Bitcoin is just one of many digital currencies, also known as cryptocurrencies, taking over much of the market and shopping as we know it. As one of the most well-known cryptocurrencies available, Bitcoin is an excellent investment for personal and business finances. Still, much mystery remains around Bitcoin, what it is, how it can be an asset for businesses, and more.
As a business, opening your online store to accept cryptocurrency is one of the best investments for your company. Not only does this open the field for more possibilities, but it has a range of other advantages. If you’re interested in learning more about Bitcoin and how you can integrate software to accept this cryptocurrency, this guide is for you.
Here are five things you didn’t know about bitcoin and how you can use this online currency coin to your advantage.
1) The Mystery Surrounding Bitcoin’s Creation
One thing you may not know about Bitcoin is how it was made. There’s actually a lot of mystery surrounding Bitcoin’s creation. The famous Satoshi Nakamoto introduced Bitcoin into the world in 2009 and simply dropped off the face of the earth after this feat. It’s unknown whether this name refers to a woman, a man, or a group of people, but only the NSA knows who this character is as their name was never made public.
Currently, Satoshi Nakamoto holds around 980,000 bitcoins in his crypto wallet. In other words, he’s pretty rich.
2) The First Bitcoin Transaction Was For Pizza
Another interesting fact about Bitcoin is that the first-ever Bitcoin transaction took place at a Papa John’s. A man named Laszlo Hanyecz used 10,000 Bitcoins to purchase two pizzas at his local Papa John’s in Jacksonville, Florida. This transaction took place in 2010 when Bitcoins were only worth $40. To put this in perspective, 10,000 Bitcoin would be well over 600 million US dollars today.
3) Some Countries Banned Bitcoin
While there are plenty of advantages to using Bitcoin, some countries have actually banned the use of this cryptocurrency. These countries include Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. With the prevalence and convenience of Bitcoin, not to mention the surge toward cryptocurrency in general and online shopping, laws are expected to update as Bitcoin makes its next steps.
4) Bitcoin Has a Limit
Another fact you didn’t know about Bitcoin is that it has a limit. There are only a certain number of Bitcoins that can exist in the market at one time. This number is 21 million. There are 17 to 18 million Bitcoins in circulation.
The way Bitcoin is mined will also help prevent us from running out anytime soon. Those who mine Bitcoin are rewarded by a certain number of Bitcoins for each block added to the blockchain. The current reward is 12.5 Bitcoins, but the number cuts in half every four years. So, the next reward will be 6.25 and so on. Experts say we will still have Bitcoin to mind until around 2140.
5) You Can Use Bitcoin In Your Shopify Store & There Are Tons of Benefits
Another fact about Bitcoin that you probably didn’t know is that you can use this digital currency to improve your Shopify store and online experience! Let’s take a closer look at some of the benefits of shopify bitcoin below!
Say Goodbye to Unwanted Fees
When you use regular currencies and credit cards, you run into setup fees, compliance fees, chargeback fees, and much more. There are many hidden costs associated with using credit cards and standard forms of payment.
Bitcoin provides an excellent alternative. When you accept Crypto like Bitcoin, you can offer your customers payments with significantly less fees. This is great for your business and your consumers! While 2-4% is charged by credit card companies, only 0.5% is charged for using Bitcoin.
Bitcoin Payments are More Secure
Bitcoins are also one of the most secure forms of currency in the world. When your customers pay with a credit card or debit card, their payments can still chargeback, meaning you don’t end up receiving an official payment. This can not only be frustrating, but it can make your company more vulnerable to fraud.
With Bitcoin, you never have to worry about chargebacks or withdrawals of payment. Once someone sends your business funds with Bitcoin, the transaction is complete immediately. There is no risk of the transaction failing!
Get a One Up On Your Competition
Most of the world is heading toward the direction of Bitcoin and cryptocurrency as a way to improve their business model. By integrating Bitcoin into your shopify store, you can get a one up on the competition and drive your company to success.