What To Know About Bitcoin As A Payment Method?

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What To Know About Bitcoin As A Payment Method?

Source – investopedia.com

The market is currently overflown with Bitcoin traders who are looking to make a profit with this cryptocurrency. After all, Bitcoin is currently valued at around $40,000 and has the potential to go as high as $100,000 by the end of the year.

There’s no denying the fact that Bitcoin is extremely profitable, but since this is the main reason why so many people register to its network, one factor is often overlooked. That is Bitcoin as a payment method.

We are sure that you are well aware of this fact, but Bitcoin is also fully optimized for online payments, which is a massive benefit, considering the fact that e-payments are considered the future of transactions. We wanted to touch on this subject and name everything that you need to know about using Bitcoin as a payment method. Let’s dive into the details.

Where Can You Obtain Bitcoins?

The second and far more reliable option for you is trading sites. They operate online and can be accessed from any mobile and desktop device. Additionally, all you have to do to gain access to the services that they offer is register. Registering is very fast and simple and people of all age and skill can complete it with ease.

Before you can use Bitcoin for online payments, you must obtain it. There are two options for that. The first one is a Bitcoin ATM, but because they are not easy to access and have tons of fees, they are immediately out of the equation.

One of the most reputable platforms of this type on the market is It has thousands of users from every corner of the planet, and it is extremely secure. The market on Bitcoins is huge and as mentioned above, registration is fast and easy.

It Has Many Advantages Over Regular Payment Methods

Yes, making a profit with Bitcoin is probably its greatest advantage, but it is interesting to know that Bitcoin completely dwarfs regular payment method when it comes to using it for online transactions. For starters, Bitcoin uses a method called cryptology and that increases users’ online security by providing them with online anonymity.

Additionally, it is out of the control of banks and governments, making it self-sustainable and highly decentralized. There are two benefits that come from that fact. First, Bitcoin’s blockchain technology allows its users to process every transaction made with this cryptocurrency via Bitcoin mining. Thanks to that fact, every transaction with Bitcoin is instant.

When banks process funds, it usually takes 5 business days for a transaction to be completed. And if that is not enough, banks impose numerous fees. Fees are the main way through which they make a profit. Logically, since banks are excluded from Bitcoin payments, users void all of these fees.

All in all, not only does Bitcoin give you the chance to make money, but it is also very secure and is a cost-effective and efficient method for online payments.

Which Companies Accept It As A Payment Method?

All of those advantages would be useless if no company in the world accepts Bitcoin for payments. Even though Bitcoin is deemed an outlaw by many governments, you will be pleased to hear that many businesses from all around the world accept it as a payment method.

Naming local companies does not bring you any good, which is why we are going to rely on global brands. The lists of global brands that accept Bitcoin includes the likes of Expedia, Starbucks, Shopify, Overstock, AT&T, Home Depot, Microsoft, Wikipedia, and many more.

As you can see, you can purchase quite a lot of services or products with this cryptocurrency.


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Author: Firdaus

I work as an IT consultant in the Toronto area and I love to write blogs about a variety of subjects. My passion for writing stems from the desire that everyone should have access to meaningful information. Whether it is a blog about society, culture, technology, or social media, I don’t want to miss the opportunity of sharing my thoughts with my friends and audience. Since I believe in mutual exchange of ideas, I am always on the lookout for a feedback on my writings.

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