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One of the many digital currencies, also known as cryptocurrencies, is taking over much of the market and shopping as we know it. Bitcoin, one of the most popular cryptocurrencies, is a great investment for both personal and business finances. There is still a great deal of mystery around Bitcoin, including what it is and how it might be an asset for businesses.
If you’re interested in learning more about Bitcoin and how you can integrate software to accept this cryptocurrency, this guide is for you.
Here are five things about bitcoin that you probably didn’t know, and how you can use this online currency coin to your advantage.
1) The Mystery Surrounding Bitcoin’s Creation
One thing you may not know about Bitcoin is how it was made. Actually, there is a lot of mystery around the creation of Bitcoin. In 2009, the famous Satoshi Nakamoto introduced Bitcoin into the world and simply dropped off the face of the earth after this feat.
Only the NSA is aware of who this character is because their name was never made public, and it is unclear whether this name belongs to a woman, a man, or a group of people. In his crypto wallet, Satoshi Nakamoto currently has about 980,000 bitcoins. In other words, he’s pretty rich.
2) The First Bitcoin Transaction Was For Pizza
It’s also an interesting fact that the first Bitcoin transaction ever happened at a Papa John’s. In Jacksonville, Florida, Laszlo Hanyecz used 10,000 bitcoins to buy two pizzas at his local Papa John’s.
When this transaction was made in 2010, a single bitcoin only had a $40 value. To put this in perspective, 10,000 Bitcoin would be well over 600 million US dollars today.
3) Some Countries Banned Bitcoin
While there are plenty of advantages to using Bitcoin, some countries have actually banned the use of this cryptocurrency. Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia are among these nations.
Laws are expected to be updated as Bitcoin advances due to its popularity and convenience, as well as the rise of cryptocurrencies in general and online shopping.
4) Bitcoin Has a Limit
Another fact you didn’t know about Bitcoin is that it has a limit. There are only a certain number of Bitcoins that can exist in the market at one time. This number is 21 million. There are 17 to 18 million Bitcoins in circulation.
The process used to mine Bitcoin will also help us avoid running out any time soon. Each block that is added to the blockchain rewards Bitcoin miners with a certain number of Bitcoin. The reward amount currently stands at 12.5 Bitcoins, but the number is cut in half every four years. The following payment will be 6.25, and so forth. According to experts, we will still have Bitcoin on our minds until around 2140.
5) You Can Use Bitcoin In Your Shopify Store & There Are Tons of Benefits
You may not be aware of another feature regarding Bitcoin, but you may use it to improve your Shopify store’s online experience! Let’s take a closer look at some of the benefits of Shopify Bitcoin below!
Say Goodbye to Unwanted Fees
Bitcoin provides an excellent alternative. Accepting cryptocurrencies like Bitcoin allows you to give your customers payments with a lot lower fees. This is fantastic for both your customers and your business. While credit card companies charge 2–4%, using Bitcoin just charges a 0.5% fee.
Bitcoin Payments are More Secure.
You never have to be concerned about chargebacks or payment withdrawals while using bitcoin. When someone sends money to your company using Bitcoin, the transaction is completed quickly. There is no risk of the transaction failing!
Get a One-Up on Your Competition!
Most of the world is heading toward the direction of Bitcoin and cryptocurrency as a way to improve their business model. By integrating Bitcoin into your Shopify store, you can get a one-up on the competition and drive your company to success.