Understanding Bitcoin and Its Benefits

Dec 18, 2017

The domain name “bitcoin.org” was registered on 18 August 2008. In November 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto put the Bitcoin software into implementation as open source code. It was released in January 2009. The identity of Nakamoto remains unknown.

More About Bitcoin

Bitcoin is a cryptocurrency and a payment system that is used worldwide. It’s the 1st decentralized digital currency, meaning the system works without a central bank or single administrator.

The Bitcoin network is peer-to-peer, and transactions are processed between users directly through the use of cryptography, without the need for an intermediary. Bitcoins are stored in a digital wallet that you can access on a computer or smartphone.

To get Bitcoin, you can purchase it or receive it in exchange for goods/services, just like you would do with traditional money. However, unlike cash, Bitcoin can’t be touched or handed to a cashier at the store.

Since 2008, about 11.000 Bitcoin-friendly businesses and ATMs have appeared in the US and Canada. That raging bull has pushed Bitcoin’s market capitalization from $15.5 billion to $119.8 billion

Getting a Bitcoin Merchant Account

Are you interested in opening a Bitcoin merchant account for your business? Be aware, you can have a difficult time obtaining it. The reason is that you should find a processor that’s willing to get you the account.

The good news is that, unlike traditional banks and other financial institutions, payment processors like emerchantbroker.com can help merchants secure a Bitcoin merchant account without major challenges.

EMB is a reputable payment processor and alternative online lender that specializes in the high risk sector and has helped thousands of hard-to-approve merchants get only the best for their business needs. With EMB, the #1 high risk processor in the US, you can start accepting orders within 72 hours.

Emerchantbroker.com is rated A+ by the BBB and A rating by Card Payment Options. Besides, EMB is among the Inc. 500’s Fastest Growing Companies of 2016. EMB serves both traditional and high risk businesses.

With Bitcoins, you can enjoy privacy. Unlike debit/credit card purchases that go through a bank, Bitcoins are transferred directly from one person to another without personal information. As a result, the transactions become virtually anonymous. The activity isn’t monitored by a bank; a network keeps track of transactions on a communal balance sheet, thus ensuring fair play and accountability on all parties.

The number of people trading Bitcoin is growing. They treat it as an investment. The supply of Bitcoin is limited, by design, to 21 million. Currently, 16.7 million is being circulated.

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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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