The Washington Independent
The Washington Independent

How Are Bitcoin Payments Better For Your Business And Which Companies Are Accepting Bitcoin In 2021?

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.

Madihah Walls
Crypto
Oct 12, 2021

Table of Contents

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.

Why Is Bitcoin Robust Payment Method In Contrast To Other Conventional Methods?

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.

Much fewer transaction fees

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.

No international barriers

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.

  • Microsoft
  • PayPal
  • Overstock
  • Whole Foods
  • Etsy
  • Starbucks
  • Newegg
  • Home Depot
  • Rakuten
  • Twitch

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.

Madihah Walls | Madihah Walls is an author who specializes in carriages, corsets, and smartwatches. Publishers Weekly, Library Journal, and Booklist have all given her books starred reviews. Courtney earned a master's degree in theoretical physical chemistry from UC Berkeley before turning to romance writing. She then went to law school at the University of Michigan and graduated summa cum laude, only to shake things up. After that, she did a few clerkships. She used to be a law professor. She is now a full-time writer.

Related

Bitcoin in the Next Decade

Bitcoin came into the market as a revolution. In the current finance ecosystem, it behaves like a through the thing. Although it is volatile, the overall picture of Bitcoin has remained too rosy to cash. When we see the introduction of Bitcoin coming in a big way, we see some change taking place.

Can a local business accept bitcoin?

Nowadays, many startups and small businesses have come into existence. Everyone uses mobile phones, and everyone wants to pay digitally rather than in cash. There are multiple online payment options like Google Pay, Phone, Paytm, PayPal, Card swipe, QR code, UPI, and many more, and it makes the payment easy.

Earn good money with bitcoins – What are the top methods?

The primary motive of every person in life is to earn money. There are numerous ways to earn money, but bitcoin is the perfect option if you want to do it uniquely and easily. Bitcoin is not only a cryptocurrency that allows you to make payments, but it also provides you with several methods through which you can earn money, and some of them are listed below.

Do Bitcoin Benefits Overshadow Its Risks?

Bitcoin's journey has been quite interesting as it has ride waves of market volatility and interest of the public, but the main reason behind swings in its price is an actual reality. The crypto world is massive as thousands of cryptocurrencies exist in it and offer significant advantages to users.

Is bitcoin taxable or not?

It is difficult to say whether bitcoin is taxable because in some countries, bitcoin is taxable, and in some countries, there are no rules for bitcoin. Some countries banned bitcoin because it is a decentralized system that means the government cannot control the bitcoin and cannot trace and charge tax for bitcoin transactions.

The Basic knowledge of blockchain

Bitcoin was launched in 2008 by Satoshi Nakamoto to make the digital world. Yes, there were a lot of problems before bitcoin. For example, people use fiat currency, and if they want to transfer money abroad or outside the country, they need to pay high charges to third parties like banks and financial institutions.

Different ways to make money with cryptos!

Everyone is talking about cryptocurrencies nowadays. For most people, it is just a method for trading. However, if you look at the bigger picture, it is not only trading that has made it so popular. You can go for other methods of making money with cryptocurrencies, provided you are aware of them. First of all, you need to get the small picture of cryptocurrency.

Finding the 'Right' time to invest in Bitcoin

Far from being a red flag best avoided, this is testament to the fact that with Bitcoin more than most other trades, timing is an imperative aspect of success, though perhaps not in the ways that you might assume. As such, while there isn’t exactly a ‘right’ time to trade, these tips can at least help you to find the time that works best for at least helping you to earn big from your efforts here.

Will NFT go up in value? Understand why some are worth millions

The recent popularity and increased demand for NFTs or non-fungible tokens mean that the crypto world may be moving to a new unprecedented high.

Crypto in El Salvador

El Salvador became the first country in the world to recognize Bitcoin as legal tender. All organizations will be obliged to accept cryptocurrency here, it will be possible to pay taxes with it, and special wallets will be opened for citizens.

Top 5 ways to invest in Blockchain technology boom

Amidst the strong headlines of Covid -19 and its impact on global economies, something else was happening behind the scenes. It was the rush to invest in the growing blockchain technology. Business owners, investors, and key players across all industries are increasingly getting into the transformative blockchain technology.

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com