What is cryptocurrency?
A cryptocurrency can be defined as a digital or virtual currency and it is designed to work as a medium of exchange. It makes use of cryptography to secure and verify the transactions as well as to manage the creation of new units of a particular cryptocurrency. Basically, cryptocurrencies are coded in specific blockchain entries which are stored in computers and cannot be altered unless specific conditions are satisfied.
Bitcoin is the most widely recognized cryptocurrency and was created in 2009 by Satoshi Nakamoto. The value of Bitcoin in 2017 reached a huge $180 billion.
Accept Cryptocurrency with iPayTotal
Accepting payments in crypto payments and receiving funds directly to your bank account is too important these days. Do you know how you can accept crypto payments?
Cryptocurrency relies on P2P or peer-to-peer technology. It has a decentralized. This means it’s not backed or regulated by any central bank or government. The reality is that buyers transfer funds directly to sellers. There’s no third party involved in the process.
Bitcoin is one of the first and most popular cryptocurrencies in the world. It is a decentralized digital currency that does not belong to a central bank or an administrator. It can be sent from one user to another by utilizing a peer-to-peer blockchain network, all without any type of middleman.
Bitcoin has been lauded for its ability to keep users anonymous while sending and receiving this cryptocurrency since no personal, identifying information is given. However, this is not entirely true. To clarify, it is actually pseudonymous because all transactions can be traced to a person’s address. If the identity of the person is ever revealed, all transactions under that pseudonym will be traced back to them.
There are a growing number of merchant service providers that see Bitcoin’s potential and are specialists in providing merchants with a high risk merchant account.
Merchants who are running an online business on WordPress or Shopify or anything similar online platform can now start accepting Bitcoin.
Accepting Bitcoin as a method of payment gives you the following benefits:
- Your business gets an alternative trustable payment method that works 365 days and 24/7.
- You can receive cross-border payments which you can track in real-time.
- Your business gets a worldwide customer base
- Your business gets more profits, fewer fees, fewer credit/debit card chargebacks, and less fraud.
- It gives your business an option to keep some amount of your profits in BTC as an investment option. This could help your business in the long-term.
- Last but not least, you and your business get the freedom to ‘Be Your Own Bank (BYOB)’.
With iPaytotal you can offer your customers choice of paying Bitcoins directly, or in case they don’t have Bitcoins, buy it with VISA/Mastercard with instant payment of your invoice.
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