Bitcoin has been defined in many different ways by the media. Some call it currency of the future while others call it the best way to trade anonymously. Bitcoin has become a big phenomenon and has given rise to many similar digital currencies. In simple terms, bitcoin is a digital currency that lives on the hard drive. It cannot be printed and there is no controlling central authority.
However, what makes bitcoin so successful as currency of the future is the decentralised payment system. All the transactions on the bitcoin network take place between two bitcoin wallets directly. There is no central authority that confirms their transfers. Consequently, the transaction cost of bitcoin is very low.
Even though the concept of bitcoin first took hold in USA, it has slowly and steadily gained following all over the world. Australia has not been far behind and recently, the first bitcoin ATM in Australia was launched in Sydney. On this ATM, people can buy and sell bitcoin and also exchange bitcoin for cash, making it similar to any other currency.
Australia also recently witnessed the opening of first local bitcoin exchange that makes it easy for merchants and others to buy and sell bitcoins. The big multinational companies are also not far behind and are joining the bandwagon in good numbers. The US retailer, Overstock was the first big retailer that started accepting bitcoin. Later, Dell and PayPal have also announced plans to embrace bitcoin.
Bitcoin offers many benefits for merchants and businesses are flocking to accept bitcoin. Some of the advantages offered by bitcoin are listed below.
Low Transaction Costs
One of the biggest advantages offered by bitcoin is that there is almost no transition cost involved with the digital currency. Since the transaction between two bitcoin wallets does not need any authentication from a central server and becomes part of a public ledger, almost zero fee is required to be paid by the merchant for accepting payment.
On the other end, businesses need to pay a certain percentage of the transaction value to credit card and debit card processing companies and their banks to accept payments.
Bitcoin does offer the option of buying products anonymously. There are people who want to keep their information safe from marketers and data traders. Bitcoin offers a way to buy things anonymously.
The number of such people is growing and merchants should not ignore this category of people.
Since the number of bitcoins that can be produced is static at approximately 21 million, it is not likely to lose its value over the years and that makes it a safe hedge against inflation.
Bitcoin does not allow reversals. Once a transfer has been made and confirmed, it is final and cannot be reversed. Therefore, merchants can sell without fear of any chargeback or reversals after making the sale.
Bitcoin for WordPress
Due to growing popularity of bitcoin in Australia, merchants are also increasingly looking to integrate bitcoin into their website to accept payments in bitcoin. However, integrating bitcoin into a website is a complex task and quite a few businesses have been burnt when they decided to use cheap freelancers for integration. Therefore, experts recommend hiring professional developers with experience in bitcoin integration to integrate the digital currency into their shopping cart software.
Woocommerce is the most used e-commerce solution in the world and bitcoin integration with woocommerce is a complex process and requires expert developers.
The team of expert developers at Platinum Web Media has already helped many businesses in integrating bitcoin into their woocommerce websites. Our team of wordpress and bitcoin experts have made it possible for merchants to accept bitcoins on their woocommerce website, seamlessly.
Give us a call today on +618 7200 0007 and start accepting bitcoin payments on your woocommerce store.
David Samuel is a successful internet marketer and owner of Platinum Web Media. David is also high profile advocate for mental health in Australia. Learn more by visiting http://platinumwebmedia.com.au and http://limelight.org.au
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