3 Really Good Reasons Why You Should Be Using Bitcoins for Yourself and Your Business
What’s the big deal with using Bitcoins? You might have heard a few things about how useful they are or what benefits you can get, but how will any of that actually help you in your daily life?
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Who Can Benefit from Bitcoin Usage?
Individual people and businesses can both make good use of Bitcoin. They may not be practical for those who use cash most of the time or don’t have access to technologically advanced areas.
However, most of you reading this, whether you’re a business owner or an individual, can get some good use out of using Bitcoins.
3 Reasons to Use Bitcoin as an Individual
1. Online Payment Security
Bitcoin payments are safer for many online transactions than credit card payments or other payment options. First off, your personal details are not attached to your payments. This means that no one can trace a payment back to you.
Secondly, it’s impossible for someone to steal your payment details and commit fraud, because each Bitcoin is completely unique and you need a specific pairing of information (known as keys) to use them. A possible thief would have to hack into your account to steal your Bitcoins.
Lastly, Bitcoin transactions can’t be reversed. If someone is paying or transferring Bitcoins to you, they cannot stop the transaction or reverse it after it’s happened. You’ll be a lot safer this way and can trust that payments made to you are permanent.
2. International Money Transfers
At the moment, it can cost a lot of money to transfer any currency abroad. Services like Western Union charge hefty fees for this service and don’t give you a good exchange rate for your money. However, Bitcoins can be transferred almost instantly, as well internationally, with few or no fees at all, excluding currency exchange fees.
3. Quick transfers
Bitcoin transactions process within a matter of minutes, instead of taking days to go through. This will help you organize your money more easily, get stuff done more quickly, make purchases faster and generally keep track of your money more efficiently.
3 Reasons for Businesses to Use Bitcoins
1. Lower Transaction Fees
Currently, most businesses are fronting a 3 - 4% transaction fee for processing credit and debit card payments. Bitcoins only charge around 1%. Lowering this fee can help you attract more customers, with price discounts for Bitcoin users, and can help you reduce the overall costs for your business.
2. International Accessibility
Bitcoins can be used in most countries around the world. The only thing getting in the way of its use everywhere is the banning or restriction of virtual currencies by various governments.
However, in countries where it is legal, Bitcoin is usable anywhere that a person can get internet access. Whether you’re in Kenya, the US, India or elsewhere, you can accept Bitcoin payments from customers in your shop or online.
3. Fraud Protection
No one who pays with Bitcoins can then turn around and try to reverse the payment. This kind of scam happens a lot to business owners, as people try to claim fraud and get their money back. If they paid in Bitcoins, it is impossible for them to try to reverse a transaction.
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