Is it safe to accept digital currency like bitcoins as payment?

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Answer
Vaibhav Bakshi
Vaibhav Bakshi
  • Answer written
  • 2 Years ago

Bitcoins are the largest and most well-known digital currency and many large companies, including Microsoft, Dell, Tesla and Bloomberg, are accepting Bitcoins as a legitimate source of funds as they allow their online products to be bought with them.

Advantages of Bitcoin:

• With Bitcoin, it is very possible to be able to send and get money anywhere in the world at any given time, Instantaneously.

• Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft.

• Currently there are either no fees, or very low fees within Bitcoin payments.

• Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud.

• With Bitcoin, merchants are able to do business where crime rates and fraud rates may be high. This is because it is very hard to cheat or con anyone in Bitcoin due to the public ledger, otherwise known as the block chain.


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