A Business Primer on the Bitcoin Ecosystem - Erik Voorhees

"A Business Primer on the #Bitcoin Ecosystem" - Erik Voorhees #p2p

Speaking to its usefulness, Bitcoin is increasingly being adopted as a payment method for online commerce because it carries several advantages over traditional payment methods such as credit cards, bank wires, or PayPal. Unlike traditional payment methods, Bitcoin transfers carry no necessary fees (credit cards and PayPal have fees around 3% per transaction). Further, Bitcoin payments cannot be reversed, meaning a merchant can feel completely safe receiving a Bitcoin payment, because it will not be withdrawn days or weeks later. This greatly reduces risk for a merchant, and especially makes international business far safer. Finally, from the consumer side, Bitcoin accounts are not attached to personal identifying information. This means consumers do not need to expose sensitive financial data every time they buy online. Fraud from the theft of credit card information and ...

Full article: http://blog.bitinstant.com/blog/2012/7/5/a-business-prime...