Bitcoin is one of the first and most popular cryptocurrencies in the world. It is a decentralized digital currency that does not belong to a central bank or an administrator. It can be sent from one user to another by utilizing a peer-to-peer blockchain network, all without any type of middleman.
The inventor or inventors that go by the pseudonym Satoshi Nakamoto created Bitcoin as a side project but never actually intended to invent a currency.
The first recorded transaction using Bitcoin was traced back to January 12, 2009 and it has now reached a transaction volume of 200,000 daily transactions.
Despite the popularity of this “gold standard” in cryptocurrency, Bitcoin is known for its extreme volatility, in the form of 10 times the change in price compared to the US dollar in a short period of time.
Adding to its volatility, Bitcoin has also been associated with some seedy business practices. One of the most high-profile cases was in October 2013, when Bitcoin was used in drug transactions by way of the Silk Road, ending with the FBI shutting down the marketplace.
Geopolitical events and statements made by governments threatening to regulate Bitcoin has only added more fear for investors.
All this panic drives the value of Bitcoin down rapidly versus the fiat currency.
This has resulted in placing Bitcoin in the high risk category.
In spite of all this volatility and perceived panic from investors, Bitcoin is here to stay. Consumers worldwide are buying Bitcoin to protect themselves from a devaluation of their national currency.
Plus, Bitcoin users are drawn to its transactional properties: it’s irreversible, it’s pseudonymous, it’s fast and global, it’s secure, and permissionless.
Bitcoin has been lauded for its ability to keep users anonymous while sending and receiving this cryptocurrency since no personal, identifying information is given. However, this is not entirely true. To clarify, it is actually pseudonymous because all transactions can be traced to a person’s address. If the identity of the person is ever revealed, all transactions under that pseudonym will be traced back to them.
There are a growing number of merchant service providers that see Bitcoin’s potential and are specialists in providing merchants with a high risk merchant account.
One of those specialists is eMerchantBroker.com. EMB is ready and equipped to work with high risk merchants who work with Bitcoin.
When you choose EMB, the application process is fast, easy, and hassle free. There are zero application fees and no setup fees. They have achieved a 98% approval rating with their banks. Approval, although not guaranteed, can take as little as 24 hours.
Their high risk processing services include chargeback dispute resolution, an online payment gateway, ACH processing, merchant cash advance, and MOTO processing options. They also offer end-to-end technology-driven payment processing.
Customer service at EMB is one of the best in the industry, offering support for merchants via phone, chat, and email 24 hours a day, 7 days a week and 365 days a year.
EMB has been voted the top high risk payment processor in the country. It has received the distinguished A+ rating by the Better Business Bureau (BBB).
Get started on processing Bitcoin payments by reaching out to EMB today.