Hello Bitcoin Payment Services — Goodbye Credit Cards
Our world is slowly being digitalized. And one thing leading this transformation is the finance world. Bitcoin has been famed as one of the safest currencies and has been taking the internet by storm for the past two years.
And if one uses proper trading cautions, Bitcoin and other cryptocurrencies can prove to be digital heaven, with lots and lots of benefits and profits. People are finding it easier to use these digital currencies instead of regular cash.
Seeing huge interests in crypto and related technology, many firms and businesses have started to invest in this sector by allowing to give and accept cryptocurrencies. This is a huge step in normalizing such digital currencies for daily use.
While the first-ever Bitcoin purchase was a pizza almost twelve years ago, now the usage has been widened to almost every sector of life. Here, we will look deep down into Bitcoin payment services so let’s get into it.
What is a Bitcoin Payment Service?
Just like the name shows, a Bitcoin payment service allows individuals and businesses to accept and make payments in Bitcoin. The working is almost quite similar to the traditional payment method of debit or credit card payment services. But Bitcoin makes payments a lot easier and a lot more beneficial as well. One such reliable and very famous service is that of BitPay.
For example, let’s take a look into a normal debit/credit card transaction for a clearer view. When you make a physical transaction, you swipe your debit/credit card, enter your pin code and the bank transaction services make the transfer. The same is the case with online purchases, the credit/debit card transaction services make use of important information and details to make the transfer successful.
Bitcoin payment services work in quite the same way. Such services act as the intermediary layer between the buyer and the seller, recording the transactions on a public ledger, authenticating them, and then executing them smoothly.
Both the buyer and the seller don’t have to worry about the behind-the-scenes workings of the transactions, they can simply pay or receive in the form of Bitcoin both physically and online.
Benefits Offered by Bitcoin Payment Services
You might be thinking if the workings are quite similar to traditional payment services, what’s different in Bitcoin payment services, what’s new, how are these better? Here are all the benefits Bitcoin payment services give as compared to traditional payment services.
- The first and foremost benefit is that of low transaction fees. Bitcoin payment services are cheaper and offer low transaction rates as compared to traditional payment services.
- Bitcoin payment services have a wider scope, no area limit, no time limit, no amount limit as well as no device limit. You can send as much money you want, wherever and whenever you want.
- Since all the transaction details are stored on a public ledger, Bitcoin payment services also have the element of transparency, where seller and buyer both are able to see everything and every record.
- Bitcoin payment services are safer and reliable as well, as both parties are able to see where their money is going.
Now it’s very clear why such Bitcoin payment services pose a serious threat to the existing card transaction systems. The majority of the people are shifting towards this new seamless payment method that’s much more reliable and safer. So let’s wait and see how long Bitcoin payment services will take to govern the entire financial infrastructure.