For sellers, the biggest advantage of bitcoin is low transaction costs and no chargeback risk (you can find out about what it involves, HERE ). Both sellers and buyers also benefit from the speed of bitcoin payments, which can be transferred around the world in about 10 minutes. That is why even giants such as Microsoft, Dell, Expedia reach for bitcoin solutions.
Using bitcoin, although it is neither an official means of payment nor electronic money, is simple. Bitcoins accumulate in virtual “wallets” (check eg, on bitcoin.org ), which work on the same principles as any other account. The e-wallet can be installed on your own computer or set up in one of the websites offering cryptocurrency exchange (exchanges, exchange offices) or with payment operators such as InPay. An online store that wants to accept payment in bitcoin does not have to meet any specific legal requirements.
Anonymity For buyers
The great value is that they can keep their privacy by paying with bitcoin – they don’t have to share their personal information. Buyer anonymity is important, especially for young, digitally advanced consumers, often questioning the solutions of traditional financial institutions. However, it can also be a threat. Bitcoin transactions are stored in a public network, anyone can check the balance and financial behavior of a given address, but reaching their author is impossible if the same does not disclose his personal data. And this creates a field for abuse. The network boils from reports – often unconfirmed, turning into urban legends – regarding the use of bitcoins for money laundering or financing of terrorist groups.