August 31, 2022
Bitcoin is currency of the online world and it is also accepted in the real world. Its acceptance is increasing day by day as cryptocurrency has many advantages over its traditional counterpart.
Digital currency travels faster, it’s cheaper and safer than online debit and credit card transfers. Regular money transfers takes place with the help of banks and banks levy charge on money transfers. Charges levied by banks on online money transactions make online fund transfers in bank accounts expensive.
It is easy to use digital currency and also it is beneficial to deal in cryptocurrency but there is a consideration and that is the bitcoin accounts are held anonymously. Fund transfer from an anonymous account to another anonymous account can be difficult for merchants and buyers.
A transfers a certain amount to the account of B. A is a buyer and B is a seller. A expects confirmation of fund transfer from B but latter has to wait until bitcoin mining is complete to confirm payment. If B denies receiving payment then the buyer would lose his money as he can in no way prove that he has transferred money to the account of A.
Merchants use bitcoin escrow service to sell products for digital money. It is the only way to keep money transfers safe from frauds. The service is provided by bitcoin sites that are trading platforms. This is quite advantageous for small and medium businesses and also for individual sellers.
You won’t need a wallet and collect digital currency, if you’re using services of a bitcoin site. The site would receive payment for your products. The site would receive payment and make sure that the buyer transfers full payment.
The site would promote your product. It would list your product in the category of similar products and display your product along with others. Whenever a buyer would search a product like yours, he would see your product with others.
The site would improve your reliability. The buyer would deal with the site and not with you. The buyer would rely on the site and buy your product. The site would inform you about payment.
Bitcoin escrow service is a paid service but it isn’t expensive. If you look at advantages of the service, you would find it affordable. The service provider would make sure that you get full amount for your product.