by Verdzekov Bernard
With Relation to BITCOIN or CRYPTO currency, sites that use crypto currency to transact are one step ahead of site that don’t. And Finmail is a perfect example…
This is because they receive two digital currencies BTC and USDT and USDT is a stable currency under fiat. That is just one point. But since I am more about bitcoin and the blockchain, will maybe talk about fiat currencies in some order article, but there are more points I will give below about the digital currency bitcoin or currencies about bitcoin.
Most sites that accept or approve BTC as their medium of payment benefit from some advantages than most other sites. This however is simple to understand and I will explain how it is linked to some other things or statements.
Before venturing in this, all you need is weighing the Benefit and the Risk. Away from that, the first advantage is that; bitcoin transactions are discrete. This is to say that; the transaction is kept secret just with the user and his identity kept private. Which this is to say, you can be transacting with someone with bitcoin for 5yrs without ever seeing the person. All you need is the TRUST and at times that is difficult. The anonymous bitcoin address that is generated for users purchase changes with each transaction. This is not to say bitcoin is perfect, but it is better than most traditional system of payment with relation to identity or user information.
Secondly, we have Peer to Peer Focus to the exclusion of external or third party: This simple. With crypto currency and with bitcoin in particular, third-parties are excluded. No government or bank enterprise verifies your transaction. No friend gets involve until you let them. You deal with billions of dollars with crypto currency and NO ONE will question you. if you don’t like this authority, that means you are not yet rich or wealthy. (lol)
Another point and that which have been used by many other writers is that of User Autonomy: Here, you are reminded that, you are the boss of your money and nobody could question or take that from you.
I had a friend that was caught by the police several times he went to the bank to cash out. That was because of the amount he cashes out each time. A lot of things are being questioned and that is disturbing. Some of those things that are questioned is his age, occupation or prove of funds and maybe even trace you right to you family. But with crypto currency, no one knows anything and you transact whatever amount you want to transact. The boy couldn’t avoid it because, since bitcoin has not been accepted by everyone, you will need to pay or transact with the currency your client or worker deals with for now. He just has to prove origin of funds and when they saw he deal with bitcoin; he was allowed and many even came to see him to help teach them. (Lol). In general, Bitcoin gives you the Respect.
Very low transaction fee as compared to fiat currencies: That is because, bitcoin has reduced the gap between the sender and the receiver. That is the government or the bank is not involve. That has limited transaction fee and taxes.
Crypto currency has increased transaction speed.
As compared to when you need money to do something and the time you take to have it to do that particular thing, bitcoin has limited the speed. No finger print needed, no eye or face verification needed, no public finger print needed or signature. Bitcoin transaction with partnership with the internet has closed the loopholes. This totally in contradiction with other traditional systems or fiat currencies that go through all the abandoned process by bitcoin.
Mobile payment: Mobile payment has really made things save for so many people. The traditional method of payment is still very outrageous. People still cue up in banks to receive salaries. Isn’t that still slow and energy draining? Though they have built online apps that could permit online tractions, the still believe in face to face validation and also finger print of code physical entry of code. Bitcoin together with order digital currencies have eliminated that idea and have made it possible that, you receive and verify everything using your phone or tablet or PC. Phones being the most common and it is own by nearly everyone and could be manipulated by most people. The percentage being encouraging.
So, in relation to sites that use bitcoin or crypto to transact do they benefit from this currency and medium of exchange or business, the answer is YES! and the point giving above are just based on those factors and it is what order systems will benefit or work sites could benefit from, together with its users when they accept crypto currency.