Bitcoins for Online Shopping: Are They Beneficial for Merchants and Consumers Alike?

Bitcoin is a virtual currency adopted by both consumers and merchants for online shopping ease and security.


New York, NY -- (SBWIRE) -- 05/02/2014 -- Major online retailers like Tiger Direct and Overstock have started accepting bitcoin as one of their payment options. Unlike credit cards which are vulnerable to hacking, paying via bitcoins is much like paying via cash. Bitcoin payments directly encrypts money instead of giving out credit card information online. These major retailers benefit in using this digital currency because of lesser transaction fees and its security to purchase goods across the globe without thinking about wire fees and risks of exchange rates.

Buying bitcoins has stirred controversy over the years. Bitcoin’s upsides and downsides became debatable since its inception. The question of when is the best time to buy bitcoins is a hot issue. But knowing the answer to this would be beneficial for both the customers (and those planning to involve in bitcoin trading) and major retailers like Walmart who can consider this currency in the future.

Online businesses who have started using bitcoins need to get sales from this currency into their accounting systems as dollars. So they have to sell their newly-accepted coins. In the long run, once these merchants has gained enough of this currency (and has learned how to take advantage of this payment option for international purchases), they would need to stop selling their coins. So the answer to when is the best time to buy bitcoins is “two (2) days after a major retailer begins accepting bitcoin as a payment option”. It is because all orders against any new retail merchant are valuably an enormous deposit of bitcoins on it’s so-called “stock market” (or bitcoin exchanges).

The only issue both customers and merchants face with the use of bitcoins is the demand and supply chains of bitcoins because a number of customers perhaps are unaware of where to buy bitcoins. Setting up account for this payment method takes time because both the US Government and China, with their need to protect their printing press money power against a currency backed by math and geeks, make it hard for people who are wanting to buy bitcoins.

Online consumers are starting to buy bitcoins for secure shopping and to avoid buying goods at high prices.

Embracing bitcoins as a payment option for online merchants, and using bitcoins as a payment method would be beneficial for both consumers and merchants alike.

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