The benefits one can reap by using bitcoins by companies


Bitcoin is the digital currency that is accepted in a few countries as the mode of payment.

Even the brick and mortar stores are accepting these coins in exchange for purchases made by the customers.

The bigwigs in different industries are allowing customers to pay through bitcoins. This is a clear indication that the bitcoin usage is evolving day by day, and slowly everybody embraces this digital currency. The digital currency came into existence in 2009. There are around 21 million bitcoins and out of which the people mine many. The miners are in the hunt for acquiring the remaining bitcoins. Unlike the regular transactions where the bank or a financial institution is involved, bitcoins have no intermediary. The transactions are carried out between the sender and the recipient. Few countries have legalized bitcoin usage.

Few of the benefits one can reap by using bitcoins, especially by

Reduce the risk to the buyer

The buyers can finish the transactions without having to open up their bank and personal details. It is the benefit that a buyer can reap. Many are reluctant to perform online transactions as they have to reveal all their personal and confidential data. People who are worried about their information falling into the hands of the foe can use bitcoins. The bitcoin holders can enjoy the privacy of buying anything as their name is not revealed, unlike the purchases made using credit or debit cards. The digital cash is not so easy for hackers to spy and steal. The processing of the bitcoin transactions would happen on the decentralized platform, and therefore it is tough to find the person’s identity.

User anonymity

The purchases that the user makes would not reveal the personal identity of the person. All the transactions would be taken care of by the decentralized platform. The transactions you do with the bitcoins are more or less similar to the cash payments. You won’t be able to track the person who made the purchases when they buy something for cash. Though there is a bitcoin address that is generated after the transaction, the user identity is never revealed. The address would keep on changing.

Reduce the transaction fees

The transaction fee charged by bitcoins is low compared to the transaction fees charged for credit and debit card transactions. Even if you are buying a product from the other country, you are not slammed with high transaction fees as there is no third-party involved in the whole transaction process, so that the transaction fee would be less. It is very beneficial for travelers.

Another best thing is that there is no waiting period, unlike Bitcoin transactions. The bitcoin transactions would happen in no time.

Tough to reverse the transactions

The main concern of the merchants is that the sender can reverse the transactions if these are made through the debit or credit card. This would take a toll on the business, especially if the product is dispatched to the customer location. The shipping charges that are spent by the company would go into vain. There won’t be such a kind of issue when the transactions happen through bitcoin. This payment method is 100% irreversible.

No tax is imposed on the purchases.

No person can track your transactions and impose the taxes. There is no chance for the government or financial institution to know who is transferring money to whom, as the buyer’s data would be completely anonymous. People who are using bitcoin as the mode of payment need not require worrying about taxes.

Transactions’ are quite simple.

Any person can do the bitcoin transactions from any place irrespective of the age. There are no cross border restrictions for the usage of this currency. Indeed, this digital currency is best for travelers to carry with them when they are going abroad. They do not have to exchange the currency and pay an additional fee for it. When they have bitcoins in the wallet, they can use them to buy things that they require. The best thing is that you do not have to show the ID proofs such as passport, address, etc. to send and receive the bitcoins from one person to another. You can download the wallet and store the bitcoins in it. You can use the address of the bitcoin to carry out the transaction.