Most of us use credit cards for online payment and in-store payment, and we also know how many fees a single credit card service provider charge for using their service. That is very high it varies from 20% to 30% according to the different service provider but as compared to credit card, bitcoin charge very low fees that are also tax-free.
Bitcoin is a non-refundable payment method that means if you send a bitcoin to another person, it is non-refundable, and it is not in the case of a credit card. Does the question arise why a credit card is refundable? The simple answer is that a credit card is under the control of third parties, which means it is a central system of banking or maybe other financial institutions.
Bitcoin is a non-reversible system because it is a decentralized system, and there is no control of any third party like banks, government, and other financial institutions, etc. Suppose there is no control of any third party. In that case, it is apparent that once you spend your bitcoin, whether via an exchange or directly, you will not get it back. You cannot contact bitcoin support because they never support a refundable policy, and only you are responsible for spending your funds.
Easy to Detect
We all have heard about the blockchain. In brief, blockchain is a system where all the bitcoin transactions are stored, and you can find every transaction that happens on bitcoin. Blockchain is also called a public ledger. It is clear from its name that information is publicly disclosed and cannot be stored in private.
Everyone can see the transaction of every user, and you can also see the wallet address of the sender, and wallet address of the buyer, and the amount to spend too. There is no why bitcoin buying and selling should be a chargeback. You, the facility, can easily detect your previous or current, or future transaction on the public ledger or blockchain.
Never use the reversible payment method.
As we have read, bitcoin is the decentralized payment method, and before spending bitcoin on another person, keep in mind, it is non-reversible, which means once you send the bitcoin, you will never get it back.
When a seller sends bitcoin to another person, a seller should not accept payment via PayPal and another centralized payment method like Skrill. Since bitcoin is decentralized and PayPal is centralized and can be refundable. There is a high chance of fraud, and if you lost your funds or bitcoin, you would never get it back; you cannot tell the bitcoin support as it is your responsibility.
To illustrate it, Suppose you want to sell your bitcoin because you need money in exchange for it. Some buyers will say you to I will send you payment via PayPal or Skrill or credit card. Do not accept these centralized methods because when he receives bitcoin into his wallet, he can request PayPal or another refundable payment method to give their money back. When the buyer receives their money, you will never get it back. It is the same in the case of Skrill. You will be responsible for losing your funds.
PayPal Does Not provide seller protection because, according to PayPal’s terms and policy, bitcoin is Digital goods that can be refundable for money. Seller will lose their bitcoin and money also. So be careful while selling bitcoin to an unknown person.
Benefits to merchants
Using online payment methods is full of hackers and attackers, and there are many chances of fraud while selling bitcoin to an unknown person. But it is the biggest advantage to merchants because they can use bitcoin as a payment method and can accept payment for the exchange of goods and services, and they can make a profit with it. You can also make a profit by investing in Bitcoin Gemini.
If you are running your physical store, you can accept payment with QR codes; yes, you can accept bitcoin as another payment method using QR codes, which is a very easy and simple process and user-friendly.
From the above information, we have learned the benefits to merchants using bitcoin as a payment method and because bitcoin is a non-refundable method, so be careful before spending bitcoins. You will never get it back if you lost.