Many people perceive Bitcoin as a technology that ...
Manypeopleperceive Bitcoin as a technology that is highly
innovative as well as one thatpossesses a lot of
technology. It is a software that wasreleased in 2009 by Satoshi Nakamoto in the open-source project (Böhme et al.). Thequestionregardingwhether Bitcoin is goodforbusiness is a significant one, and which ought to
be addressed. Thispaper will look
into whether Bitcoin is good
in carrying out businesses.
Bitcoin has thelowestfees: The high cryptographic securitythat Bitcoin has facilitates its processing of transactions in an effective as well as an inexpensiveway. Thisfeature of Bitcoin is goodforbusiness as ithelps in protectingsellers of commodities. Forinstance, it
is possiblefor a customer to makepayments
through the Bitcoin’s network
without anyfeesbeingcharged. Nevertheless,
not stringently required, they
are recommendedfor a fastconfirmation of a giventransaction (Guttmann 12).
Bitcoin offersprotection against fraud.
Unlike othermethods of payment like creditcardsor PayPal that come with theproblem
of feereversal, Bitcoin offersprotection against anypossiblefraud.
Chargeback fraudslead to a limitedmarketreach
as well as increasedprices that in turnpenalizesclients. Bitcoin payments are goodforbusiness as they
are bothirreversible as well as secure, implyingthatthefraudcostis not pushed onto themerchants.
accounting transparency. Mostorganizations are needed to provideaccountingdocumentsregarding their activity. Theuse
of Bitcoins facilitates one to providethehighesttransparency level as one can giveinformation that can be utilized in theverification
of balances as well as transactions. Transparency is a significantaspect of thebusinesstransactionsthatpeopledo, and Bitcoin helps
between thebuyerandseller. Through Bitcoin,
non-profit organizations can as wellenablethepublic
Bitcoin facilitatesfastinternationalpayments. Bitcoin is goodforbusiness as it
can be transferred from Europe to United States in approximately 10 minutes. This is significant in makingsurethatinternationalbusinesstransactions across borders are carried out efficiently devoid of limits, excessivefees, orevendelays (Pagliery 43).
There is notheconventional three businessdayswait in Bitcoin, unlike mostintermediatebanks.
Multi-signature- Bitcoin as wellentails a multi-signature characteristic that facilitates
Bitcoins to be expendedonly
in case a subset of a group
of individuals authorizes a transaction.
Thisfeature of the
Bitcoin is goodforbusiness as it
can be utilized by a board of directors in a particularorganization to avertanymember towards makingexpendituresdevoid
of theconsent of therest of themembers.Thefeature
as well is significant in thetracing of thememberwhofacilitatedeverypayment (Mölleken).
Nevertheless, there are severalrisks that are linked with theuse
of Bitcoins within thebusinesssetting (Forrester & Mark 56). Forinstance, there are a lot of illicitactivitiesthateasetheconduct of illicitbusinessactivities as thepaymentsmadedoes not provideanypersonal, as well
address. Bronleewe assertsthatthis has given
Bitcoin a badreputation that
thebenefits of using Bitcoin in conductingbusinesstransactions are many in comparison to therisks. As
a result, it is recommendable
as well as individuals to use Bitcoin in businesstransactions.
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