The advent of Internet has given birth to many new innovative technologies. One of the newest technologies that has the potential to change the way the world works, is the popular digital currency known as Bitcoin and many shopping card owners are accepting it on WordPress. It is a digital currency that lives only on the hard drives of millions of computers across the world. There is no central authority that publishes or prints bitcoin and the whole system is based on a digital ledger, which is public and can be seen by everyone.
In technical terms, it is the reward for making increasingly complex mathematical computations. The complexity of the maths needed to get more increases with the generation of each block of bitcoin. Its protocol suggests that only approximately 21,000,000 bitcoin will ever be generated. The lowest unit of it is known as Satoshi, named after the mysterious and still unknown founder of bitcoin.
Bitcoin is gaining popularity all across the world and many big retailers such as Overstock in the U.S. have started accepting. There are many other small retailers that accepts it as a currency. There are many reasons for growing popularity of bitcoins and some of those reasons are listed below.
Accept Bitcoin on WordPress
It is a completely decentralised digital currency. No government and no regulator have any control over the currency. In simple terms, it means that no one can take it away from you and it is completely safe. All the transactions are public and can be easily seen by anyone.
Bitcoin first gained popularity when it was the only digital currency available in the market that offered complete anonymity. Therefore, it is possible for customers to buy things while protecting their identity at the same time.
In a world where the personal information of consumers is sold off on a daily basis, anonymity is a very powerful word and has attracted thousands to bitcoin.
Almost Nil Transaction Costs
One of the biggest reasons for the popularity of bitcoin with merchants is that it offers almost zero transaction costs. Merchants usually need to pay their credit card processors as well as their banks a service fee (usually a certain percentage of the transaction value), for each transaction. Bitcoin almost completely eliminates this transaction cost as there is no central processor and the transactions are confirmed through public ledgers.
Bitcoin also offers the safety of zero chargeback. Chargeback is not possible with bitcoin. It means that merchants can sell their services and products in exchange without worrying about the possibility of a chargeback two months down the line.
When You Accept Bitcoin Australia its Completely Decentralised
Australia is also discovering the benefits of bitcoin and merchants are slowly starting to accept bitcoin as a form of currency. Since it is a completely digital currency, a merchant needs to set it up in the right manner to accept it as a payment method.
Woocomm is one of the most popular systems for selling products and services. Our team of wordpress experts at Platinum Web Media have helped a few businesses in integrating bitcoin to their Woocommerce stores. We can help your business to accept bitcoin on a wordpress based woo-commerce store.
Woocommerce and bitcoin make for an ideal combination and our team of experts can make it a reality for you.
Give us a call today and start accepting bitcoin on your website.