Bitcoin is new and very interesting to use; most of us love using bitcoin. Yes! We know it is not yet legal in many countries, but how does it matter as long as it is not banned.
In some countries across the world, bitcoin has been banned, but apart from that in most countries, bitcoin has been adopted as a source of passive income.
Bitcoin has been accepted in a generation wise manner, which means that most of the young generation is well aware of bitcoin while the maximum of the old generation does not know about them. Initially, there was a lot of criticism and a lot of debate about the use of bitcoin, but now it has become a part of reality.
Here I will tell you what the advantages and disadvantages of accepting bitcoin as payment are and then you can use it.
Advantages Of Accepting Payment In Bitcoin
It is necessary that you know how bitcoin machine login works. Here we will tell you the advantages of accepting payment in bitcoin.
1. It is Anonymous
However, much you try, you will never get to know who is sending money to whom. You can never find out the name of the sender and the receiver. You might be able to locate the address and then eventually find the sender or the receiver.
2. Freedom of Payment
Aren’t you too overwhelmed by the message that says, “You have exceeded the daily amount”? Often you face this kind of disappointment when you are trying to send a huge amount of money to someone else. In that case, bitcoin gives you freedom; it allows you to send as much as you want, and there is no daily limit.
3. Minimum Transaction Fees
When you make any transaction, if you do it through the bank, then you are charged 2-4%, which varies from bank to bank. But when you make transactions in bitcoin, you are charged a minimum fee of just 0-1%, which is negligible. In some of the applications, the transaction fees can be paid by your choice.
Disadvantages of Accepting Payment in Bitcoin
Like there are many advantages, there are some disadvantages too, here we will list them down.
1. Bitcoin is Volatile
Maybe this is the greatest drawback, anything that is volatile has no power in itself. Like the traditional currency, as they are nonvolatile and they have a certain value, hence they are always valued in the market. But in the case of bitcoin, bitcoin is only valued when the price of the bitcoin rises.
2. Government Might Interfere
As we all know, until now, bitcoin has not been regulated, and as of now, there is no involvement of the government in the whole matter of bitcoin. But since a lot of people have started to use bitcoin, more likely, the government would make its involvement to make the tax clear. In some countries like the USA, the government has asked the citizens to calculate their own tax and then pay as per it should be paid. Hence, if not today, tomorrow, of course, there will be an involvement of the government.
3. Reset of Banks
In some of the countries, with the onset of bitcoin, the banks might have to reset themselves. Many of the banks might get closed permanently. While in some other countries, the highest court has declared the legal use of bitcoin and alongside wants the banks to provide lockers to the bitcoin holders so that they are able to keep their bitcoins in the lockers. None of the banks would like to close their banks; hence the government would try the bitcoins and the banks to go hand in hand.
It is very unlikely to demand that bitcoin will always be profitable, there are cases where bitcoins can churn out losses too. You need to fix that out as to how much of the money must spend so that you do not get any loss.