Bitcoin, an often overlooked cryptocurrency, is left unaccepted and unnoticed by many business owners. Unfortunately, failing to accept this currency is a mistake that is made by many Brisbane non-Bitcoin businesses. Here is why it is a good idea for your business to join the digital technology age and start to accept the exponentially growing Bitcoin.
Reason 1: Fiscal Freedom
Simply put, consumers and business owners alike have total and full access to their Bitcoin accounts. No longer will money be inaccessible because of an unexpected bank closure, holiday, or other condition that would typically limit access to money. No money is lost through currency exchange if it must be sent overseas, since Bitcoins are worth the same in every country and locale.
Reason 2: Fees (or lack thereof)
When hearing about a new way to transfer money, the first question of business owners is often whether there are fees, or how much the fees are. Some transactions are completely free, and there is no fee assessed. Users may pay to speed up Bitcoin transfers in Bitcoin Brisbane, but there is no obligation to pay otherwise. If fees do need to be assessed, users can count on them being far less than banks, PayPal, and credit card companies currently charge.
Reason 3: Lower Risk
Merchants and consumers often worry about identity theft. Consumers are afraid that their money will be accessed without their consent by either the merchant or a malicious third party. Merchants are often worried that consumers will use someone else’s payment information, making the money no good. Fortunately, Bitcoin takes care of all of these worries. Due to a highly sophisticated encryption mechanism, the Bitcoin wallet owner is the only person who will ever be able to initiate transfers. Unlike credit cards, where malicious payment receivers may make unauthorized transactions, or which consumers can steal and use for their own purposes, Bitcoin transfers are completely trustworthy and secure.
There are also certain types of markets where the fraud risk is large. In these cases, merchants can now accept Bitcoin and do away with the risk. In short, Bitcoin transfers in Brisbane have never been safer or easier or cheaper. Compared to the current major payment options, it certainly is superior.
Reason 4: Security
As alluded to above, security was a primary concern during the creation of Bitcoin, and it is also of concern to Bitcoin’s diverse range of users. One aspect of security not yet discussed revolves around personal information. One reason why consumers may not wish to purchase a product is because they may not yet trust the business with all of their personal information. While, unfortunately, this is a completely valid concern, accepting Bitcoins in Brisbane can help to put the consumer’s mind at ease, and allow him or her to make a purchase he or she otherwise would not be willing to make.
Bitcoin protects personal information insofar as it obliterates the need for it. Instead of relying on information like address, postcode, first and last name, and sometimes even identity numbers, it relies on cryptography. Of course, one reading this may think that because it’s only digital, it will be lost if the user’s computer suddenly crashes and becomes unusable. However, nothing is further from the truth. Many Bitcoin users take advantage of both cloud and local computer backup services to ensure that they will always have this open access to their money, making the Bitcoin market even more stable.
Reason 5: Owned by the People
This final reason to accept Bitcoin is often overlooked. If one takes a look at the various major payment methods, it is quite obvious that they are all owned by major corporations. This makes alteration of information easy. There is essentially no transparency to how they are run, or how much of a fee is actually required to sustain the service versus how much of it serves as profit. Fortunately, there is no need to worry about any of this if you are accepting Bitcoin in Brisbane. It is literally impossible to control the Bitcoin market, even for the creators of it. In this sense, it is more secure. Also an important factor, all information anybody could possibly want about the Bitcoin market, including how many are in circulation, and even specific transactions, are all available publicly on what is called the “block chain.”