The bitcoin payment processo is the service of accepting payments through the bitcoin protocol and it is a service that is open to all merchants globally. There are various companies like Xapo, Paydotcom and MoneyGram which have already started using this service to accept payments for their customers. These companies charge their customers with their local currencies to make certain that they do not incur any kind of extra transaction fees. These charges are usually translated into the customary transaction fees in the currency of the merchant.
Most of these companies have made use of the IKDF website to facilitate the transfer of funds. The IKDF is a database which is accessible by any merchant. It contains various public and private keys that are used to access various services. If a customer has a registered electronic access code, then he can make transactions with the help of the virtual wallet maintained by the IKDF. There are various advantages of the bitcoin payment solutions for merchants and they are discussed below bitcoin payment processor.
The first advantage of this solution for merchants is that it allows the merchant to accept payments through the bitcoin system without having to go through a third party gateway via which they would be transferred to an escrow service. This gives the merchant the option to convert the USD currency to the bitcoin currency in his local area. They need not worry about the charges imposed by the financial institutions and banks as these will not be applicable since the bitcoins are processed in the system that they are provided in.
Since there are no commissions and transactional costs involved in the process, most of the merchants are using the bitcoins for their payment processing needs. This also reduces their risk as the chances of getting cheated greatly reduce in the case of the utilization of the cryptocoinage market. The anonymity provided by the system makes the transaction very easy and hassle free for both parties.
The second advantage of using the bitcoin payment processors is that they eliminate the need for the use of alfacoins. All the charges arise due to the transfer of funds from one place to another. However, the alfacoins have to be converted into the desired fiat currency before the transaction can take place. Since many users do not want to change their fiat currency to alfa coins, this poses a problem for the payment processors. Therefore, the alfacoins are not required in the transaction.
The third advantage of the bitcoin payment processors is that they are able to provide better services to their clients. Since they are free of any charge, merchants can accept the bitcoin payment methods from anywhere in the world. This has ensured the success of the cryptocoinage market worldwide. Moreover, since the charge for the transaction is eliminated, there is no fear of being cheated by the third parties involved in the trade. Therefore, the privacy of the customers remains intact.
The fourth advantage of the gateway application is that it helps make the transition to the wider use of the cryptocoinage market. As more individuals adopt the idea of using the cryptocurrency, the older members of the community will feel the need to create a connection with the new comers of the market. This would lead to the growth of the coinbase. When this happens, the value of the average individual will increase and the number of users will increase. When this happens, the price of the bitcoin will go up and will become more valuable.
The fifth and last advantage is that the use of the payment gateways is beneficial for the retailers. With the help of this mechanism, they will be able to offer their customers better services and at cheaper rates. Due to the absence of any additional fees, the merchants will be in a position to cut down the expenses. The reduction of the cost will help the traders to increase their revenue. This is something that the older members of the community cannot claim. Therefore, the use of these payment processors will allow the merchants to join the mainstream of the society without the fear of being left behind by the others.