How Bitcoin is Favourable for businesses.
These days security concerns are well known, like these days technology upgrades and privacy and security concerns meet, Bitcoins system make favourable conditions for our security and privacy. The Bitcoin system is very secure and inexpensive for handling payments and transactions.
Bitcoin let you choose your fees for transactions. Higher fees mean your transaction get faster confirmation. Most of the wallets have favourable transaction fees. There are no fees to receive bitcoins. It is possible to send 1000 bitcoins at the same fees as 1 bitcoin sending and it's like sending Bitcoin across the world same as sending bitcoins across the street. there are no fees for transacting bitcoins anywhere in the world, and no minimum or maximum limit amount you can send.
Bitcoin offers protection against fraud.As we know sometimes businesses face problems when transactions made with credit cards or PayPal are later reversed. This chargeback fraud is very painful for customers and this chargeback results in limited market reach and increased prices, which in turn back penalties for customers, that's why the bitcoin safe payment system offers irreversible and secured payments, and the cost of frauds never push back on the shoulders of merchants.
No PCI obedience is required.
What is PCI ? - The Payment Card Industry Data Security Standard is an information security standard for organizations that handle branded credit cards from the major card schemes. The PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council. By Wikipedia
These days accepting credit cards requires vast security checks to comply with the PCI standard. You do not need to carry the cost and responsibilities within sensitive information from your customers like with credit card digits.
But bitcoin still requires you to secure your wallet and payment requests.
Free visibility for marketing purposes.
As you know Bitcoin network is expanding and it's the market growing every day customers are searching for new ways to spend their bitcoins every day. Accepting bitcoins is a good way to attract new customers and get free visibility in the market. bitcoin is an emerging technology and businesses need to accept its presence and apply it in day-to-day operations it's a clever game to accept this payment system and grow your online or local business.
Bitcoin and Accounting transparency.
Accounting transparency is required in some cases.
Some organisations are required to produce accounting documents about their activities.
Bitcoins offers the highest level of transparency and allows you to provide information to verify balances and transactions through the blockchain. Non-profit organisations can allow users to see how many Bitcoins they receive in donations.
It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.
Bitcoins Multi-signature feature.
Bitcoin system includes a multi-signature feature, this feature allows bitcoins to spend only if a subset of groups of people authorises the transaction. this can be used by a board of directors.
for example, to prevent members from making payments without enough consent from other members, as well as to track which members authorized particular transactions.
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