How Are Bitcoin Payments Better For Your Business And Which Companies Are Accepting Bitcoin In 2021?
Satoshi Nakamoto, a Japanese programmer, announced his invention about bitcoin on a cryptographic mailing list in October 2008. Then, in January 2009, he released the first-ever software of bitcoin.
In addition, Satoshi Nakamoto highlighted bitcoin as an electronic cash system with a complete peer-to-peer network on bitcoin's white paper.
The white paper of bitcoin is an official letter containing several facts regarding bitcoin, and this white paper is present on the official website of bitcoin. All the more, everyone came to know about the name of bitcoin's inventor through its white paper. However, other than his name, there are no facts regarding the identity of Satoshi Nakamoto.
There are speculations that he is holding almost 1 million BTC; if this speculation is actual, Satoshi comes in the list of the top 50 wealthiest people in the world. Satoshi Nakamoto created bitcoin as a currency that makes transactions much convenient and accessible.
However, due to the store value of bitcoin, people consider bitcoin as a method to make money. So undeniably, you can make a tremendous amount of money with bitcoin. If you want to get profitable results in your bitcoin trading expedition, check Bitcoin Profit website for more details. However, bitcoin as a payment method is correspondingly very robust.
Here are some of the benefits of accepting bitcoin as a payment method, alongside some robust companies accepting bitcoin payments. So without wasting any time, let's have a look.
You are familiar with the fact that higher authorities, financial authorities regulate fiat currencies. All the more, these bodies can create and destroy fiat currencies for better financial results. All the more, multiple bodies participate in every transaction with the traditional banking system.
However, bitcoin is a free currency, and Satoshi Nakamoto created bitcoin to free us from government authorities and central banks. Therefore, there are no intermediates and third parties which can regulate or destroy bitcoin units. Simultaneously, technologies like peer-to-peer networks and blockchain make bitcoin more secure and convenient as a payment method. Here are some of the reasons why bitcoin is suitable for your business.
Traditional banks levy you transaction fees for almost every transaction, even when you have to withdraw money from your bank account. All the more these traditional banking system incurs banking fees for every transaction.
To sum up, the transaction fees of the traditional banking system are very high. However, bitcoin does not charge you a high transaction fee as of the traditional banking system. The fact might amaze you that you have to pay 1% of the entire transaction amount merely. All the more, some decentralized exchanges levy you nominal fixed transaction fees for every transaction.
Government authorities have imposed tons of barriers for international transactions. However, since Bitcoin is politically independent, the ease of international transactions is very high. You can transfer any amount of bitcoin to any place across the globe with just a few clicks, and the receiver can further convert bitcoins to fiat currencies with the help of an exchange.
The fact might amaze you that international transaction fees in the bitcoin complex are the same as domestic transactions. However, you can also speed up international transactions by paying some extra cents in the transaction fees because the traditional banking system consumes days to process international transactions. In contrast, bitcoin takes minutes to process the international transaction.
Bitcoin correspondingly offers you some fascinating perks such as anonymity, flexibility, irreversible transaction, high adaptability, and many more.
Several companies have already started to accept bitcoin payments. Some of the prominent ones are as follows.
- Whole Foods
- Home Depot
Microsoft was one of the major multinational companies to accept bitcoin as a payment method. The online Xbox store of Microsoft started to accept bitcoin as a payment method in 2014. Recently tesla suspended bitcoin as a payment method due to the energy consumption of bitcoin mining. However, after the announcement bitcoin mining council, Elon musk will soon announce bitcoin payments in tesla.
The portion mentioned above is everything you should know about bitcoin payments in your business.