Bitcoin is generally a digital currency that cannot be controlled by any government, bank, organization or individual. A bitcoin is roughly equivalent to $520. The digital currency can be sent from Canada to Africa within minutes without the hassle of major fees paid to banks. Bitcoin is also a protection against fraud and identity theft. Once a business accepts bitcoins as payment, it can also be used as a currency.
There is a lot of competition on the online marketplace and the use of bitcoin as a primary currency can be a business’s selling point. Not only will these make the platform more appealing; it helps in reducing trading fees and allows for a more convenient payment method compared to traditional options. Platforms like Amazon, eBay or Alibaba are in full control of the online marketplace and they do not follow an ideology of connecting buyers and sellers without any middleman. Users who have been dealing with these companies know that there is a fee for listing. However, anyone with access to internet connection can use bitcoin for the exchange of goods and services freely.
As an internet marketing strategy, bitcoin can be used to make the business more appealing to consumers. Bitcoin can be made as the primary payment option so that there will be no delays in sending and receiving funds. In fact, everything will occur in the same way as a regular transaction would. The entire platform will become a “permissionless” business solution without any restriction and fees.
People will be very interested to use Bitcoins for their transactions because it is not only convenient; it is cheaper than other payment option for both buyers and sellers. However, it is important for the web developer to add the new feature during the development stage so that the business can introduce the additional solution to the marketplace.
A way to get bitcoins is through mining where miners have to complete complex mathematical problems using their specialized computers. Bitcoin cloud mining is an option for miners who do not want to pay unreasonably high electric rates. Processing power is shared from data centers in remote locations.