Bitcoin for Businesses: Digital Currency Guide

Bitcoin is one of several digital, or crypto- currencies that allow anonymous transactions. As it is also seen as a way to compete with government currency there have been concerns if it is legal or ethical to use Bitcoin. Bitcoin has been formally recognised as a currency by some governments, but Bitcoin is no different than accepting payment in other forms such as cash, gold, gift cards or foreign currency.

bitcoin

Accept Bitcoin as another payment method

Bitcoin transactions are final, so it is impossible for scammers to make claims, as is possible with PayPal, having the potential to cause poor reviews and an administrative headache. Accepting Bitcoin can also generate interest and business from the Bitcoin community.

Use Bitcoin on business trips

Convert Bitcoin into local currency as you travel for a convenient way to access money when overseas. A Bitcoin debit card is the most convenient way to store and use the currency. There are no extra fees for making an international transfer. There are also no special limitations on the maximum or minimum sums you can send.
If you have overseas sellers, Bitcoin transactions that are speedier, have lower fees, and are not disrupted if taking place after bank hours, weekends or public holidays.

Multi-signature

Bitcoin has a multi-signature feature for transactions that need group authorisation, to prevent any member making a payment without consent from other members. Bitcoin also tracks which members allowed each payment.

Transparent accounting

Having a transparent business accounting strategy with Bitcoin means that you remove the risk of leaked documents breaking your business beyond repair. Bitcoin’s recorded data cannot be tampered with. A transaction once sent cannot be amended, edited or deleted. You remove all risk of fraud. All transaction details, including time, amount and more are recorded and stored permanently on the internet.

Most-regulated cryptocurrency

Whilst there are several other cryptocurrencies, Bitcoin is recommended, for two reasons. First, it is the best regulated of all cryptocurrencies to date. Secondly, as Bitcoin was the first, it gives a better understanding of newer coins and how they differ.