Bitcoin has been defined in many different ways from the media. Some refer to it currency into the future and some refer to it the easiest method to trade anonymously. Bitcoin has turned into a big phenomenon and has given rise to many similar digital currencies. Simply, bitcoin can be a digital currency that thrives on the hard drive. Structured be printed and there’s controlling central authority.
However, the thing that makes bitcoin so successful as currency into the future could be the decentralised payment system. Every one of the transactions on the bitcoin network occur between two bitcoin wallets directly. There is no central authority that confirms their transfers. Consequently, the transaction expense of bitcoin is very low.
Even though the thought of bitcoin first became predominant in USA, they have slowly and steadily gained following all over the world. Australia will not be far behind and recently, the first bitcoin ATM australia wide was released in Sydney. For this ATM, people can trade bitcoin plus exchange bitcoin for cash, making it similar to another currency.
Australia also recently witnessed the outlet of first local bitcoin exchange that allows merchants among others to trade bitcoins. The big multinational publication rack also not to near behind and so are joining the bandwagon in good numbers. The Usa retailer, Overstock was the first big retailer that started accepting bitcoin. Later, Dell and PayPal have also announced promises to embrace bitcoin.
Bitcoin offers benefits for merchants and companies are flocking to simply accept bitcoin. A few of the advantages provided by bitcoin are listed below.
Low Transaction Costs
One of the biggest advantages provided by bitcoin is that there’s minimal transition cost associated with the digital currency. Considering that the transaction between two bitcoin wallets doesn’t need any authentication coming from a central server and becomes a part of an open ledger, almost zero fee must be paid from the merchant for accepting payment.
On the other end, businesses should pay some percentage of the transaction value to plastic card and debit card processing companies and their banks to simply accept payments.
Bitcoin does offer selecting buying products anonymously. You can find people who would like to keep their information resistant to marketers and data traders. Bitcoin offers a means to go shopping anonymously.
The amount of these people is increasing and merchants ought not ignore this group of people.
Since the volume of bitcoins that could be produced is static at approximately 21 million, i am not suggesting to get rid of its value in the past and which makes it a safe and secure hedge against inflation.
Bitcoin will not allow reversals. After a transfer has been given and confirmed, it really is final and can’t be turned around. Therefore, merchants sell without nervous about any chargeback or reversals after making the sale.
Due to growing rise in popularity of bitcoin australia wide, merchants are also increasingly seeking to integrate bitcoin within their web site to accept payments in bitcoin. However, integrating bitcoin right into a web site is a fancy task and the majority of businesses have already been burnt once they chose to use cheap freelancers for integration. Therefore, it’s advocated hiring professional developers with expertise in bitcoin integration to integrate the digital currency within their shopping cart program.
Woocommerce is regarded as the used e-commerce solution on earth and bitcoin integration with woocommerce can be a complex process as well as expert developers.
The team of expert developers at Platinum Web Media has recently helped many companies in integrating bitcoin within their woocommerce websites. Our team of wordpress and bitcoin experts have made it possible for merchants to simply accept bitcoins on his or her woocommerce website, seamlessly.
Call us today and start accepting bitcoin payments on your woocommerce store.