Home Technology Is Bitcoin the Future of Business Transactions?

Is Bitcoin the Future of Business Transactions?

Bitcoin

Traditionally, Business has always been exchanging of goods and services, in return to monetary benefit. But the monetary exchange has been controlled by a third party like a bank. This puts in a huge difference in terms of actual profit earned by a firm, but on the brighter side, it is an assurance that the parties get duly paid off their dues, and there is no dispute thereof. Bitcoin, on the other hand, eliminates the third party and ensures direct transaction from A to B.

Why is Bitcoin so Promising?

Bitcoin works on the Blockchain principle, which means that there is a ledger record sent to each and every link in the chain, whenever a transaction takes place. The digital QR code for receiving Bitcoins, called the private key, helps to ensure that the transaction is strictly between the two intended people only. This ensures both security and extreme confidentiality in terms of Bitcoin transactions. For small businesses, which ride on very thin profit margins, Bitcoin proves to be a more viable means of transacting, as it has no third-party charges involved. Even a large retail enterprise like Overstock has adopted Bitcoin as their mode of transactions.

This brings out a huge opportunity for other businesses to start investing trust in this mode of transactions. Another beneficial trend which many businesses are adopting is bitcoin trading and with trusted automated trading software like Bitcoin Loophole, the trading becomes easy due to the accuracy of the algorithm. If you need to know more about the software, read the full Bitcoin Loophole review here.

Less Security Risk, more Peace of Mind:

The best part of transacting in Bitcoins is the fact that each transaction is encrypted, and only the person with the QR code of the private key can accept the money from the private key holder. Every new Bitcoin is mined using extreme computing needs. There are data-centers or “Mines” in places like Iceland, where companies are investing in larger computing hardware, for more mining of Bitcoins. The cryptocurrency transactions are only between the buyer and the seller. Hence, business owners have peace of mind. Especially when large transactions are involved, and moreover, the time taken is almost instant. No more than 30 to 45 days payment delays.

More Awareness about Cryptocurrency:

With Facebook recently announcing its intention to launch its cryptocurrency called Libra, the community has mixed reactions. On one hand, the awareness about cryptocurrency would increase, owing to the social media presence of Facebook. This would mean more people would be capable of sending and accepting Bitcoins. Good for new businesses who wish garner more user-base for early adoption. But it also comes with its negatives. The basic principle of a cryptocurrency is of Decentralization. With Facebook planning to centralize Libra, it puts a question mark on the credibility of cryptocurrency transactions.

Conclusion:

Cryptocurrency like bitcoin has revolutionized the way people do business. Fast, simple, secure and hassle-free transactions are slowly instilling confidence among new business owners. Who wish to lower their investments in the initial run. But one should be careful about maintaining the security of the private key QR code. Since there is no bank involved. Once the money gets transferred from your bitcoin account, there is no way you can reverse the transaction. Like with any new technology, the early adoption has its challenges, but Cryptocurrency promises to be the most popular mode of financial transactions in the world in the near future.

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