Bitcoin As A Payment System: A Full Insight

Bitcoin is an online payment system established in 2009 following the successful invention of Satoshi Nakamoto in 2008 which was made open s...

Bitcoin is an online payment system established in 2009 following the successful invention of Satoshi Nakamoto in 2008 which was made open source in 2009.

Bitcoin is a kind of decentralized digital currency that makes payments to anyone and in anywhere around the world possible. Thus, Bitcoin can be used in purchases of goods and as a payment form for services rendered.

In addition to the purchases of goods and services, Bitcoin can be used in the settlement of debts and can also be obtained in exchange for traditional money and vise versa.

How Does Bitcoin Works?

Unlike other online payment systems, Bitcoin is a peer-to-peer payment system that involves just the two parties carrying-out the transaction without the involvement of a third party that literally slowers the payment processes.

Example:
You wish to make a purchase either online or offline, the seller decides that he/she accepts Bitcoin. All you have to do is provide your Bitcoin details, or better still, scan your Bitcoine bar-code and your transaction password if you use one. Period! That's how much it takes to to complete the transaction.

Why Do I Prefer Bitcoin?

For some reasons, Bitcoin is preferred to other Online Payment systems, I especially would always prefer Bitcoin wherever it is accepted amongst other payment systems whether online or offline.

And below are some of the major reasons why it is preferred;
1- Bitcoin is Safer:
Bitcoin is safer than credit card, smarter than other payment systems and even more secure than any other payment systems if you follow proper procedures.

2- Instant Processing:
Because Bitcoin is a peer-to-peer payment system and involves no other third parties for further authentications or processings, it is more faster than any other payment systems.

3- Zero or Low Processing Cost:
For almost all the reasons that make Bitcoin faster than other payment systems, the same reasons make it more affordable or cost-free. Thus; no extra charges imposed on the sender or the receiver.

4- Fredom On Decision:
With Bitcoin, you have absolute freedom as to how much you spend, how it is spend. Or, on the type of transaction you enter and how your payments are made.

5- Bitcoin Is International:
Although Bitcoin is a growing digitalized currency, it is accepted worldwide. Thus, you can always carry-out transactions using your Bitcoin anywhere in the world.

Conclussion:

In a nut shell, besides the flexibility in the way Bitcoin is used, Bitcoin also opens new opportunities for either starting up businesses or already established businesses.
Want to buy or sell Bitcoin? Contact me via the Contact Us form or using any of the contacts below.

Have any questions or concerns? Use the comment box below.

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Bloggers Guides by ArykTECH: Bitcoin As A Payment System: A Full Insight
Bitcoin As A Payment System: A Full Insight
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Bloggers Guides by ArykTECH
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