Well, nothing is easier to answer, bitcoin is a currency, just like the euro or the dollar, which is used to exchange goods or services, but its main difference is that it is an electronic currency, a virtual currency, not a physical one, so you must always make transactions through the network, the Internet. Its main advantages are its efficiency, its security, and its ease of exchange. For collecting bitcoins the best software is bitcoin era and its website provides timely information about bitcoin.
How does it work?
To operate with this popular virtual currency born in 2009, you have to download one of the many available applications. There are multiple options for any operating system, whether you want to install your bitcoin wallet on your desktop or for your mobile, whether iOS or Android. So, if you want to know how to invest in bitcoin with Paypal, buy bitcoin, and make a good investment with high profitability, you have to enter the link that they just left for you.
7 Things You Need to Know About Bitcoin Before Buying
The seven things you should know about why you should implement the option to accept payments in cryptocurrencies such as Bitcoin in your company or business. Nobody controls it. There are no physical bills or coins. Through computers from all over the world, it is generated by people using a program that solves mathematical problems.
1. Attracting new customers
Bitcoin is the new craze for those passionate about technology, the Internet, and freedom. There is a constantly growing market with cryptocurrencies, and they want to pay through this option, so why not listen to this client?
In addition, payment through cryptocurrencies facilitates foreign trade since companies or people from abroad can make these payments without changing the currency and paying for it. The transaction is faster and cheaper.
2. You compete better
If you do not include the payment with Bitcoin or another cryptocurrency in your trade, in the end, your competition will do it before you and will take advantage of this. Cryptocurrencies are being questioned, but they continue to grow at breakneck speeds. What is also very important is attracting large investors, business angels, and startups who do not want to miss this train.
3. Invest like big fortunes
Some of the people with the most money in the world are investing in Bitcoin, Etherum, Litecoin (to name 3 of the best-known cryptocurrencies), and they are doing it through high profit and risk funds, as a safeguard system in case of a probable devaluation of the state currencies.
Perhaps you think that you do not have millions to invest in cryptocurrencies, but what you can do is allocate a percentage of your sales in this type of currencies.
Bitcoin, Etherum, Litecoin, Monero are just some of the options you have to invest in. In fact, unlike many other financial instruments, cryptocurrencies are accessible to all types of investors regardless of the amount you can allocate.
4. Safer against physical theft
Many businesses and companies have to invest in extra security to safeguard the box. If, for example, you use Bitcoin as a collection currency, you will be using an electronic system that does not require a box or currency transport, so you are reducing not only the risk of theft, but you will save on expenses since no one can reverse a payment made without your prior consent.
As it is mentioned before, you will also increase the speed of payments, not only in transfers but also in cash. It will no longer be necessary to have changed. Although today there are indeed very few places to pay with Bitcoin and few people who are willing to do so, you will have a long way to go if you start now in a few years.
5. More people to your business
Cryptocurrencies are in fashion, and even more so Bitcoin. By accepting the payment of these coins, you will get new visits that would not have bought or acquired a product/service from your company before.
Do you imagine? Now there are almost no businesses or companies that accept payments in these currencies, so those who want to pay with Bitcoin, Etherum, will have to go somewhere to accept this payment. What if that place is your business?
6. Don’t keep enriching the banks
Did you know that the average commission of a payment gateway is around 2%? If they talk about systems like PayPal, they are already going from 3.4% to 5%. However, other players such as Stripe are indeed coming out with lower commissions. Payment with cryptocurrencies with Bitcoin would be even lower since NO commission’s indirect payment to the wallet.
If you make use of payment platforms that convert BTC to EUR, then there are commissions. Still, today they are around 1% and with no minimum cost per transaction (for example, Bit credits charges 0, 9% per transaction).
7. Bye to Bank
Spanish banking weighs on having improved a lot in the last 18 years regarding payments for electronic businesses. Today there are still bureaucratic obstacles that make the resolution of conflicts with their payment gateways very slow.
Be your bank, if they pay you in BTC directly to your wallet, the money you already have, without any problems or worries other than giving your client the best service or product.
But you must also consider the disadvantages, because as the saying goes, “All that glitters is not gold.” So to play fair, you have to be aware of the following.
1. Volatility. They are extremely volatile. Prices fluctuate over hundreds of sunrooms in very short periods. A BTC can cost $ 3,800, and in 10 minutes, it will be at $ 3,400 or $ 4,000, who knows.
2. a lot of negative publicity. There are still many suspicious people because there are organizations that are interested that this does not progress.
3. Problems with the return of articles. Due to the volatility of cryptocurrencies, the coins can be worth more or less depending on the day the amount is credited to the digital wallet than they were worth on the day of purchase.
Conclusion: Bitcoin is based on the blockchain, known by its English name blockchain, and is a shared public ledger. All confirmed transactions that are made with this currency are included in this blockchain system. Thus, the wallets calculate their balance, and new transactions are verified, ensuring collections and payments.