Bitcoin Experiencing a “Breakthrough Moment”

Aug 12, 2014

The Bitcoin has been experiencing exponential growth in value since its introduction in 2009 and many advocates are expecting this to continue for many more years to come. 2013 was one of the most turbulent periods for the rising digital currency with the price jumping from $40 to $72 as European investors responded to the Cyprus banking crisis. By November 2013 the currency was being traded at $1,200. However, after the collapse of MtGox, a Bitcoin exchange located in Japan, the value of the currency fell to $615.

Nevertheless, many industry experts remain optimistic that the value of the currency will increase based on the predictions of Geoff Lewis, the man often referred to as the “Bitcoin Jesus”. But Lewis is not the only one predicting the Bitcoin boom. A report released back in December, by Gil Luria a Wall Street analyst projected that the currency will increase to $100,000 in the near future. Although this is a long way from the current trading price, it is entirely possible considering the 8,723% increase in 2013 and the fact that it is accepted universally, accessible via the internet, and portable.

Now the burning question here is: What really differentiates Bitcoins from the dollar? Bitcoin was first created back in 2009 by Satoshi Nakamoto a cryptography graduate from Trinity College located in Dublin who wanted to create a secure method for people to trade electronically.

Large retailers such as Walmart embraced the new currency by offering Bitcoin gift cards and popular online websites such as WordPress and Reddit started to accept payments in Bitcoin shortly after its introduction.

Bitcoin is digital; hence it is not government regulated and does not require physical production or a “storage space” in comparison to the dollar. As we all know Bitcoin is highly volatile, thus the trading price today could be completely different from the trading price two weeks later. However, what most people are oblivious to is the causes of the rapid fluctuation in price.

One main factor that has influenced the price of Bitcoin is the number of miners available at any specific time. Bitcoin mining is essential for processing Bitcoin transactions; the more miners available, the safer the trading network is.  Other influential factors include the number of sellers and buyers and large corporations “dumping” fiat currency.

The recent stability in the price has attracted many retailers to the currency and in the words of Nicolas Colas, the chief market strategist at CoverageEx, “Bitcoin is experiencing a breakthrough moment” and we can only anticipate a continuous increase in value as time progresses.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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