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ReadersSpeak

Why use bitcoin? of bitcoin, transaction costs can be extremely low.
This allows merchants to pass along savings to the
It looks like bitcoin and other cryptocurrencies consumer.
are here to stay. So far, just one of my merchants
has asked about bitcoin payments. I expect interest will 3. Security: Because bitcoin is completely a digital
grow, but I'm unsure what the advantages to bitcoin really currency and not physical, it cannot be stolen off of a
are. person. Someone would need to know an individual’s
Darius Chandler private keys to their wallet for any account to be hacked.
Merchant Level Salesperson It is also impossible for chargeback fraud to occur
Darius, with bitcoin because transactions are irreversible.
Payments are permanent with this system, and a
Thank you for your inquiry. Our two-part feature on consumer would need to directly contact the business
cryptocurrency acceptance in this issue (Feb. 14) and our to request a refund.
Feb. 28 issue, provides good insights in this topic. Also,
JawsTec, a 3D printing service that accepts bitcoin, recently 4. Broader market: With bitcoin not being tied to or
sent us the following four advantages it has found to using backed by any country, government, or financial
bitcoin: institution, the high fees and barriers associated with
trading internationally are greatly reduced. Bitcoin
1. Fast transactions: Transactions using bitcoin are remains the same value no matter where someone is
significantly faster than standard payment methods. located. As a result, companies will be able to more
With no intermediaries in the mix, individuals are easily compete in the global marketplace, especially
transferring bitcoins from one digital wallet to another. with the rise in on-demand marketing.
Bitcoin transactions also do not require verification of
a person's identity to complete the transaction which Are your merchants keen on crypto?
greatly expedites the process. Are you prepared to help merchants with cryptocurrency
2. Low fees: Most payment processors charge a 2 to acceptance? If so, what solutions are you offering?
4 percent transaction fee on all transactions. Because If not, why not? Please email your thoughts to
intermediaries are not involved in the exchange greenshett@greensheet.com.