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Open Bitcoin Account

Bitcoin account

What is Bitcoin?

To put it simply, Bitcoin is just another form of digital currently. It is created and held electronically. More frequently, Bitcoin is being used by businesses and people all around the world. The most important and outstanding characteristic of Bitcoin is that it is decentralized, meaning no single institution controls the network. Anyone and everyone from around the world can start accepting Bitcoins within minutes - no paperwork or verification required!

Benefits of Bitcoin

There are numerous benefits and key advantages to utilizing Bitcoin.
  • Decentralized
  • Easy to set up
  • Anonymous
  • Completely transparent
  • Minimal transaction fees
  • Extremely fast
  • Irreversible transactions
  • No paperwork
  • Cannot be stolen

Bitcoin Wallet

The Bitcoin equivalent of a bank account is referred to as a 'wallet'. Having your own Bitcoin wallet allows you to receive, store and send Bitcoins. This is the only thing you are required to have before you start accepting or sending Bitcoins. Before you set up your wallet, you must understand the difference between the two types of wallets:

Software Wallet:

A software wallet is one that you will install on your very own computer or mobile device. You are in complete and utter control over the security of the coins in your software wallet. Though, a software wallet can sometimes be confusing or tricky to install.

Web or Hosted Wallet:

This type of wallet is hosted by a third party and is, in general, much more easier to use and maintain. It’s important, however, that you trust the third party provider as you wish to maintain high levels of security in order to protect your coins.

Cheap and Fast Transactions

The fees when making a Bitcoin transfer are extremely low, miniscule even, when compared to conventional methods of transferring or relocating money. A simple Bitcoin transfer fee is 0.0005 BTC per transaction (0.2 THB) and a typical international wire transfer can run you anywhere from 700 THB-1300 THB per transaction. This is a huge difference and a big benefit to using Bitcoin's services.

The transfer rate of Bitcoin transactions is very fast when compared to other methods. International wire transfers can end up taking days or weeks to go through. Generally speaking, Bitcoin transactions are confirmed within the hour.

No Charge Backs

Once a Bitcoin is transferred, it cannot be reversed. In traditional money moving methods, there is always the ability to reverse or "charge back" the payment. This can lead to some aggravation for merchants who have been, or are nervous to, be cheated by a customer. Bitcoin has made it impossible to revert the transaction, so there is less risk involved with receiving a Bitcoin payment.

Are you interested in using Bitcoin for your business? Contact us for a free consultation today.

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