Are you interested in increasing your knowledge about bitcoin and bitcoin merchant account? Do you know what the fundamentals about cryptocurrencies are? And how can you get yourself a secure, reliable bitcoin merchant account at the best possible price? Luckily, there is nothing difficult about this. In this article, we have come with everything you want to know about cryptocurrencies and other related things.
What do you understand by bitcoin
Created by Satoshi Nakamoto, bitcoin is a kind of currency that exists only in the digital world. In fact, it is the first ever decentralized digital currency that can be sent or exchanged through the Internet in a faster and cheaper means. Unlike traditional currencies, bitcoins do not have a printed form since there is not physical representation for this type of money. It is mainly produced by computer users and merchants through mining process wherein a software program is used to solve mathematical problems in exchange for the currency. Users can take control of cryptocurrency using electronic devices which also serve as a portal to carry out all transactions through several platforms. Bitcoins are kept secured by using virtual wallets.
In present time, many businesses are using bitcoin for selling their goods and services. In order to do it securely, they need to look for a reliable bitcoin merchant account from a reliable merchant provider. Although some business owners think that finding a good service to open a bitcoin merchant account is very difficult, there are a few reliable options to choose from at an affordable processing fee.
Characteristics of Bitcoins
Bitcoins come with the characteristics of conventional money such as buying power and availing investment applications by means of numerous online trading tools. Unlike traditional currencies, it is not centralized and does not run under a governing body or financial institution. Since bitcoins are not controlled by any of aforementioned entitles, users can obtain full ownership of their digital currencies.
Furthermore, all transactions are done with bitcoin IDs that do not necessarily have to be real names or addresses of those performing these transactions. In other words, all the transactions can be performed anonymously or without revealing your identity. Unlike traditional bank accounts, you can easily create your bitcoin merchant account without providing countless information. Likewise, there is a minimal fee for bitcoin transaction. Aside from direct completion of processing, there are no charges known to be major enough to put a dent on your bitcoin merchant account.
Uses of Bitcoins
There are many brands that accept bitcoins against their services and products. In fact, today’s merchants are seeking for the ways to use this type of currency to provide what has not been offered before in order to stay ahead in the competition. In addition to purchase products and services through the exchange of digital currency, you can also use bitcoins for different investment tools too. These include bitcoin trading, binary options portals, and Forex.
How to Create a Bitcoin Merchant Account
Bitcoins are meant to spend money digitally. With the advantageous features of lower fees and swift transactions, this type of currency is attracting more and more businesses across the world. As a merchant, you can sell your products or services using bitcoins. Normally, bitcoin value may vary from time to time just like opening rate of a stock which is based on the activity during the day. The value can go up, down or remain same. Accordingly, the payment processor you choose for your bitcoin merchant account honors the value of what is sold considering the sale itself.
Bearing all this in mind, only a reputable credit card processing company is handy to work with. eMarchantBroker.com, for instance, is a world’s famous merchant service provider which offers secure, convenient, and affordable services for your payment needs. It has all the characteristics that make them the best choice for your bitcoin merchant account. The company encourages all business owners to reveal their problems in order for them to get the best merchant services tailored to their business needs.
Advantages of Bitcoins
Whether you need bitcoins for shopping online or a physical location, there are lots of benefits of digital currency to enjoy. These include:
- Bitcoin Anonymity
Bitcoin transactions do not need you to provide your real name. All transactions are recorded as a public log which normally consists of the ID of your electronic wallet, keeping each transaction private. You can purchase and sell anything or do other bitcoin transactions without even being tracked by any means.
- Electronic Wallets
Cryptocurrency has been the most raved financial topic for over last decade. Also known as peer-to-peer currency, bitcoin was invented in 2009. As mentioned earlier, this currency is mined by solving a series of complex mathematical problems through a computer and obtained in the form of blocks. Unlike traditional money, you do not need any physical wallets or bank account to store or do bitcoin transactions as everything is done with the help of electronic or e-wallet. These electronic wallets are found on your computer, mobile phones or on a third-party website.
- Immediate Transaction Process
Bitcoin transactions are carried out directly from user to user with the use of the internet all across the world. You do not need to visit a bank or clearinghouse to act as the middle person to help you, which also makes the transaction fees significantly lower. As a matter of fact, the process of exchanging or sending bitcoin is as simple as sending an email.
- Lower Transaction Fees
As compared to traditional payment mechanism, using bitcoin involves lower transaction fees. These payments are settled almost instantly without having to deal with any chargebacks. Bitcoins transactions are usually confirmed on the blockchain which helps merchants better manage their financial transactions as well as saves them on fraudulent activities.
- Easy Creation of Bitcoin Merchant Account
You can easy create a bitcoin merchant account for the ease of your transactions. The best part is that these accounts cannot be frozen. There are no nuts and bolts to open them or limit its operations. With lots of benefits, bitcoins are being accepted more widely by worldwide merchants since they can buy almost anything with them.
Bitcoins are subject to experience variations in the market. It has a volatile history of value since it goes up and down time after time. This is perhaps the reason why experts in the field believe that investing in bitcoin is always going to accompany with risks.