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Low or zero Fees

Yes low or zero fees - Bitcoin payments currently process with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing which results in faster validating and authenticating of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currencies with daily direct deposits to bank accounts and provide these services for much lower fees and less risk than with Paypal or credit card networks. • Less fees and risks for merchants - Bitcoin transactions are secure, irreversible and do not contain customer’s sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks and there is no need for PCI compliance. This allows merchants to easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets and less administrative costs. • More protection for consumers - Bitcoin payments are made without needing personal information tied to the transaction. This offers strong protections against identity theft. Users are in full control of their transactions therefore it is impossible for merchants to force unwanted or unnoticed charges which can happen with either ACH debits, debit cards, Paypal or credit cards. • Transparency - All information concerning the Bitcoin money supply is readily available on the blockchain for anybody to see, verify, measure, and use in real-time. • Distributed - The Bitcoin ledger, commonly called the blockchain, is distributed throughout the world and stored by Bitcoin miners. This adds a level of resiliency and redundancy that is unmatched in the payments space and a payment processing network. For example, the Federal Reserve does all their payment processing at 100 Orchard Street, East Rutherford, New Jersey and have back-up systems that can be brought online within 60-90 minutes at the Federal Reserve Banks of Richmond and Dallas. If those three centers were compromised or destroyed then the entire monetary system of the Federal Reserve would be greatly impaired and probably completely nonfunctional. What are some disadvantages of Bitcoin? • Not widely accepted - Many people are still unaware of Bitcoin.  Everyday more businesses accept bitcoins because they have advantages of doing so, but the list remains small and still needs to grow in order to gain improved usefulness through networking effects. • Volatile - The total value of bitcoins in circulation and the number of businesses using Bitcoin is still very small compared to what it can be. Therefore relatively small movements in the market can significantly affect the price. In theory, volatility will persist as the market scrambles to determine a bitcoin’s price as this nascent currency matures.  Never before has the world seen a startup currency, so it is truly difficult (and exciting) to imagine how it will play out. • For geeks - Many user tools are still not ready for everyone and users still need to protect their money by themselves, or trust young online wallet services that still don’t offer any insurance against theft or other bad events. New tools and services are constantly being developed to make Bitcoin more accessible to the masses. But from now, Bitcoin is a bright new invention that starts to meet the real world. Is Bitcoin secure? The Bitcoin technology - the protocol and the cryptography - has a strong security track record.  Bitcoin’s vulnerability is in user error.  Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost, stolen or compromised. Consequently, users need to employ security practices to protect their money or use service providers that offer good levels of security and insurance. As Bitcoin has grown in adoption, more service providers have appeared to make it easier, safer, and more convenient to use and safely secure bitcoins. Bitcoins are not covered by insurance schemes or depositor insurance like the FDIC, but could be with a service provider that offered that service.


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