Bitcoin has been gaining an immense popularity in the contemporary business world. An inexpensive way of financial transactions, it is considered as the most sought digital payment gateway among big and small companies.

Even though this crypto currency, started by an anonymous Satoshi Nakamoto, stands banned in some countries, it has been legalized in some developed nations like the USA. The safety of the content of this digital vault have been under question for some time, yet its low transaction fees makes it a captivating aspect for the business owners, especially owing to the money that they save on taxes which otherwise are lost in traditional payment methods.

Why do We Need Bitcoin for Payment?

The decentralized status of bitcoin is the key feature serving to its rising recognition. Since it is not controlled by any government or central authority, it makes it win over the fiat currencies. The bitcoin process for payment is ideal because:

Benefits of Using Bitcoin for Payments

Bitcoin being a P2P or peer-to-peer direct transaction sans any arbitration has the following benefits as a payment gateway:

• User Liberty – The autonomy of the users is a drawing factor as it allows the users to have complete control over their transactions unlike in the traditional procedure of financial transactions. 
• Discreteness – The transactions that you carry out through Bitcoin are completely discrete and remain so unless the user publishes it. The purchases of the users cannot be tracked back to their personal identities. 
• P2P transactions allow two users the authority of transactions without having to follow any external rules or regulations like in bank transactions.
• The Bitcoin users are eliminated from the unnecessary fees such as maintenance fees, transaction fees, minimum balance fees or returned deposit fees.
• The payments can be made from anywhere using internet without revelation of personal information as in banks.
• The accessibility of bitcoins is not restricted and can be used to send or receive payments through mobile phones, computers and smartphones.

What is Bitcoin Payment Gateway?

In the market of cryptocurrency that stands incredibly volatile, the Bitcoin payment gateway allows the users to send and accept payments in bitcoins. The bitcoin prices have seen rapid rise and fall since 2017. Such huge fluctuations could mean huge loss as well, to avoid which, the users must make sure that the payment they receive in bitcoins are converted into the fiat currency at the earliest.

The payment processors which are meant to make the above conversion from bitcoin to fiat currency are faster, quicker and convenient.  But why should businesses accept bitcoin? Even though there are ample number of payment options in the industry, merchants today can consider Bitcoin as a payment gateway because:

Some of the best Bitcoin Trading Bots

The bitcoin robot is a tool which takes transactional decisions through complex algorithms and mechanisms, on trader’s behalf and executes them. These bots are adept at scanning information on a particular cryptocoin. Some of the accurate and legit bitcoin bots that are capable of trading well are:

The Limitations of Using Bitcoin for International Payments  

Nothing comes without its fair share of negative aspects and Bitcoin is no exception to this fact. Some of the limitations which perhaps get overshadowed beneath these positive aspects are:

• If an organization is unable to perform financial procedures entirely on Bitcoin, then both the ends of transactions are put at a risk.
• Bitcoin is known to work entirely on the basis of prefunding which makes the obtaining of the trade finance difficult. This puts the trader in a position where a different currency needs to be borrowed and converted into Bitcoin at the ongoing rate.
• Since Bitcoin is not legalized in all the countries, companies trading completely on bitcoin might have to keep an alternative settlement in the way of conventional money.

Bitcoin payment is a simplified method of financial transactions but with some unsorted loopholes. Hence, in the business sector, the above advantages and disadvantages must be considered before joining the crypto-crowd.