Using a credit card to pay for purchases has negative implications for businesses and consumers. Bitcoin provides a better, alternative payment method.
Contrary to some predictions, Bitcoin is quickly becoming an accepted means of conducting transactions. Major companies like online retailer Overstock.com and mobile provider AT&T already allow customers to pay in bitcoin. And the list of businesses accepting bitcoin keeps growing every day.
On a basic level, this trend proves that bitcoin isn’t a useless virtual currency as critics love to claim, but it also represents something more fundamental: Bitcoin’s potential to replace legacy payment processing systems like Visa and MasterCard.
Perhaps this may sound far-fetched, but there are plenty of advantages that Bitcoin offers both consumers and merchants. And if you know anything about the creative destruction inherent in capitalist societies, Bitcoin replacing credit cards is only a matter of time.
Let’s look at the anatomy of credit cards and Bitcoin payments before highlighting the differences between both of them.Continue reading… “FIVE REASONS BITCOIN WILL REPLACE CREDIT CARDS”