Undeniably, bitcoin is a firm investment asset and has helped several investors in making a gigantic buck out of it, but have you really thought about why bitcoin was released. Bitcoin might be a superior investment asset, but bitcoin’s foremost purpose was not to make you rich.
Satoshi Nakamoto, the so-called inventor of bitcoin, has underlined bitcoin as an electronic cash system in the white paper of bitcoin, which demonstrates that bitcoin was released as a medium for making transactions.
Bitcoin was meant to facilitate the transaction, but the store value of bitcoin kept inclining, and everyone just considered bitcoin as an investment asset. All, the more you can check authentic websites like bitcoinx for getting profitable results in your bitcoin expedition. Rather than just being an investment asset, bitcoin is correspondingly a great payment method for making transactions.
Undoubtedly, no one has discovered the potential of bitcoin as a payment method for a very long time. However, recently the solicitation of bitcoin as a payment method exploded, and several businesses, individuals, and even multinational companies blazed the trail of accepting bitcoin as a payment method. The fact might amaze you that even the films industry has blazed the trail of adopting bitcoin as a payment method.
Top 4 Benefits of Paying with Bitcoin in Every Industry
1. Transaction Fees and Cash Out!
The foremost and utmost sizzling feature of bitcoin, if utilized as a payment method, is its transaction cost. Traditional banking methods levies an exceeding extent of transaction cost for both international as well as domestic transactions as there are ample third parties and mediation entities involved in the bitcoin ecosystem. There are several movie ticket booking websites that have offered the option of booking tickets of movies commencing bitcoin.
In contrast to the conventional ecosystem, bitcoin is much more productive and beneficial. You might be familiar with the fact that you are even necessitated to pay the transaction even if you recipient. E-Banking Platforms such as PayPal also charge receivers for accepting the transaction.
However bitcoin ecosystem is equipped with a nominal transaction cost; all the more, receivers don’t have to pay any transaction cost for receiving the transactions, either international or domestic.
The fact might amaze you that centralized exchange charges nearly 1% of every transaction, whereas the decentralized exchange or wallets levies a fixed amount of transaction. To sum up, bitcoin can save you a lot of money as the transaction costs only. All the more, you can buy movies online through the play store and application store of iOS, which are not even available in your region, by paying through bitcoin without paying an external transaction cost.
2. Bitcoin is Politically Independent
Bitcoin was the first-ever cryptographic cash to be completely decentralized as bitcoin is not subjected to merely a partial peer-to-peer network. Bitcoin decentralized features offer you a bunch of advantages. The foremost advantage of bitcoin payments rendered due to the decentralized feature is the nominal possibility of seizure.
You might have government authorities seize the wealth of individuals sometimes without any robust reason, however in the scenario of bitcoin, you are equipped with proper control on your wealth, and there are no chances of seizure. The second advantage is nominal taxes, undeniably you are necessitated to pay taxes for the bitcoin transaction, but the amount of tax in contrast to the traditional transaction is much lower as it does include the banking fees and fees of other mediation parties.
3. Jaw-Dropping Offers
Bitcoin transactions are not merely advantaged for the sender but correspondingly for the receiver at the very same time as conventional methods of making transactions charges a transaction cost to the receiver as well, either it is a domestic or an international one.
Businesses and industries pay tons of dollars to this traditional banking system annually just in the form of taxes and transaction costs. In order to cut these additional charges and embrace the productivity of their business, these businesses have blazed the trail of accepting bitcoin payments.
However most of the customer still prefers traditional banking system over bitcoin and in order to make these customers pay through bitcoin, businesses offer some jaw-dropping offers to the customer which is an ultimate advantage for the buyer.
4. Anonymity Embedded with Security
Traditional banking systems are equipped with ample loopholes, and compromising the personal information of the entities involved in the transactions is one of the prominent reasons for these loopholes. On the other hand, bitcoin promotes anonymity in every possible transaction as it does not reveal the personal details of the transaction maker at all as it only requires the wallet address of both receiver and sender.
These are some of the robust advantages of making bitcoin purchases.