In the online payment scenario, usually you will find a financial institution involved – a bank or credit card. Besides taking a fee from every commercial transaction online, these institutions cause many issues. Moreover, fees they charge for each transaction is non-reversible and costly to process.
Fortunately, there is an alternative – Bitcoin for Ecommerce! This is a data-based, innovative digital currency allowing you make instant payments to anyone all over the world. It has been developed on open source software and uses Peer-to-peer technology.
Bitcoin has been invented by Satoshi Nakamoto and so, the value of one bitcoin is subdivided into each satoshi.
Bitcoin includes a peer-to-peer version of electronic cash that allows instant online payments from one user to another without going to any financial institution. A bitcoin wallet includes full of cash and to protect the money from the risk of loss, you have to keep single amounts of bitcoin in your smartphone or computer and keep the rest bulk amount in a protected place, such as an offline wallet.
Bitcoin wallet can be encrypted and if you back-up an offline wallet, it will let you recover your wallet. This is essential in cases if your system or smartphone is stolen.
Encrypting bitcoin wallets include setting a password that must be put before amount is withdrawn. Recovering a bitcoin password is impossible if it is lost or forgotten, so you have to be sure that you can remember the password even if you lost your phone or computer. You can secure bitcoin wallet password in a bank vault or in places where you keep your important papers.
Bitcoin for Ecommerce is a huge success as many people like shopping online but, feel frustrated about cutting fees by the bank when making transactions online. Bitcoin lets people to buy and sell products or services at virtually zero cost.