Bitcoin can be used as currency because it is globally accepted, but in some countries, the government does not allow citizens to use bitcoin as a currency. How is it possible to use bitcoin as a currency? Because bitcoin is decentralized, i.e., there is no control of the government or any third party on bitcoin. It is free to use, and everyone can use it for any type of payment transaction if it is selling goods or services or buying goods and services.
Bitcoin charges a minimum amount per transaction, while other payment methods are very costly, which charge a high amount to transfer money from one country to another. The biggest advantage of bitcoin is that you don’t need to wait for weeks like other payment methods; you will get money into your local bank on the next day of the transaction.
The symbol of bitcoin is the same all over the world, and the price may vary according to the demand and supply. You don’t need to worry about the currency; you will get or paid money in your own currency; if you send money to another person, whether he is in your country or outside of your country, will receive money in his own currency where he is living.
Using Bitcoin as Debit Card
There will be no use of bitcoin if customers will not use bitcoin as a preferred payment method. To make bitcoin usable as a currency, you need to connect their bitcoin wallet with a plastic card named Bitcoin debit card. There are two cards that can be used as a simple debit card for payment given below:-
- Prepaid Bitcoin Cards
- Bitcoin Debit Cards
It will allow users to pay digitally like other banking debit cards. These plastic cards will be linked to your existing bitcoin wallet, which will be convenient for the use of bitcoin as a currency. For more information, you can visit this link
These cards will work as simple receiving payment from customers in the bitcoin wallet and then converting into local currency with minimum transaction charges.
Benefits of Bitcoin to Retailers:-
There are many advantages to merchants or retailers to use bitcoin as a currency given below:-
- The value of bitcoin to bitcoin is the same all over the world, i.e., you will receive payment in bitcoin is same as the send by the sender, it means there is no variation while transfer but after getting it, you can convert bitcoin into your own currency.
- You can expand your business internationally since bitcoin is globally accepted
- The process of payment is very fast in bitcoin because another payment method will take a week and more than a week to convert from bitcoin value to your bank account in your local currency, but in the case of bitcoin, money will be deposited to your local bank very next day after the transaction. Retailers need fast payment for their daily day-to-day expenses.
- Transaction fees are very low i.e., you can convert money into your local currency at very minimum fees, unlike other payment methods.
Benefits of Bitcoin to Customers:-
It is too much hard to convince customers or people to use bitcoin as a currency for their daily online transactions and preferred payment method because the customer is the king of the market in today’s era. If there is no use of bitcoin, how can retailers use bitcoin as a currency? So it is all upon the customers. There are the following benefits of using bitcoin as a currency to customers given below:-
- It is too much easy to use bitcoin as a payment method
- When you pay via bitcoin wallet to buy something, the process is immediate.
- You need not depend upon third parties like banks for each and every transaction because bitcoin is decentralized, you can use it any time even on holidays to pay for goods and services you purchased.
- It will help you to buy globally. In simple words, you can purchase goods and services of your choice from anywhere i.e. all over the world.
From the above information, it is clear that bitcoin is globally accepted and can be used as currency for any type of digital transaction although it is restricted in some countries according to the rules and regulations of that countries.