How Using Bitcoin In Your Business Increases Security and Helps You Protect Both Your Company and Its Customers

bitcoin-electronic-cash-300x300When you’re in business, security can be a huge concern. If you find yourself constantly worried about theft and fraud, it may be time to think about adjusting your financial strategy. The good news is that accepting Bitcoin can help you do just that. Read on to find out how becoming a Bitcoin-friendly business can improve your financial security.

Avoiding ChargebacksHave you ever had a customer make a purchase of your goods or services only to later experience disappointment as you discover that same customer has initiated a chargeback on that purchase for no good reason? Unfortunately, this all-too-common scenario causes many business owners to lose out on a lot of money due to customer fraud. Instead of worrying about dishonest customers, you can use Bitcoin to secure your money so that this never happens to you. Because customers cannot get their Bitcoins back without your permission, you can decide to initiate a refund only for those customers who have a legitimate request.

Private KeysAs a business owner, it’s your responsibility to keep both your financial information and that of your customers safe and out of the hands of identity thieves. With that said, many people love Bitcoin because of the unparalleled security it provides. Rather than having to provide their names, addresses and credit card numbers, customers only need a private key to complete a transaction. Consequently, you can rest assured that, because there is no personal information provided, there’s nothing for thieves to try to hack and steal.

Multi-SignatureTheft has become a real problem for business owners in this day and age, and you never know if and when even seemingly loyal employees will try to take from the company. Fortunately, Bitcoin can provide a solid layer of protection when it comes to handling money in your organization. Business owners can decide to require multiple signatures in order to complete a transaction, which means never having to be concerned about one employee getting away with the money you’ve worked so hard for.

No matter what industry you’re in, it’s vital that you protect your business and its customers on every level. While banks and credit card companies can provide some level of protection for both parties, there’s no denying that Bitcoin’s security features can help give business owners the peace of mind they need to know that their investment is safe at all times.

Bitcoin and Anonymity

zorroIt wasn’t that long ago that the anonymity of most purchases was a given. Someone who walked into a store to buy something with cash would never have dreamed that it would be possible to trace that purchase later. Even people using checks or credit cards rarely had to think much about the possibility that someone would actually see that purpose, since the large and extraordinarily powerful computer systems that now make it possible to sift through the data at high speed just didn’t exist at the time.

That sort of quiet anonymity evaporated over time. Now, even a person who goes into a store to pay with cash can often be identified by the ubiquitous security cameras. Storage is so cheap that it’s possible to keep security video for an extended period of time. Retained GPS and tower data from your cell phone signal may also indicate that you were in a particular location, and those records can be held by the telephone companies and authorities for years. The police even have devices that are designed to pretend to be cellular towers for the purpose of tracking the public.

In spite of all of this, the possibility of making a purchase quietly and anonymously has not entirely evaporated. Instead, technology has enabled us to do it at an entirely new level. Tools called crypto currencies make it possible to possess a kind of money that doesn’t have to be tied back to your identity. Instead of having to trust a central authority to hold onto your funds and to guarantee that it’s really you who owns the money in the account, these currencies rely on math to prove who is the legitimate owner of a particular piece of the overall available wealth. It can even be spent without leaving any sign of who had it or who was involved with the transaction.

For people who have been uneasy about the disappearance of anonymity, currencies like Bitcoin are a great advancement. After a long period of technology being used almost exclusively against the average person, it’s finally come around and started to enable greater privacy and personal control.