Why you should use Bitcoin5 min read
If you’re like me, when you hear of an exciting new development, technology, or product, you ask yourself, “Does this have a place in my life? Should I use this thing?”. When I first heard of Bitcoin, I asked myself the same question: “Why should I use Bitcoin?”. Now, I’ve been in the Bitcoin industry for just about a year and I feel that I’ve absorbed some valuable insights and answers to that question. Here are some of my favorite things about Bitcoin:
Bitcoin is Instant
That’s right. Instant.
Back in 2017, when the price of Bitcoin and all other subordinate cryptocurrencies were skyrocketing in a speculation bubble, people complained of high fees and slow settlement speeds. But, just like the tides, Bitcoin has changed over time. The advent of the Lightning Network brought instant, low fee, Bitcoin payments to reality.
Never before have digital payments and settlements been both as fast and secure as they are now.
Bitcoin is run on a Peer to Peer (P2P) Network
When transacting with Bitcoin, there is no need for a third-party to validate, control, or confirm your transactions. As a Bitcoin user, you set the rules when it comes to fees and who you want to do business with. This can result in shockingly low payment processing fees.
Another benefit of P2P networks is the fact that there is no central authority that controls the network. There is no need to trust anyone or receive permission to utilize this network, it is decentralized.
Bitcoin is Global
It is no secret that the internet has revolutionized communications. The internet made contacting business associates across the world as seamless and inexpensive as contacting your friend across town. Like the internet has to communications, Bitcoin has revolutionized payments.
With Bitcoin, you can do business just as easily, no matter if your customers live in California or Kolkata. No foreign offices. No foreign transaction fees. No waiting for funds to clear. Just simple, instant, payments. Your move, MoneyGram…
Free your business from chargeback fraud.
Traditional payment systems have cost businesses billions in lost revenue due to Chargebacks. All Bitcoin payments are final, so there is ZERO possibility for chargeback fraud with Bitcoin payments.
Bitcoin: the world’s best performing asset class1
Bitcoin has had a rapid growth in value like never seen before. Bitcoin is outpacing every other asset while being viewed as digital gold. Bitcoin is currently seen as a store of value as it can be exchanged for legal tender almost anywhere in the world. Because of this, it can also serve as a tool for transferring funds to anywhere in the world. Bitcoin is a medium of exchange because businesses around the world are accepting Bitcoin as a payment method.
Your money, your way
Bitcoin is designed so that funds are self-custodial. That means that the funds that a user holds in Bitcoin are owned and managed by the user alone. While custodial solutions, like OpenNode, exist to provide services that help facilitate Bitcoin payments and remittances, Bitcoin itself is intrinsically sovereign. When funds are held in a self-custodial solution, like a paper wallet, hardware wallet, or any non-custodial Bitcoin wallet, no one can touch them. Can your bank say the same you?
Speaking of Banks: Bitcoin has no management fees or late fees
Drowning in bank fees? Bitcoin is your life preserver.
Bitcoin gives you unprecedented control and access over your personal finances. With Bitcoin, you don’t need to deal with banks and other institutions that are making record high profits off their customers.
Bitcoin is a movement, a worldwide community.
Adopting Bitcoin has proven to be beneficial for businesses all around the world. It reduces chargeback fraud, reduces transaction fees, and has support from users all around the world. Businesses that adopt Bitcoin are seen as forward thinkers and receive support from a worldwide community of users. Whether you’re accepting Bitcoin at your local store, accepting Bitcoin payments on your worldwide e-commerce platform, or even developing your own software, there will always be support from the community that is using Bitcoin.
Want to join the Bitcoin community? Start accepting the fastest and most secure cryptocurrency in the world with OpenNode’s easy to use e-commerce extensions or API. OpenNode is easy to set up and the first $10,000 in processing are on the house. Sign up for an OpenNode account and start accepting Bitcoin today!
1. The content on this page is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.