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Bitcoin and it’s importance as a payment processor

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Bitcoin is a type of electronic currency (CryptoCurrency) that is autonomous from traditional banking and came into circulation in 2009.

According to some of the top online traders, Bitcoin is considered as the best known digital currency that relies on computer networks to solve complex mathematical problems, in order to verify and record the details of each transaction made.

The Bitcoin exchange rate does not depend on the central bank and there is no single authority that governs the supply of CryptoCurrency. However, the Bitcoin price depends on the level of confidence its users have, as the more major companies accept Bitcoin as a method of payment, the easier online purchases becomes.

Bitcoin Transactions are fast and cheap

Merchants can accept payments made via Bitcoin despite no confirmations by the Bitcoin blockchain. This is far faster than the interbank transfer.

‎Bitcoin transaction fees are usually minimal and in some cases free. An increase ‎in the mining fee for any transaction could speed up confirmation withing 10mins, especially when there’s high traffic in the Bitcoin blockchain .

No charge backs

Bitcoin transactions are final.once sent, they are gone .A person who sends bitcoins cannot get them back unless he contacts the recipient. It is difficult to see the Kind of fraud experienced with credit cards,in which people make purchase and then contact the credit card company to make a charge back ,leading to a reversal of transaction.

Source: https://www.naij.com/1087944-bitcoin-s-importance-a-payment-processor.html