Why sell products on bitcoin ecommerce stores?
The online world has come up with its own money called bitcoin. The currency was coined by a software developer and now it is widely recognized in the World Wide Web. It doesn’t exist physically but it is present on the digital world.
There are no bank accounts for digital money but transactions do take place. Online transactions with digital money are quicker and safer than traditional financial transactions that take place through banks and financial institutions. Since digital money transactions are quick and safe, online stores are converting into bitcoin auction sites to take advantage of digital money.
Digital currency saves merchants money and time
Regular transactions are conducted by financial institutions like PayPal that have the power to freeze an account or withhold a transaction without giving any information to the account holder. When a payment is made online, it is made by a financial institution and the institution releases payment after checking its authenticity.
Regular payments take time as they come from finance companies but digital money is paid instantly. It travels from one wallet to another and there are no financial companies involved in the digital money transfer. A buyer sends digital money to seller in a hassle free manner and the seller receives the amount within a short time.
Since there are no financial institutions involved in digital money transfer, there are no charges added for transferring digital money. It reduces cost of money transfer. The merchant doesn’t need sharing his profit with any financial company. In this way, digital money saves merchant money.
Buyer’s benefit in using digital money
The buyer uses a private key that is just a number and not his bank and account details for transferring digital money. It is easy to send digital money than transferring regular currency. They buyer can use his digital money the way he wants as he doesn’t have to depend on a financial company for making payments.
Digital money is free from inflation, it can be used as and when required and one is free to mine digital money for his needs. There are many advantages of digital money and for this reason it is becoming popular in the online world.
Bitcoin auction sites are doing brisk business as they give affordable service. These sites are growing in number and this is an indication of merchants accepting digital money for selling their goods and services.
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