Bitcoin has become popular for many business owners over the past 5 years. Bitcoin is a type of platform which allows individuals to pay each other via a digital network. Bitcoin is actually not considered to be a currency but it is labeled as a type of ‘cryptocurrency’. Bitcoin is typically utilized to pay for specific services and products. Many merchants prefer Bitcoin because it has a transaction fee of approximately 0 to 1 percent as compared to a 2 to 5 percent credit card charge. The main argument against Bitcoin is whether it is actually considered to be a legal type of currency. Many government agencies and big businesses do not support the use of Bitcoin. Using Bitcoin can also negatively affect taxes at the end of the year. A business cash advance will also not be able to support the Bitcoin currency.
Fraud is another issue that encompasses the use of Bitcoin. False invoices can also be given out to customers if specific information is compromised. The payments can also be sent to a specific account where they can be converted to cash during the compromise.
Bitcoin also has specific benefits such as:
- Being similar to cash transactions as they do not leave a paper trail.
- Being less costly when compared to utilizing a service such as Paypal.
- Processing in a quick manner. It will typically only take approximately 10 minutes for the Bitcoin transaction to process.
- Assisting small businesses so that they can stand out against the competition.
Bitcoin also has specific disadvantages such as:
- Becoming useless over time as the exchange rates fluctuate.
- Carrying provider services which can cost approximately $30 dollars a month.
- Being volatile which can ultimately work against small businesses.
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