The ultimate goal of Bitcoin is to allow the exchange of payment
for goods and services while eliminating the middleman. This means that no
banks and third-party networks are involved in the payment process and the
transaction is anonymous. This is especially beneficial for emerging markets
where banks, ATMs and credit card machines are rare. The online currency can be
set up, accessed and used anywhere with no prerequisites. No country or company
can own or regulate the peer-to-peer Bitcoin use.
Usability
There are no banks or companies involved, which means Bitcoin
transactions are processed without fees. However, they are not accepted in many
places and there is no real measure of trustworthiness or accountability.
Credit cards are faster, free for consumers and more available in developed
countries.
Security
Without countries and banks, Bitcoin security is the
responsibility of the individual. There is no insurance to replace your money
if a thief or a hacker accesses your wallet. Bitcoins anonymity has attracted
criminals from near and far.
The Current State of
Bitcoin
The current state of Bitcoin is comparable to where the
Internet was in the mid 90s; and the technology is still growing. For most,
Bitcoin has a poor reputation in the mainstream media during the past six
months, but its hard to find an industry executive not talking about the
cryptocurrency. And of course, contemporary investors are jumping on the
bandwagon to get some for themselves. Moving forward, virtual currency
exchanges will benefit from implementing KYC controls because they offer a safe
and trust-driven environment. Even with this buzz, there are still many who
dont know much about Bitcoin or the potential impacts it holds. If you decide
to accept Bitcoins at your establishment be aware of the security risks and
have a fraud
prevention plan in place.
[Contributed by EVS Marketing]
