Bitcoin is the next level in the evolution of finance. It’s a form of digital currency that is becoming increasingly popular as a payment method. What makes it a preferred method of payment is that it allows direct payments between two individuals without a middleman such as a bank, credit card company or PayPal.
Bitcoin payments are also an attractive alternative for international transfers. Without an intermediary, the costs involved in sending money are reduced and payments can be instant. While verification may be required in some instances, your credit card details are not shared.
To be able to buy bitcoin, you need a virtual wallet. Signing up for a wallet is as easy as signing up for a new email account.
Once you have a wallet, you can go to an exchange site to purchase Bitcoin. There are various exchange sites available online, each offering different purchase options.
While there are numerous advantages, one of the disadvantages of using Bitcoin is that unlike credit cards or PayPal, bitcoin payments can’t be reversed if customers dispute a charge.
Bitcoin processors such as BitPay allow retailers to cash out immediately to bank accounts, protecting them from the currency’s notorious fluctuations.
In many African countries where there is a paucity of banking services, bitcoin is a low barrier way to send and receive money. It’s expected to increase in popularity, as more people access the currency through online or mobile phone forms. With the rapid uptake of mobile technology on the continent, more people are expected to make a Bitcoin purchase in the near future.
It’s important to make sure that you use only legitimate exchange sites. Another benefit of making a Bitcoin purchase is that your credit card details are not passed on in any way. You can make a Bitcoin purchase using a credit or debit card nowadays.