Bitcoin Future - Benefits of using Bitcoin in 2018

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Benefits for merchants
There are many benefits accepting Bitcoin as payment if you are a merchant. First is that the processing fees are paid by the sender, and the merchant pays nothing to receive funds. These fees are considerably lower than traditional payment networks.

Benefits for buyers
There are many benefits for buyers when it comes to using Bitcoin. It allows fast confirmation time within 10 minutes, which is handy for international transactions. It allows you to purchase items from abroad without worrying about currency conversation. Storage of coins is not difficult. The transaction fee is paid by the sender of the coins but this is typically pennies.

Escrow services
Escrow services have resulted in increased online safety for Bitcoin transactions for buyers. These are typically a trusted third party, or more recently multi-signature 2-of-3 wallets. The buyer and seller each hold one key to the wallet and a neutral trusted third party holds a third key. If there is a dispute, this person can mediate and either give their key to the buyer to return their funds, or the seller to give them their funds to their own wallet.

Future of Bitcoin in commerce
Bitcoin due to its decentralized nature has the potential to revolutionize commerce and enable transactions across international borders with ease. It allows the sending of transactions for a fraction of the cost of major payment networks and there are no ongoing costs for having a Bitcoin wallet. This is an advantage for both buyers and merchants. It has the potential to help connect buyers and merchants across the globe and with the use of multi-signature escrow services might help reduce fraud in some areas. Use of Bitcoin in general can eliminate chargeback fraud for a merchant. But this can also pose a problem for buyers who are in genuine need of a chargeback.

Potential Drawbacks
There are some potential drawbacks for using Bitcoin as a payment system. Some of these are being improved at the time of writing. They include the following:

Risk of fraud without escrow services, with no recourse.
Until the block size limitation is fixed, transactions may be slow to confirm during times of high demand.
Unable to chargeback if there is a genuine need.
Not yet fully understood by tax authorities in some countries.
Still an emerging technology and volatile in price, not accepted by most merchants universally.

Conclusion
This has covered the main benefits of using Bitcoin as a payment system. It is worth accepting for merchants and buyers alike. It is likely to change E-Commerce space as it gains traction, and adopting it early for very little cost is a good move for businesses and buyers alike.