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Understanding Bitcoin-BitCoin As a Payment System-Lesson 26

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· Bitcoin,BitClub Network,Crypto Currency,Crypto Coins,Cryptocurrency

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Author : Bitconnect

These are typically a trusted third party, at or more recently multi-signature at 2-of-3 wallets. The buyer and seller each hold one key to the wallet and a neutral trusted third party holds a third key. If there is a dispute, this person can mediate and either give their key to the buyer to return their funds, or the seller to give them their funds to their own wallet. The use of Multi-Signature Escrow wallets for transactions especially between private sellers and buyers has become an accepted norm with Bitcoin, although Escrow services are typically not used for larger, more respected companies which already have a good reputation of being genuine. Future of Bitcoin in commerce. Bitcoin due to its decentralized nature has the potential to revolutionize commerce and enable transactions across international borders with ease. It allows the sending of transactions for a fraction of the cost of major payment networks and there are no ongoing costs for having a Bitcoin wallet. This is an advantage for both buyers and merchants. It has the potential to help connect buyers and merchants across the globe and with the use of multi-signature escrow services might help reduce fraud in some areas. Use of Bitcoin in general can eliminate chargeback fraud for a merchant. But this can also pose a problem for buyers who are in genuine need of a chargeback. Bitcoin is an emerging technology and has the potential to change commerce. You can also keep your actions reasonably private from prying eyes yet due to the nature of the blockchain it also means records could be kept quite easily managed by your wallet software.

It has the potential to make managing funds easier for businesses as wallet software can be run or developed in-house without needing to rely on an external payment network to work with your system, giving more overall control of a merchant’s e-commerce platform. Potential Drawbacks. There are some potential drawbacks for using Bitcoin as a payment system. Some of these are being improved at the time of writing. They include the following: Risk of fraud without escrow services, with no recourse. Until the block size limitation is fixed, transactions may be slow to confirm during times of high demand. Unable to chargeback if there is a genuine need. Not yet fully understood by tax authorities in some countries. Still an emerging technology and volatile in price, not accepted by most merchants universally. Summary. Bitcoin is an emerging technology that has the potential to change and improve commerce as we know it. It has advantages for both buyers and merchants, such as no fees for merchants to take payments, low transaction processing fees, works the same across world borders, and has many technical improvements in the works, some of which have improved safety for buyers and companies which accept Bitcoin, through multi-signature wallets. Other improvements such as solutions to the block size limit are in the works. Bitcoin is a payment system that would be a good thing for merchants to accept, as it is the potential future of digital cash, and it costs merchants next to nothing to accept it. Conclusion. This has covered the main benefits of using Bitcoin as a payment system at It is worth accepting for merchants and buyers alike. It is likely to change E-Commerce space as it gains traction, and adopting it early for very little cost is a good move for businesses and buyers alike.

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