Most people hear blockchain and think that it’s only for the techie down the road who talks about Elon Musk with affectionate tears in his eyes. Bitcoin and cryptocurrencies might get a similar reaction, except instead of a tech person, they think of the risky investor or the rich guy who bought in early.
What most people might not know, though, is that blockchain and Bitcoin go beyond the latest bitcoin price, cryptocurrency investing and trading and offer benefits that we can use in everyday life.
Real life use cases of Bitcoin
As a business owner, if you’ve ever had to deal with issues related to global payments then you know the headaches they bring. Coindirect Business offers plug and play solutions, clearing your problems without any cryptocurrency infrastructure necessary.
Slick and easy instant payment
It makes sense that the most popular way we see Bitcoin and blockchain used is as a currency. Cryptocurrency was made with the intention of becoming the next step in the evolution of money, which involves payments between individuals, to businesses, as a payout method, as well as using it as an investment and saving method.
Bitcoin was developed to be a form of digital, so it boasts the characteristics of being immediate, easy, and cheap. Cryptocurrency payments also allows a layer of security because payments cannot be reversed, so the risk of fraudulent activity is greatly reduced.
Accept cryptocurrency payments
When it comes to accepting payment, many think cash or local currencies are the only way. Whether through electronic transfers, credit card, or a third-party platform, it often seems that going through a bank is the only option. Often, this means a delay in receiving cash or simply a failed transaction.
As a store owner, it’s crucial to offer your customers support during payment. This means offering them alternative options is important such that there is no hassle at checkout. If you accept cryptocurrency payments, you are adding a streamlined process which allows your customer to send money easily and securely. Your customer might like to pay in Bitcoin, while you would rather have dollars. Third-party platforms like Coindirect Business also provides the option of what currency (or cryptocurrency) you will receive, either into your crypto wallet or straight into your bank account.
Pay out using Bitcoin
While receiving cryptocurrency is an important component in online business, it’s only half of what is available.
Bitcoin provides a secure and immediate option of sending money.
If you are a business which deals with paying customers, such as an advertising agency or gambling site, having a Bitcoin payment gateway means that you can offer the option of paying out in cryptocurrency with an additional layer of support and security.
Supply chain tracking
While blockchain has given us cryptocurrency (for which is what it was originally developed), it has emerged as the latest technological landmark in the digital world.
Blockchain allows information to be permanently stored without modification. Recording information on the blockchain is also a simple task with a computing node. Any records placed on the blockchain are also open to the public, which offers a layer of unprecedented transparency. As it’s completely online, tracking using the blockchain is cheap, smooth, and easily integrates into a company’s operation.
Blockchain’s transparency is one of the key characteristics which makes online voting an appealing option. The permanence of the technology also means that the votes cannot be edited, contributing to the security and integrity of the process. The concept of online voting also means the process can be cheaper, quicker, and will likely result in more votes and a more satisfied community.
Cloud storage, or holding information and data online, has become crucial. The need for security of information has also increased as we’ve seen the consequences of leaked sensitive data. Blockchain is a great development in how we can store online as it offers safety, privacy, and has no central party involvement. This means that any stored data is available only to the owner.