Pay your electricity bill with Bitcoin and save 6%. If you are in Japan, that is. As the UK continues to fight against the strong storm that is Bitcoin. Japan has taken the alternative currency to heart. Bitcoin is now a recognized currency in Japan. Sitting alongside the Japanese Yen. Bitcoin is accepted in thousands of retail stores across the country. Now utility providers are also promoting the use of the cryptocurrency by offering a 4 – 6% saving on utility bills. If paid for using Bitcoin. For once this is a case of utility companies passing on their savings to the consumer.
Bitcoin is misunderstood in Europe, but being embraced across Asia. In the UK Bitcoin has become little more than an investment option. It is a very good investment option, with the currency gaining over $6,000 in the last 10 months. In other parts of the world, including Asia. Bitcoin is being used practically. In its true form, as an alternative currency.
One of the distinct advantages of Bitcoin is its low cost of use. Any business owner that takes credit card payments will be aware of the charges involved. Even PayPal transactions come with a hefty percentage. On the other hand, Bitcoin transactions cost a fraction of a percent. Meaning large payments can be processed instantly with only a few pence in transaction fees.
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While Bitcoin remains a dirty word in the UK. In parts of Africa and Asia. Bitcoin is seen as a companion to tradition currencies. If you visit Singapore airport you will be greeted with a Bitcoin ATM machine. That is part of a larger network of Bitcoin ATM’s that stretches across Malaysia. The cryptocurrency was widely adopted across India during the 2016 Indian demonetization crisis. Where business owners started using Bitcoin as an alternative to the Indian Rupee.
Bitcoin holds endless possibilities for business. The currency works on a computer network known as The Blockchain. Due to the architecture of The Blockchain. There is absolute transparency, meaning it is impossible to cook Bitcoins books. The fact transactions are instant and cost a fraction of a percent to process. Means Bitcoin is the best alternative to the FOREX system. Bitcoin is such a good solution to the problems of high foreign exchange fees and slow banking times. That the Bank Of England is currently building its own version of Bitcoin to handle international money transfers.
The time has come for business owners to look away from the mainstream propaganda that surrounds Bitcoin and start looking to the practical uses the currency holds. The ability to make international payments to suppliers in a matter of seconds with virtually no transaction fees. Opens up the possibilities for businesses to save thousands of pounds each year. As far as mainstream consumer confidence goes. the currency has a long way to go. But as a business to business tool. The possibilities are endless.
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