What is Bitcoin?
In 2009, a new form of currency was introduced, Bitcoin, a cryptocurrency, a form of electronic cash. It was a completely different form of currency with some astonishing facts:
- There was no role of the bank in between the transaction.
- You can make any type of payment by using Bitcoin. Book hotels, buy furniture or even your favorite Xbox games.
- And one of the main reasons behind the growth of Bitcoin is you can trade it and earn more Bitcoin.
- You can make payments anonymously.
- Another best feature of Bitcoin is that it is relatively cheaper and easy for payments across the border because Bitcoin is an independent body. No country or subject is not in contract with it.
Anyone can buy this virtual money by using real money. Or anyone can make you payment in form of Bitcoin. And in fact you can create Bitcoin using a computer. Creating a Bitcoin is called mining. A virtual bank account exists called “digital wallet’’ where Bitcoin is being stored. From here you can send, receive or buy Bitcoin.
How do Bitcoin works?
There is a lot of confusion regarding how exactly Bitcoin payment service works. Here’s a quick explanation of it. Any new user can relate Bitcoin with email for easier understanding. Once you’ve installed and registered with any authentic Bitcoin provider on your computer or mobile phone, it will create your first Bitcoin address. Disclose this address and make it available to your friends so that you make or receive payments. The thing to note is that for every new transaction, a new address is generated. All successfully made transactions are recorded in shares public ledger which is known as the block chain. The new transactions are verified with the help of this chain.
Bitcoin payment service converts the received Bitcoin into the currency according to your convenience and money finally gets credited to your bank account.
The process is not that complicated. Even with the slightest knowledge you can start using Bitcoin and learn remaining things while using.
What is Bitcoin Merchant Account?
As far as now, you must have understood the concept of Bitcoin. Technology has been playing a vital role in evolution of payment gateway. From cash to online payment and now to Bitcoin. The future of this virtual currency is more than our anticipation, with its current growth rate it can be stated that in a few years Bitcoin will become the most used way of payment around the world. Many smart merchants who have analyzed the future have already adopted Bitcoin and have updated their payment gateway. More and more merchants to hold a good position in the market are moving towards this evolution.
Now, to start receiving payments in Bitcoin your business need a Bitcoin Merchant Account. Trusted companies like iPayTotal help you to get a Bitcoin Merchant Account.
How Bitcoin merchant account can help you?
Following things you can expect from your Bitcoin Merchant Account:
- Enable Bitcoin transactions: It’s very obvious that by getting Bitcoin Merchant account your business can start accepting Bitcoin payments. Other than cash, credit/ debit card, Bitcoin is widely accepted. Do proper research and select a trustworthy and experienced merchant account provider, like iPayTotal.
- More options to customer: By getting a Bitcoin Merchant account you can offer one more advance mode of payment to your customer. With growing technology consumer is becoming more aware and updated and they want to try more options for payment which are quick, safe and easy. Bitcoin is now becoming a popular choice of payment among the new generation.
- Expand your customer: Bitcoin payment services allow transaction of any amount across the border through mobile or PC to any currency of merchant’s choice. This helps the merchant to expand their business all over the world and earn a big profits. Deal with customers from different parts of the world and receive payment in the shortest time.
- Fraud-proof: It’s a secure way of payment for both sellers and buyers as every successful transaction is directly recorded in a public ledger. Bitcoin is a Cryptocurrency that controls the creation and transfer of Bitcoin. Blockchain gives the record of all the transactions to the owner, only and only the owner has control over it. Anyone can easily make big transactions as Bitcoin uses code which is uncrackable. Every form of payment is risk-prone even the Bitcoin but it is relatively less.
- Reduce the extra cost: Bitcoin transaction fees are very low in comparison to conventional methods of transferring money. Standard credit card payment costs 2% to 3% of the transfer amount. Since Bitcoin transactions have no interference by any institution or government, the cost of the transaction is very low.
- Easier mode of payment: Making payments from Bitcoin is easier than any other mode of payment as it is direct and takes place within few minutes. You just need a smart device or PC and internet connection. Bitcoin is considered best for making international payments. Bitcoin transactions are commonly confirmed with an hour whereas any other traditional way takes a few days to a few weeks.
- Investment: Bitcoin mining is the key feature of Bitcoin which has made it very popular among people. Other than making payments, Bitcoin is also an investment. You can even sell your Bitcoin and make a good profit.
- Be your own bank: As no third party is involved you have full control over the transaction. Traditional currencies are regulated by a central bank but this not in the case of Bitcoin. You don’t have to handle any outside interference. You are your own bank here.
- No chargebacks: As merchants you must be aware of the risk of chargeback. There’s nothing worse than chargeback because it affects you monetarily as well as it affects your goodwill and future financial transaction. Bitcoin is the only mode of payment which is 100% chargeback free as it is irreversible.
Bitcoin merchant account is a high risk merchant account. That’s why it needs experts to deal with it. IPayTotal is working with field professionals to get you the best suitable Bitcoin Merchant Account for your business. We provide you with the 24/7 customer service to clear all your worries and doubts. Bitcoin is the future of payment. So choose wisely.
And let’s get started!!