looking for easy, convenient ways to pay online. Providing an additional payment option to your customers through cryptocurrency makes transactions more flexible.
Ensuring you don’t decrease your sales with limited payment options. Making the payment system easy and giving more options to your customers for payment will help attract more buyers.
Transaction speed
If you want to send money overseas to someone, there are few options to transfer funds from one account to another. To make it faster, you can pay with crypto. Usually, US financial institutions transactions take three to five days to settle. A wire transfer usually takes 24 hours to settle, but the advantage of crypto is that it can settle the transaction in a matter of minutes.
