The debate over whether cryptocurrencies like Bitcoin are valid continues. However, for those that understand the concept, the financial value digital currencies offer is tremendous. Angelo Babb, a cryptocurrency expert, provides some of the primary reasons consumers should consider the legitimacy of digital currencies.
With Bitcoin, you are your own bank. But in doing so, you do not pay for an account opening cost, monthly maintenance fees or false expenses as it happens in a bank. You don't even pay to have credit cards. Having a wallet is free and with it you can store all the Bitcoins you want, as well as send Bitcoin anywhere on the planet without anyone preventing you.
Bitcoin is extremely secure. It is the core of one of the most secure cryptographic systems available. This system is more powerful than the one used by banks and other crucial services that we use every day.
Because it is distributed, it is immune to network attacks and crashes. No other computer system has been operational for longer than eight years.
Explains Babb, “Even in the face of a solar storm, Bitcoin, unlike other systems, would resist. This is because some of its nodes are located in bunkers of the Second World War, protected underground and even with triple perimeter security.”
The cost of making a transfer anywhere in the world through your bank can cost you a lot of money. When doing it in Bitcoin, the cost is cents or free. Consider micropayments: using a bank, paying $0.30 to someone from Chile in gratitude for a tweet or like is impossible. However, with Bitcoin, it is a reality.
You can send cryptocurrency to any country in the world. Like the Internet or e-mail, it has no borders. This makes Bitcoin the first truly global, borderless currency that works.
In times of constant information theft, industrial and societal espionage by governments and computer criminals. Even more, with the emergence of advanced Big Data techniques, it is more important than ever to take care of our privacy, managing to maintain it to a very high degree. “Most cryptocurrencies have this concept very internalized. They are not completely anonymous, but are private,” adds Babb.
With cryptocurrency, unlike the credit card, a payment cannot be reversed (chargeback). The chargeback generates an annual cost of $42 billion in fraud since anyone can make a payment and call their bank saying that the charge isn't valid. However, with cryptocurrencies, chargebacks are impossible.
In addition, another advantage of Bitcoin is that its implementation is free and has negligible transaction costs. With this and more, many merchants offer a discount on the price of the product if a customer pays with Bitcoin.
Cryptocurrency transactions decrease the expense of commissions. The fees of a payment gateway range from 2% to 3% and include a minimum cost per transaction. This skyrockets even more with PayPal, with figures like 3.4% + $0.50 per operation. Unlike this, with Bitcoin, the transaction costs are close to free no matter how much money you send.
A merchant no longer needs to add to the price of its products the extra cost produced by the multiple and variable credit card scams. In exchange for this, you can put a discount on payments with Bitcoin. In addition, there is no way to counterfeit a Bitcoin, unlike with cash.
In stores, the more payment platforms they offer, the more conversion possibilities they have. Therefore, if we include Bitcoin in its different forms of payment, conversions will increase.
Another advantage of Bitcoin is that no person can access money without your consent. Thus, reducing the risk of theft. In addition, you will save expenses (since you do not need a box, or a safe, or companies that transport your money to a bank), you will speed up the speed of payments and improve the quality of work of employees. They will not have to waste time counting the money, nor will they be overwhelmed by tasks dedicated to management and maintenance.
That a trade includes novelties is very well seen by the target audience. The more technologies and improvements you provide, the more the customer will value that and the more they will visit you. Bitcoin makes the business make a difference.
Lastly, there will be no errors of any kind when verifying payments. These are done automatically and quickly.
Companies are already betting on Bitcoin and its technology. There are now tens of thousands – and even a couple of countries – that recognize the commercial value of Bitcoin. This list is only going to keep growing.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When he's not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
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