Bitcoin is a new kind of money and payment technology. It uses peer-to-peer technology and operates with no bank or central authority. Through many of its one of a kind properties, Bitcoin provides exciting uses that were not offered by any other payment system. The situation has been further simplified by the emergence of sites that offer Bitcoin services.
One of the most reputable companies is ALFAcoins. It provides bitcoin and cryptocurrency payment services. ALFAcoins recently upgraded its website, which is now more user friendly. The good news is that the site navigation has been improved. They have improved the personal account management features and added new cryptocurrencies, as well. These new upgrades on the site go hand in hand with the platforms goals, which include reliability and quality.
- It makes payments made online accessible and transparent for all the people involved. Any legal business that operates on the internet can accept the three different currencies available. They include Ethereum, Litecoin, and Bitcoin.
- It is very secure and provides multifunctional crypto-payment processing. It has a reputation of a great partnership between sellers and buyers, as it supports bitcoins and other cryptocurrencies available.
- Provides a payment system that is available all over the world. You can choose to make your payments in EUR or USD in the banks provided or even in the cryptocurrencies that are supported to their respective wallets.
- Payments can be withdrawn to the bank account in Euros or USD. The payment service is accessible to customers all over the world, except for North Korea and Iran.
- Enables BitSend transactions to be processed immediately. Confirmation emails are then sent to the recipient once the transaction is completed.
- Provides their users with an option of sending other cryptocurrencies and Bitcoins as salaries and bonuses to their employees and merchants. These rewards in the form of Bitcoins or cryptocurrencies can be given to partners and clients.
The introduction of the coin split feature has allowed for more flexibility to users. This allows for a partial payment to be paid out in cryptocurrencies. The user can set their default account to either EUR or USD according to their preferences. Coin split is beneficial to those who wish to receive and save some of their earnings into cryptocurrencies to invest later or for other purposes that may come up. With the Bitsend feature, you can then send the earnings to employees, customers, or partners.
It is digital, and therefore it is not 100% safe from criminals and hackers, as once they get a hold of your encryption key they can steal and transfer your bitcoins. Once they have transferred, it is permanent and cannot be reversed.
It is not regulated by any government body. These cryptocurrencies have been connected to a number of criminal activities. Some governments have banned the sale and use of Bitcoins. If it was to be regulated by the national government it wouldn’t be too different from paper money.
Also, it is affected by value fluctuation. For example, if all over the world there is a reduction in acceptance, then it will lose value or even become completely worthless.
Bitcoin are not eligible to be in any tax-advantaged retirement accounts, and therefore your investment cannot be protected from taxation. In relation to insurance, Bitcoin accounts are not protected by any of the federal or government program. Therefore if its value fell, this would mean an entire fall in your investment portfolio.
At the moment, Bitcoin is the newest innovation to commercial transactions and currency that we have seen since the invention of PayPal. Its appeal is bound to grow as enterprises continue to utilize cryptocurrency as a way of payment. It is faced with a number of risks as seen above, and therefore it is important to consider these risks before making any huge moves towards investing in the virtual currency.