Bitcoin as a payment method
Bitcoin as a Payment Method
The currency may be falling in value currently, but there are strong indications that it will rise again and maintain its place as the best-performing cryptocurrency in the world. So, Bitcoin is already giving the financial industry something to think about, and it is showing itself up as one of the best means of exchange. E-commerce platform owners can receive payment on their websites via bitcoin. Aside from being a means of exchange, bitcoin is equally a robust investment tool; you can buy or sell bitcoin as it rises and falls in value respectively and make something extra for yourself on the side.
Zero chargeback
Many online stores face the problem of chargeback, especially with payment processing methods like PayPal; feelers say Skrill also permits chargeback. This is never the case with bitcoin.
Consequently, accepting payment for your services using bitcoin can completely remove the risk of a chargeback. It can be annoying when the client chargebacks even though you have delivered the good and it has been received in perfect condition. Bitcoin payment is one-way only and cannot be reversed. As a result, you will never lose your money.
The transaction fee depends on you
One other feature that makes bitcoin the best means of receiving payment on your website is the flexibility in the transaction. You will rarely find a payment method as flexible as the bitcoin method of payment on your platform. The fees you pay with bitcoin transaction will depend on the speed of receiving the money. There are firm indications that the bitcoin payment method can play a significant role in the global economy and can become the perfect replacement for the gold standard.
Despite the great benefits of bitcoin as a form of online payment, it also has certain disadvantages that you must consider before you adopt it as a payment method on your website. Some of the difficulties are mentioned below.
Poor security
The limited security in bitcoin is one of the features that make bitcoin not desirable as a payment method. The lax in security can expose your bitcoin wallet to the activities of hackers and malware. You can end up losing all the money in your wallet if you are ever hacked.
Volatility
Bitcoin price is highly unstable; it rises and falls frequently and randomly against the dollar. This can reduce the value of your money and lead to losses in your business.
Conclusion
So the points above would have educated you on what you stand to gain or lose. When you adopt bitcoin as means of payment on your website.
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