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The risks of Bitcoin payments

Business Technology | July 29, 2014

Bitcoins have become a popular way for people to purchase goods and services online. The question, though, is if your business should say yes to this virtual currency. Entrepreneur Magazine recently took a peek at this issue. Here are the key questions they discussed about Bitcoins.

Is it real money?

Individuals purchase Bitcoins with real money. They then start using these virtual coins to purchase goods and services from online companies. Many companies that deal with Bitcoins aren’t quite legal. On the other hand, lots of others are. Entrepreneur states that such online vendors as Etsy, WordPress and Reddit accept Bitcoins.

How safe is it?

Bitcoin transactions are secured by way of a process called public key cryptography encryption, according to Entrepreneur. That does not mean, however, that all Bitcoin transactions are perfectly safe. Cybercriminals, especially clever ones, can hack Bitcoins. There’s also Bitcoin-stealing malware to be concerned with.

Why take them?

Why would any business choose to accept Bitcoin payments? To begin with, these payments have no credit card or bank transaction fees. Additionally they aren’t subject to taxes. And when more online vendors are accept Bitcoins, it may be a trend you won’t want to miss.


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