How Businesses Can Benefit From Bitcoin

Bitcoin is the world’s first digital currency (also known as Cryptocurrency) that took the whole world by storm and emerged as the most successful decentralized payment method. With its groundbreaking aspects and state-of-the-art technology, Bitcoin has completely revolutionized the FinTech industry. Being the world’s first Peer-to-Peer currency, it has changed the traditional approach of making online transactions. Perhaps, the greatest benefit of using Bitcoin is that it is decentralized which means there is no central system or intermediary that controls the flow of this cryptocurrency.

The Bitcoin network is run by its peers and there is no involvement of any third party which makes it as private as it could ever be. All the transactions in Bitcoin are recorded on a publically shared cryptographic ledger called Blockchain.

Bitcoin For Business

There’s no denying that Bitcoin could be a game-changer for your business. There’s a number of reasons as to why you should embrace this decentralized payment method for your business operations. The first and foremost reason to consider it for your business is the decentralized nature of Bitcoin. The latter is not regulated by any third party, intermediary or central system like Bank. Although this may scare a few of the early enthusiasts, decentralization has its own perks. You don’t have to rely on a bank or central system for approving and facilitating your transactions. Instead, all the Bitcoin transactions are approved by miners and added to the blockchain. This also makes the process faster and you don’t have to pay high transaction fees to the banks. You can have your transactions processed by paying an extremely low transaction fee or no fee at all. However, paying a small fee can make the process much faster. With Bitcoin, you can choose your own fee.

You may also like Bitcoin vs Ethereum A Quick Comparison.

Bitcoin also provides protection against all kinds of online frauds. The involvement of Blockchain makes it impregnable and highly immune to cyber attacks. One potential risk with accepting credit/debit cards, PayPal and other similar modes is that the payments can be reversed later on approval of the bank. For instance, sometimes a customer who made an online purchase via credit card requests for a chargeback from the issuing bank after receiving the purchased item. If by any chance, this chargeback request is approved by the bank, the transaction gets cancelled and the customer receives a refund of the amount they paid. This kind of frauds are known as chargeback frauds and they are a common occurance these days. The merchant is accountable for whatever losses they may cause. Bitcoin payments on the other hand are irreversible. So there’s no such risk involved.

Another great benefit of using Bitcoin in your business is that you can have faster international transactions with instant validation. You can send and receive Bitcoins across borders with utmost ease. There is no additional cost involved and no amount restrictions of any kind. This and many other benefits of Bitcoin make it an ideal choice for your business.

How Oodles Technologies Can Help?

We offer end-to-end software solutions for Bitcoin and other types of Cryptocurrencies. We have an extensive experience in Cryptocurrency Development and we strive to deliver best-in-class web and mobile app development services for popular cryptocurrencies like Bitcoin, Litecoin, Ripple and Ether.

We have our expertise in:

• Cryptocurrency Development

• Blockchain App Development

• Cryptocurrency Wallet Development

• Bitcoin Exchange Platform Development

• Asset Management

• Smart Contract Development and

• Bitcoin ATM Software Development

With our proven skills in state-of-the-art technologies like Blockchain, we have helped a large number of companies in streamlining their business operations.