The numerous advantages of using bitcoin and other cryptocurrencies as a part of payment systems are steadily taking it on the path of becoming a mainstay in the financial sector. The virtual currency has presented an alternative to the complicated and time-consuming process of currency conversions when transferring money internationally.
Benefits of Bitcoins
The benefits of bitcoin do not stop there, obviously. the following list will give a better idea of why this tech innovation has become as popular as it is today:
1. Mitigates risks of fraud – Buyers can complete payments without having to share any sensitive financial information such as credit or debit card details online. This gives them financial anonymity (to an extent) which was not afforded by credit cards. Bitcoins avert targeted data breaches the bitcoin algorithm is near impossible to hack, and neither s the identity of the user disclosed.
2. Individuals can preserve coins since there is no risk of inflation – Bitcoin system was created with the intention of keeping its supply limited (speculated to be around 21 million). Since there is no possibility of issuing excess currency, the chances of inflation are nil which is welcomed by both buyers and sellers.
3. Low transaction fees – Compared to the transaction fees for credit and debit card purchases, the transaction fees for bitcoin payments are significantly lower.
4. No involvement of intermediaries – Bitcoin transactions are peer to peer and does not rely on the intervention of a third party such as a bank. This prevents your coins from being taxed, frozen, stolen, or seized by the government.
5. Quick Payments – Bitcoin settlements occur within 2 business days which is much swifter than the payment process of credit cards, the funds of which can be locked up for days in case a customer asks for a chargeback.
6. Reliable Ecosystem – Bitcoin wallet transactions are signed by an authentic digital signature prior to being sent to a blockchain. This process itself renders the app a secure place to store and exchange cryptocurrencies.
Top 5 Bitcoin Payment Processors:
1. Coinbase Commerce
One of the world’s biggest Bitcoin exchanges, Coinbase can also accept Bitcoin payments for your business. it has a dedicated merchant app that can be used by businesses to accept payments in Bitcoin and convert it into fiat instantly to protect from price volatility.
This popular cryptocurrency payment processor by blockchain expert HashCash Consultants appeals to consumers mainly because it nullifies the possibility of identity theft, and provides hassle-free payments methods like click-to-pay and scan-to-pay features on mobile devices. Refunds on this platform are quick and deposited directly to the customer’s Bitcoin wallet. Billbitcoin presents several advantages to the merchant side as well. Creating a “Buy Now” button for a website is extremely easy, and Billbitcoins is designed to handle the checkout process as well.
CoinGate makes it easy for businesses to accept Bitcoin/altcoin payments and receive payouts in USD, EUR, or BTC.
Business needs like plugins for E-commerce, APIs, and point of sale applications with payment buttons for different platforms such as web, Android, and iOS are also offered by this site. It supports altcoin payments with ShapeShift integration as well.
Blockchain.info provides Bitcoin wallets, and Bitcoin payment APIs for personal or business purposes. In fact it has been around for a long time in the crypto space. However, the process is slightly complicated because they don’t have ready-to-use plugins yet. Inspite of this, they are known to be a top-rated solution provider for merchants.
SpectroCoin is a Bitcoin payment gateway used by merchants based out of Europe. They provide a variety of options for a decent customer base and aim to make alternative payment options available with e-commerce plugins, Bitcoin payment processing APIs, and other payment integration tools and ready-to-use solutions.