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Business Transactions Using Bitcoin

Many people are still unaware of Bitcoins or cryptocurrencies. But some people have already started doing business transactions using Bitcoin and several other cryptocurrencies. With any new technology that is bound to enter the market, there is bound to be disadvantages and advantages, rewards and also risks. You should consider performing transactions using Bitcoins as there are many advantages for the same.

Bitcoin is mainly used in performing online transactions. But many restaurants, brick and mortar shops, restaurants and other businesses are slowly recognising its value and are beginning to accept them. Some companies such as Virgin Galactic and Overstock have now begun to accept payments in Bitcoins. There are many advantages for accepting payments in Bitcoin. Let us have a look at some of them.

If you are a merchant who wishes to accept payments in Bitcoin, you will be happy to know that the processing fees for Bitcoin transactions are paid by the sender and the merchant does not have to pay anything. The fees are also very much lower than traditional payment methods. Bitcoin allows you to send items worldwide without any limitations. It allows only transactions in a single direction and these transactions cannot be reversed. So the merchant does not have to worry about a chargeback. There is no subscription or monthly fees for using Bitcoin.It is also possible to make large payments with ease using Bitcoin and it does not have any limits also.

Also it is possible to perform quick transactions using as there is no financial institution through which the money should pass before reaching your bank account. There is no waiting period involved for you to receive the transaction.

This ease of transaction with Bitcoins can obviously lead to better sales. Now it is not possible to perform businesses with international customers easily due to currency restrictions. But with Bitcoin you can easily perform international transactions and increase the sales.

You and your business can occupy a prominent position on the map as businesses can easily market themselves on the pretext of accepting Bitcoin. Non profit organizations are making use of this concept and are promoting their businesses by raising awareness about their businesses. The Olympic team also made use of digital currency to fund their trip to Sochi. Also, it is now possible to convert Bitcoins to US dollars instantly and hence your business will be no longer exposed to volatility in Bitcoin prices.