As transactions take seconds to process and transaction fees are minimal, BCH is a great choice for those looking to leverage blockchain and cryptocurrencies.
The biggest benefit of Bitcoin Cash for your business is its low transaction fees. Currently, BCH transactions cost about 1 cent, or $0.012. This is negligible compared to traditional card payments, which account for about 3% of transaction fees. Bitcoin, a very popular and widely accepted cryptocurrency, currently has an average transaction fee of a whopping $40.56 as of April 17, 2021, making it completely unusable for day-to-day trading.
Bitcoin cash transactions usually take a few seconds to confirm but they are the perfect choice for payment when compared to Bitcoin cash transactions. Due to the larger block size, BCH can accommodate more transactions per block than BTC. BTC’s block size remains at 1 MB, but BCH’s creation was with an 8 MB block size and an increase of 32 MB in 2018 to accommodate more transactions. This is why BCH can trade much faster and at a much lower cost compared to BTC.
Bitcoin Cash Transactions on the Blockchain
Bitcoin Cash transactions, like other cryptocurrencies, are made via the blockchain, so you don’t have to worry about payments going back to your customers as the transactions are non-reversible. If a reversible payment is a requirement, the customer must receive a new transaction. Blockchain is one of the most secure forms of remittance today. Using encryption, decentralization, and common consensus, it is almost impossible to manipulate or alter transaction data. Fiat payments present another risk that users face as users must disclose personal information in order to use the service. In the event of a data breach, cybercriminals can gain access to your sensitive personal information. With cryptocurrency, this risk greatly reduced because transactions are anonymous and confidential. With appropriate measures taken, cryptocurrencies can become a reasonably secure way to conduct day-to-day transactions.
The next evolution of money and payments is Cryptocurrency and blockchains where millions of customers discover the importance of cryptocurrencies in their daily lives. Accepting BCH opens up a much wider customer base as a seller. Businesses, national governments, and individuals are widely using cryptocurrencies since the developments in this field are exponential. Despite the fact that cryptocurrencies and blockchains are only 10 years old, they have become widespread.
BCH’s Low Transaction Fees
BCH offers many benefits to its users. The biggest of which are its low transaction fees and near-instant payments. It makes the perfect choice for day-to-day payments. As your customer base grows, BCH can be a good option to add as a payment currency. It can reach a larger audience that borders do not restrict thanks to the borderless transactions that BCH offers. There are several payment processes if you want to accept Bitcoin Cash for your business that is quick to set up and does not require KYC.
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