Bitcoin has been steadily increasing its expansion process. And it is that according to Forbes, the transactions will become faster, more comfortable, cheaper, and more efficient. Ultimately, the banking and financial system will change.
Before we go
What is Bitcoin?
any further, let’s take a moment to explain what Bitcoin is, what it’s supposed to do, and some concerns. Bitcoin is a digital currency that allows transactions without banks or any other type of intermediaries. Transactions from consumer wallets are publicly processed, verified, and logged by so-called bitcoin enthusiasts. And, there is no transaction fee.
Bitcoin, created by an anonymous developer with the alias Satoshi Nakamoto, debuted in 2009.
Satoshi Nakamoto (or perhaps a group of programmers) is believed to have come up with the idea from ‘mining.’ Mining is merely rewarding a person with bitcoins for payment processing or solving mathematical puzzles.
People can buy bitcoins, store them in their digital wallets, and use them to pay for goods or services by transferring Coinbase or Bitpay. However, since they are not regulated, we cannot secure our “wallet.” Also, only the ID of our wallet and not our real name is stored in the public registry. This type of anonymity makes Bitcoin an ideal payment option for illegal activities.
Despite some risks, bitcoin is a very interesting and dynamic technology that will undoubtedly change the way e-commerce will be conducted in the future. Not only e-commerce, but bitcoin has also become a commodity trading, and today, you can find various kinds of supporting tools for bitcoin trading such as the Bitcoin Pro app. This is one of the many applications specifically designed to help bitcoin trading.
Instant cash payment
In today’s fast-paced world, we want everything to be done immediately; It takes 10 minutes, but it’s still better than what we were used to. And Bitcoin certainly fits that mold.
Rather than having to wait hours, days, or even weeks for a payment transaction to take effect, bitcoin is mostly instantaneous, giving the person the peace of mind of knowing that a product or service has been instantly authorized, rather than pending, waiting for approval or anxious to find out why your PayPal account is blocked.
The process will continue for approval so that transactions are instantaneous, something we almost have now. There are more and more reasons why you should start using bitcoin in your traditional or electronic trading.
There are many conflicting opinions about bitcoin and its increasing use as a system for exchanging goods; we can call it currency to simplify. The truth is that bitcoin is here to stay. Like at that time doing email, social networking, online shopping, and the cellphone itself. What is undeniable is that the growth in adoption in more than 50,000 businesses has begun to be unstoppable.
Bitcoin (capitalized), is a system/protocol that allows the development of safe and stable operations in bitcoin (lowercase). It also gives rise to several possible daily uses in property: certification, acquisition, property registration, cyber democracy, etc.
Integrating bitcoin into your system is as easy as filling in euros, dollars, or Chinese yen. And if you only want to use it as a payment method, don’t worry. You are not subject to the relative volatility currently prevailing in markets that value BTC’s potential. Payment gateways such as bitpay, page bit, coinbase, etc … make it easy for you to automatically switch to the currency you usually use … if you continue to want Euros / Dollars from time to time.
You feel so comfortable with bitcoin that you decide to base a part of your economy on that system. After you know BTC, you’ve left it.
Benefits for buyers (consumers/clients) are many, especially if, as a business, you return to your client’s savings from the usual transaction financial costs (bank payment gateways, transnational operations commissions, etc.), for which they do not have bitcoin (BTC), or tends to zero.
BTC integration in your electronic commerce is possible for major online stores: Prestashop, Magento, WordPress woo-commerce, Joomla VirtueMart, etc.
The impact on innovation that a currency will give you also cannot be ignored. This is a new opportunity to get references, links, visibility, and brand recognition that will improve your position from an SEO perspective.
Legislation in this matter has not yet been agreed upon, and the regulatory framework will ultimately support the use of technology, which is all an advantage for end-users. Banks will adapt to the system because, on the other hand, it is time. And the tax rules are the same as for national or international online transactions with other currencies.