Acceptance of Bitcoin on the Rise

bitvestment partners 4Some companies have been resistant towards accepting advancing Bitcoin technology, while some are eagerly embracing the new form of currency. Bitcoin is quite complex, but it is not necessary to fully understand the mathematics and cryptography behind Bitcoin to know that it works well. Many experts support Bitcoin and cite reasons for using it as a valid form of payment.

An immediate and short term-benefit is that Bitcoin features lower transaction costs. When compared to companies like PayPal, credit cards, and Western Union, etc. that have transaction fees of 2-4%, Bitcoin’s 1% is quite appealing. The lower cost for transactions is across every type of exchange including micro-transactions, peer-to-peer transactions, and international transactions. Where PayPal may charge a flat $0.30, plus a percentage for any micro-transaction, Bitcoin offers an environment where micro-transactions are actually economically viable.

Bitcoin is not tied to any particular country and is therefore less risky than any traditional currency that is rooted. Bitcoin is theoretically less risky because it is less susceptible to political risk and is more stable. Bitcoin numbers are finite, so there will not be issues of inflation. The biggest political risk Bitcoin faces is that it was not recognized for a few days in China last year and a situation like that may surface again.

Bitcoin is also more secure than traditional currency because using a Bitcoin leaves no data behind, like a credit card. This would have prevented security breaches like the Target attack in 2013. In this way, Bitcoin is more like using physical cash.

For a company, announcing you are accepting Bitcoin can be a huge public relations boost. It seems edgy and new. Additionally, there are advantages with Bitcoin Protocol to brand currencies for breaks on groups like airline miles and coffee shops similar to current loyalty programs.

There are many advantages and exciting opportunities for business and personal means in the future of Bitcoin technology.