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Advantage of the Bitcoin as a Merchant System

By on January 15, 2013

Unlike Paypal that’s banned in certain countries (Egypt, Iraq, Afghanistan, Iran and Pakistan), Bitcoin is the newest secure Digital Merchant System that can be globally accepted.

Here are some of the advantages for merchants and users:

● Decentralized: Means less prone to varying forms of manipulation and control by the wealthy and governments. Well, as far as is publicly known by anyone. Who controls the system is important for reasons similar to why a country like Canada doesn’t use USD as it’s main currency; Canada using a currency system controlled by America would not really be the best idea in the long run. Although created by someone, Bitcoin is thought to be under little control by anyone. This is one of the most important aspects, and the most difficult to implement.

● Private: An address does not need to be connected to your “real name” in any way necessarily. This can be combined with methods of using the system that allow true anonymity. Clearly this could be good or bad, depending on the context.

● No terms of use: Like those foisted on merchants by visa and mastercard before you can accept credit cards. No risk of e.g. an unethical company like Paypal freezing your account or deducting money unfairly either.

● Safer than cash in some ways: Very low risk of robbery at the point of sale when used in a suitable way, and during transport at the end of the business day, as there is with cash.

● No charge-backs possible: Confirmed payments are as good as real cash, unlike e.g. paypal and credit cards. At present, “unconfirmed” payments are almost as good for transactions under very roughly $100. Currently, on a statistical basis, you are much more likely to get stuck with a counterfeit bill than to have problems accepting even unconfirmed bitcoin payments of such amounts.

● Low overhead: There are only negligible transaction fees, roughly zero to 0.6 cents per transaction, which help pay for system upkeep, and you can choose not to pay if you wish. This is particularly important, as it opens the previously closed door to small value payments that are rendered impractical due to the processing fees charged by most electronic transaction systems. There is also no capital investment you need to make to start accepting payment in BTC.

● No unethical banks, no credit score changes, no credit checks, no surprise fees, no denial of access by anyone for any reason.

● Seamlessly global and always on: Accept payments from anywhere at any time of day, any day of the week.

Can you think of other advantages for bitcoins? Do tell us, we love your feedback.