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Learn everything there is to know about running a business. Bitcoin is a form of digital currency — a new form of money, essentially — that is tradable throughout the world. It is not an official currency, however, which means that it operates without the involvement of banks or clearinghouse. Bitcoins can be transferred between individuals or between businesses to pay for goods and services, all without the use of a bank, so the fees for that exchange are lower.
Bitcoins do have value and, as such, are subject to taxation just as with cash in your local currency.
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Some of the advantages of using Bitcoin over another online payment network, such as PayPal, or even your bank, are:. Several of these advantages exist because there is no central governing authority, as there is with a bank. Of course, that may also be a disadvantage. Bitcoin began trading in Another potential advantage is that the fee to transfer Bitcoins from one person or business to another is unrelated to the amount being transferred. Unlike other payment networks that charge a percentage of the transaction value, Bitcoin charges based on the ability to reverse the transaction — the easier to cancel, the lower the fee.
That is, a Bitcoin transaction takes an average of 10 minutes to be resolved — 90 minutes at the most. During that process, there are confirmations that occur that the transfer of Bitcoins is occurring. The fewer the number of confirmations requested — you can request zero — the lower the fee to send coins; there is never a fee to receive Bitcoins.
But you can also request as many as 36 confirmations to be absolutely sure that once the Bitcoins are in your account, they cannot leave without your permission. This can be especially useful when selling expensive goods. On some payment networks, a buyer can claim to have an issue with an order and almost immediately receive a refund, even without your input. This would not happen with Bitcoins — once the payment is in your account, it is yours to keep.
You cannot make purchases through other platforms, such as PayPal or Dwolla, using Bitcoins because of the potential for fraud. Only Bitcoin-approved exchanges are authorized to sell them. Get free online marketing tips and resources delivered directly to your inbox. In the meantime, start building your store with a free day trial of Shopify. Subchapter S Corporation S Corp.