What are the benefits of using Bitcoin?

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What are the benefits of using Bitcoin?

by rahimsaiyad » Fri Apr 18, 2014 12:01 pm

What are the benefits of using the virtual currency Bitcoin for both companies and individuals?
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Re: What are the benefits of using Bitcoin?

by kyletorpey » Thu May 22, 2014 3:09 am

The benefits of using Bitcoin are more obvious for businesses than consumers. Most businesses accept credit or debit cards for payment, which come with fees that can range between 3-5%. With Bitcoin, the fees are so low that it is almost the digital equivalent to accepting cash. Chargebacks are also impossible in Bitcoin, which means the consumer cannot change their mind about a purchase 1-60 days after the purchase was made. Current payment methods add a lot of extra costs to merchants, and the savings brought on by Bitcoin can double the profits of companies that operate on low margins.

One of the first things that needs to be pointed out when it comes to the advantages of Bitcoin for consumers is that the savings enjoyed by the merchant can be passed onto the consumer. It's also true that Bitcoin gives the consumer more power over their own money. There is no central entity that can decide whether or not a consumer should shop at a certain store, and their funds cannot be seized by a government or other institution. At the end of the day, Bitcoin allows users to have a bank in their own pocket.
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