The bit coin is a form of a digital currency where no one has the control over it and the most important thing is, it is not like the ordinary printed currencies such as rupees, euro or dollars. This digital currency is produced and created by the people for having the various transactions and the businesses are also beginning to use this digital currency for various types of activities. These forms of currencies are mostly made by the software that can solve the complex mathematical problems. The people can use the service of the digital currency whenever they are needed and they can get the money at any time.
About the Bit coin digital currency
According to the point of the merchants view the usage of bit coin digital currency has many advantages. They are as follows.
- Zero fraud
- Easy setup and
- Low transaction fee
Zero fraud – Currently the fraud is the massive headache while accepting the payments through online where the charge backs not only causes the loss of revenue but also the incredible amount of the extra administrative work. The beauty of the bit coin is that because of the bit coin protocol nature all transactions are irreversible where it renders the fraud impossibility. It takes only the short period of time for transacting you amount ie once you get paid, you get paid.
Easy setup – When you are using the BitPay or Blockchain bitcoin processor then the actual implementation of the payment will be just like the child’s play and it will be taking just one day. They also have the services like shopify which has the built – in bitcoin integration with it, so it’s a matter of second for signing up the service.
Low transaction fee – The bitcoin payment method takes only the low transaction fee when compared to the traditional payment providers where its transaction fee is fairly horrible. In addition to this it opens the door to the micro payments where it charges only the minimum fee for the each transaction and the merchants can also getting their existing bitcoin payments because of the nature of the bitcoin protocol.
The following are the some of the disadvantages of having the bitcoin digital currency payment. They are.
- This type currency network is not known too much people and in order to understand this network first they need to know about the digital currency.
- The transactions made in these currencies are highly volatile due to the availability of less number of coins.
- Due to the huge demand the value of this digital currency keeps on changing daily and its value would be settled only when the demand stabilized in the market.
- Much software is not available in the market for providing the secured transaction of the digital currency.
In order to improve the usage of this digital currency payment method you need to make the people to understand about the benefits of using the digital currency and teach them how to use it.