There is quite the debate among those in the financial industries on whether Bitcoin will garner more attraction as time passes. If you are not familiar with this mode of payment, investors purchase Bitcoins, and supply and demand make them more or less valuable. Unlike gold or silver which has published values, Bitcoin values are in the virtual world because there is no paper on which it is printed or metal in which coins are struck. It is the uncertainty of the value and the way Bitcoin is used that makes a Bitcoin Merchant Account a high risk venture.
If you are a merchant who sells goods and services via Bitcoin, the Bitcoin price at the time of sale can be different than two days later – or an hour later. You could say that prices are like opening rates on a stock, and based on the activity during the day, the price of that stock can rise, fall or remain flat. Processors will honor the price of what is sold based on the sale itself.
Several articles published by respected individuals call attention to the Bitcoin value. Jeremiah Bohr and Masooda Bashir at the University of Illinois at Urbana-Champaign wrote an article titled Who Uses Bitcoin? An Exploration of the Bitcoin Community. It points out a good deal of interesting facts. Bohr and Bashir found that age was a statistically significant factor in predicting the amount of Bitcoin a respondent held. Respondents with the most bitcoins were aged between 55 and 60 years old. However, these owners were generally from overseas.
Probably one of the most interesting aspects of the research indicates that users who spent bitcoin on illegal goods had significantly more bitcoins than those who didn’t. Users who purchased illicit goods, such as narcotics, had up to 45% more bitcoin holdings than those who stuck strictly to goods that wouldn’t get them in trouble with the law. Bitcoin has not been legislated by-laws by the Federal Reserve or any other system. Purchasers and users are self-governed.
The only factor that suggested a preference for anonymity was whether a user was a miner or not. Respondents who favored bitcoin for its potential to disrupt the banking system were found to be above the age of 40 and residing outside the US.
With all the uncertainty of using Bitcoin as a manner of payment for goods and services, there are those who want a Bitcoin Merchant Account. It is estimated that there are 80,000 businesses that accept Bitcoin now in the US. Another good news is that will a Bitcoin Merchant account will generally pay less in transaction fees that are charged by the major credit card companies.
Finding a processor to open a Bitcoin Merchant Account will be difficult. Conservative processors as well as mainstream banks will certainly decline the business. However, there is a high risk specialist that can get your Bitcoin Merchant Account opened and have you accept orders within 72 hours. They offer secure gateways that are already set up to accept mobile payments.
For more information regarding opening a Bitcoin Merchant Account call 1-800-621-4893 today or click below to get started today!