Let us delve on the benefits offered by Bitcoin. These benefits make the merchants look forward to using it as payment option.
- Quick transaction
Bitcoin has been known to transfer instantaneously over the internet.
- No or low fees
Unlike he credit cards, Bitcoin would be used free of charge or relatively lower fees. Without any centralized institution as intermediary, there would be no authorizations needed. It would improve the profit margin sales largely.
- Eliminating risk of fraud
Only Bitcoin owner would be able to send payment to another person. The recipient would be the one receiving it and no one else. The network would be aware of the transfer made and validated. However, the transactions would not be required to reversed or challenged.
- Security of data
You may have seen in the recent times that payment processing system of national retailers could be hacked easily. The internet may not always be able to protect your private data. With Bitcoins, not all users would be able to give up private information.
The user would be given two keys, public key to serve the Bitcoin address and private key to secure your private data.
Transactions would be digitally signed by combining the private and public keys. A mathematical function would be applicable and certificate would be generated to prove the user who initiated the transaction. It would be pertinent to mention here that digital signatures would be unique to every transaction and could not be used again on bitcoin games.
- Convenient payment system
Several merchants could make use of Bitcoin as a mode of payment. They would not be required to hold any Bitcoin currency, as Bitcoin could be converted to fiat currency. The consumers and merchants would be able to trade in and out of Bitcoin and other available currencies any time they deem fit. It would also be convenient to use in Bitcoin Casino.