The COVID-19 pandemic has boosted the popularity of fiat alternatives as cashless means of settling transactions. This has added to Bitcoin’s acceptance across business houses like Overstock, Microsoft, Expedia, Planet Express, and eGifter, to name a few. Today, we are going to analyze the ways in which this numero-uno crypto can add to the growth curve of your start-up business:
- Anonymity
Purchases of bitcoins are not public unless you decide on disclosing the information on your end. These cash-like transactions of the digital world do not leave behind any digital footprint, making them untraceable. A unique bitcoin address is generated against each bitcoin transaction which gives a good amount of privacy to business owners.
- Decentralization
Any central authority does not regulate the bitcoin value. Government bodies also do not have any say over the sale or purchase of bitcoins. People can easily engage in bitcoin transactions provided they are holders of a valid crypto wallet and have a working internet connection.
- Minimal Fees
Traditional banks charge an exorbitant fee on the transactions, which makes it difficult for start-ups to sustain in a cut-throat competitive market. But bitcoin can lessen such woes by keeping its users buffered from having to shell out heavy amounts towards minimum balance fees, account maintenance fees, overdraft charges, returned deposit fees, etc. While the cryptocurrency exchanges levy a minimal charge for the services provided, it cannot be compared to the traditional banking charges.
Banks also levy hefty fees on international wire transfers and currency exchange. This simply adds to the expense meter of start-ups, which are engaged in international dealings. Bitcoins, on the other hand, can transfer your money without the involvement of banks and this helps in lowering down the cost. You can also benefit from instant remittance, as cryptocurrencies do not depend on any third-party approval for initiating payments.
- Easy Accessibility
A robust infrastructure already exists for fostering crypto transactions across the globe. You need to put in your credentials, like account number, while completing transactions with a credit card. But this is not the case with bitcoins where you can enter into transactions very easily without having to type in your credentials time and again.
- Universal Acceptability
Trading start-ups have to deal with multinational clients, and this involves the hassles of currency exchange. Bitcoin can put all those worries to rest by removing the territorial and political barriers which otherwise handicap fiat currencies. It is very difficult to shop using dollars in Germany or euros in New Zealand. However, bitcoins hold the same value around the globe, which helps in using them anywhere. The unrestricted global circulation of Bitcoin is free from third-party interference, restrictions, or approvals. Hence, the payment is completely modulated by the bitcoin owner, making it a highly practical solution.
- Security
Blockchain defines the security of the bitcoin network. It operates on the framework of complex mathematical cryptograms, which maintains its uniqueness for every single transaction. This ensures the safety of your crypto coins. It also becomes impossible to make any alterations after a data bit has been added to the chain. You can take the example of a credit card transaction, which can be blocked easily. However, the same is not true in a bitcoin transaction that becomes irreversible on being a part of the blockchain. The level of security gets further enhanced by the encryption and authentic digital signature used by each crypto wallet for data processing.
- Fast Transaction Speed
The lack of any barriers makes the crypto transactions super-fast in nature. The transactions take place on a real-time basis so that you can get the bitcoins credited into or debited from your account instantaneously, rather than waiting for the time-taking fiat currencies. The speed of the transactions also remains the same, irrespective of whether it is international or domestic.
- Hedge Against Inflation
Bitcoins are safeguarded from the risk of inflation, which is a big concern for fiat currencies. An upper ceiling of 21 million bitcoins makes it impossible to increase its supply beyond a certain point for preventing arbitrary issues.
Final Words
Bitcoin works on the framework of a peer-to-peer network for helping users send and receive payments. This decentralized digital cryptocurrency is not controlled by any central authority, making theft a practical impossibility. The bitcoin India rate today (24.11.2020) is 1,386,782 and it is expected to rise further in days to come, following the Supreme Court’s order to lift the ban imposed previously by RBI on cryptocurrencies.
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Frequently Asked Questions
How Bitcoin Works?
Bitcoin is based on the blockchain, a distributed digital ledger. As the name implies, blockchain is a connected database made up of blocks that hold information about each transaction, such as the date and time, total value, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological sequence, forming a digital chain of blocks. Blockchain is decentralized, meaning a centralized institution does not own it
How Can I Convert Bitcoins To Cash?
Bitcoin may be converted to cash in various ways, including crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer to Peer Transactions. You may do this by using Bitcoin exchanges like WazirX. You may also sell Bitcoin for cash faster and more anonymously through a peer-to-peer marketplace.
What Is Bitcoin And How Does It Work?
Bitcoin is decentralized digital money that may be bought, sold, and exchanged without an intermediary such as a bank. Bitcoin is based on a blockchain that is considered to be a distributed digital ledger. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain
How Bitcoin Mining Works?
Bitcoin mining is a crucial element of the blockchain ledger's upkeep and development and the act of bringing new Bitcoins into circulation. It's done with the help of cutting-edge computers that solve exceedingly challenging computational arithmetic problems. Auditor miners are rewarded for their work. They're in charge of ensuring that Bitcoin transactions go through smoothly and legitimately. This standard was established by Satoshi Nakamoto, the founder of Bitcoin, to keep Bitcoin users ethical. By confirming transactions, miners assist in avoiding the "double-spending issue."
Is Bitcoin A Good Investment For The Future?
Some investors are afraid of the risks or devastation, but others are very eager to pursue the possibility of profit from a Bitcoin investment. A Bitcoin investment is similar to stock investing, except it can be more volatile.
Is Bitcoin Cash A Good Investment?
Bitcoin Cash is a hard fork of Bitcoin formed in 2017 to address Bitcoin's scalability and challenges. Bitcoin Cash seeks to make global transactions faster, cheaper, and more secure. Bitcoin Cash is now accepted by thousands of online and offline businesses all over the world. Studied correctly, Bitcoin Cash may be an investment worthy of consideration.
Is Bitcoin Legal In India?
In India, Bitcoin is not illegal. Because of cryptocurrency's rapid evolution, policymakers and regulators seemed to have recognized the chance to accept the new technology early. From the infamous 'RBI ban' in 2018 to reports of an impending bill banning cryptos in 2021 that has yet to develop, India has seen its fair share of ups and downs when it comes to Bitcoin regulation. Last year, the Supreme Court Of India approved the use of Bitcoin throughout the country. According to the Supreme Court, the existence of Bitcoin or any other cryptocurrency is unregulated but not unlawful.
Is Bitcoin Trading Is Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
How To Convert Bitcoin To Cash?
There are many ways of converting Bitcoin to cash, such as crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, Peer to Peer Transactions. You can use cryptocurrency exchanges such as WazirX for this. Unlike typical ATMs, which allow you to withdraw money from your bank account, a Bitcoin ATM is a physical location where you may buy and sell Bitcoins using fiat currency. Several websites provide the option of selling Bitcoin in return for a prepaid debit card that may be used just like a standard debit card. You can sell Bitcoin for cash through a peer-to-peer platform in a faster and more anonymous manner.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
