Bitcoin was invented in 2009 using everything we know about the internet and online security. It’s a payment system designed for internet purchases from the ground up. While credit card companies spend tremendous resources trying to make the online payment card experience better, they'll never match the simplicity and security of Bitcoin.
Bitcoin works like cash for the internet. It’s sent from person to person in a push transaction, not drawn from accounts by third parties.
Businesses that need to receive payments from international clients arc often hit with elevated interchange rates, which vary country-by-country, and can easily be over 10 percent per transaction. In many of the world's fastest-growing economics, businesses may not have access to card networks at all.
Wire transfers can be received from more countries, but they arc inefficient solutions. Bank wires rdy on a large network of corresponding relationships, leading to unpredictable costs and transfer times to simply get money from point A to point B. Payees end up with little or no information as to the delays and fees incurred along the way.
Integrating Bitcoin payments into your business is a fairly simple process. If you have a small business or online store, you can start accepting Bitcoin in just a couple of hours. Billion-dollar enterprises take a little longer, but even ’IlgcrDirect, the huge tech retailer, was able to integrate Bitcoin payments in as little as four days.
Most Bitcoin payment gateways allow you to set your prices in your local currency. More important, they can settle incoming Bitcoin funds in your local currency and local bank account. This way, the rise or fall in the price of Bitcoin doesn’t affect the price of your product or service.
A home mortgage in Honduras charges 18 percent interest on a 10-year note. That’s like having a credit card on your house. Why so costly? Because the hanking system in 1 londuras doesn’t trust that you will continue to own your house. Imagine if someone could steal your home by making a few changes to a database. Imagine that your family could lose everything because a few bureaucrats with high-level access to the land registry could kick you out. Or if one day you woke up and didn’t actually own the things you had paid for.
This is reality for most of the world. National land registries in developing countries are notoriously corrupt, and rife with fraud and negligence. The World Bank and other international organizations have spent billions trying to correct the problem, but the flaw at its core remains the same: Absolute centralization corrupts absolutely.