Cryptocurrency (or “hidden money” when deciphered) is a decentralized person-to-person (p2p) network that is facilitated by the users. Transactions are recorded cryptographically on an electronic distributed ledger known as the Blockchain. There are only a total of 21 million bitcoins. You can send money to anyone around the world, without having to pay additional third party processing fees (Western Union or Bank of America, for example). Rewards are held by POS (Proof-of-Stake), POW (Proof-of-Work), or mining.
There are no escrows or third-parties (such as Western Union or Bank of America) that record your transactions. They are placed cryptographically online and in a secure p2p network. It’s an innovative way to professionally secure your finances and digital assets. It’s also a safe way to ensure the person receives your payment.
Bitcoin is an emerging market of new customers who are searching for ways to spend their bitcoins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has often shown to be a clever practice for online businesses.
Accepting credit cards online typically requires extensive security checks in order to comply with PCI standards. Bitcoin still requires you to secure your wallet and your payment requests, however, you do not carry the costs and responsibilities that come with processing sensitive information from your customers like with credit card numbers. A good practice is always to KYC (Know Your Customer).
Any business that accepts credit cards or PayPal knows the problem of payments that are later reversed. Chargeback frauds result in limited market reach and increased prices, which in turn penalizes customers. Bitcoin payments are irreversible and secure, meaning that the cost of fraud is no longer pushed onto the shoulders of the merchants.
Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
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