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Metro Detroit, MI, April 9, 2019 – Metro Wireless International, Inc.
MetroWireless.com, a metro-Detroit based business ISP and telecommunications company with customers nationwide announces Monday that they will now accept Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrency forms of payment. These new forms of digital currency payments, beyond the traditional check, ACH or credit card transactions, can be used to pay for business Internet services, equipment or installations. Metro Wireless CEO, Dominic Serra, explains that leading a technology company, he has to pave the way for new and incoming changes in monetary exchanges, offering his customers the latest and greatest offerings. Serra believes that the future of payments is shifting quickly and thinks we have to evolve with the times. Other companies Metro Wireless is joining in cryptocurrency transactions are Overstock, Microsoft, Expedia, and Whole Foods, amongst many others.
Today cryptocurrencies have become a global phenomenon known to almost all people. It is a solution to many obstacles that the traditional financial system has. We are in a business era where globalization and technology has taken quite a huge toll on every sector including banks, financial institutions, business enterprises, educational institutions, government services and you name it; so to help make financial transactions fast, secure and at low cost, cryptocurrencies come in handy because sending money to different parts of the world in a traditional way is expensive, sometimes delayed and too risky.
But What is Cryptocurrency?
Wikipedia defines cryptocurrency as “A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.”
Let’s understand cryptocurrencies in an easy way, simply, it is limited entries in a database which no one can modify without fulfilling certain specific conditions. This sounds too easy, right? But it’s certainly not; this is how traditional money also works, you know what it is exactly but can’t figure out its actual meaning.
You take money to your bank account, what is it? It is just mere entries passed in a database that only changes understand special conditions provided by you or your bank. You use physical coins and notes, what is it? It is limited entries in a public physical database that only can be changed if you match the conditions linked to it. Any money is all about verified entries in some database for accounts, balances, and transactions.
Studying cryptocurrencies in detail, we will come to know that it uses decentralized control that works through distributed ledger technology, typically a Blockchain, that would serve as a public financial transaction database as opposed to centralized digital currency and central banking systems.
A Time in History of Cryptocurrency
The first decentralized cryptocurrency was released as an open source software in 2009 know as Bitcoin. Since then, 4,000 variants of Bitcoin or other cryptocurrency known as altcoins have been created to date.
Bitcoin is a cryptocurrency that works as a medium of exchange using cryptography to control its creation and management rather than relying on central authorities. Some of us know that cryptocurrencies emerged as a side product of another invention. The unknown inventor of Bitcoin, Satoshi Nakamoto, never intended to invent any currency. He wanted to create something unique that many people have failed to create before digital cash. Even in his announcement of Bitcoin in late 2008, he specified that he developed “A Peer-to-Peer Electronic Cash System” and not a currency.
“Bitcoin.org” was registered as a domain name on August 18, 2008. On October 31, 2008, Satoshi Nakamoto posted to a cryptography mailing list a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” and the bitcoin software was implemented as open source code and released on SourceForge on January 9, 2009, and that time the identity of Satoshi Nakamoto remained unknown.
The single most important part of Satoshi Nakamoto‘s invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed. And so after more than a decade of failed Trusted Third-Party based systems, mostly Digital cash and seeing all the centralized attempts fail, Nakamoto tried to build a digital cash system without a central entity. This decision of Satoshi Nakamoto became the birth of cryptocurrency.
To realize digital cash you need a payment network with accounts, balances, and transaction. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record of balances. But in a decentralized network, you don‘t have this server.
So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend. But how can these entities keep a consensus about these records? If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?
Nobody believed it was even possible until Satoshi Nakamoto emerged out of nowhere. He proved it was and his major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution – the part that made the solution thrilling, fascinating and helped it to roll over the world.
Why do we Choose Bitcoin?
That’s the main question when it comes to understanding Bitcoin. Let’s go through the benefits of Bitcoin:
No Inflation Risk:
There’s basically zero risks of inflation with Bitcoins. Inflation occurs when the government issues more money over the year, decreasing the purchasing power of the people. But the sole purpose of creating a Bitcoin system was being finite. Thus without the possibility of issuing excess currency, the threat of inflation comes down to nearly zero for both sellers and buyers.
Lower Fraud Risks:
Bitcoins makes it possible for buyers to complete their payments without disclosing any sensitive financial information to the sellers or another person. Even hackers cannot intercept Bitcoin, and that’s a very positive point in today’s digital trend. Even your entity is also concealed which helps a lot in preventing targeted data breaches.
Reduced Transaction Fees:
Transaction fees for Bitcoin payments are significantly lower in comparison to the ones made for credit and debit card purchases. This is the best you can get, right?
Easy to use in any Situation:
As for international transportation of Bitcoins is concerned, all you need is a simple memory stick (use memory stick the same way you do audio, video or executable programs) and your job is easily done. You can even use the same currency in a different country without going through the pains of contacting the local bank for any purpose of currency conversions.
No Third-Party Involvement:
As the entire process of bitcoin is peer-to-peer, there’s no involvement of a third party. And because of that, no one can freeze or claim it. Further, your coins can’t even be seized by the government in any circumstances.
As Bitcoin settlements usually take a maximum of 2 business days to settle the payments, which are very quick. In case of credit cards or debit cards, the funds can be locked up for as long as weeks or months too. Thus there’s a risk of delay in case of credit cards and debit cards, but not in Bitcoin.
International Payments Made Easy for Small Business Ventures:
Small online sellers and retailers don’t often sell their services or products internationally because of the high cross-border transaction fees. Bitcoins being global, relieves this pressure once and for all, thereby making payments cheaper, safer, easier, and faster.
As Bitcoin wallet transaction requires an authentic digital signature before it is sent to a blockchain, this makes the entire process a safe place to store and exchange cryptocurrencies.
Benefits as per Bitcoin’s official website :
Bitcoin is permissionless; Bitcoin is immune to seizure; Bitcoin is censorship; Bitcoin is decentralized; Bitcoin has a limited supply; Bitcoin is open source; Bitcoin is fast and easy to use; Bitcoin is a push system; Bitcoin is real money; Bitcoin provides anonymity;
Bitcoin gives you the financial freedom to transact globally using all the properties mentioned above. As such, Bitcoin provides economic stability and newfound freedoms to the world, which are life-changing events. Those were plenty of examples for you to understand why people choose bitcoin. Now let us consider why businesses and people are shifting to or including bitcoin. There are several reasons for that but the important ones are given below:
All identities of Bitcoin wallet holders are encrypted to ensure the legitimacy of record keeping, and as the currency is decentralized, all transactions are stored in public ledger and so neither government, nor the bank has control over it.
As it uses a decentralized approach, settlements have become easy. All you need is a smart device and a good Internet connection, and you can transact anywhere in the world easily and instantly.
Blockchain technology ensures secure digital transactions through encryption and “smart contracts” that make the entity virtually unhackable and void of fraud. With security like this, blockchain technology is poised to impact nearly every segment of our lives.
To use cryptocurrency you need Internet, and with the tremendous use of the Internet and everyone having access to it, Bitcoin has become accessible to everyone.
No Third-Party Interaction:
Bitcoin works independently between the buyer and seller and hence no third party interaction is observed, which is an added advantage to get payment with ease and in an instant.
The Politicization of Money:
Bitcoin’s evaluation has bought a change in the traditional financial way of the transaction as it warms on a decentralized approach. This revolutionary change in transaction handling has the power to change the economic structure. To bring security and enable scrutiny, central banks and financial institutions maintain a record of all the transactions undertaken by the people. Now with digital currencies, this economic power can be challenged by people. This has led to the creation of a new autonomous body which can facilitate transactions. Ultimately if adopted on a large scale, Bitcoins can lead to the politicization of money.
Bitcoin asset distribution can help companies raise money in a much more secure environment without relying a lot on professional bankers charging massive fees. The strong value of the Bitcoins’ network gives total credence to the value of a bitcoin as a new form of an asset class.
Bitcoin mining has all the potentials of turning into a big business in itself. It’s a process in which computers confirm the fact that a transaction has actually happened on the network.
Wallet Building Technology:
The virtual wallet technology allowing users to store, pay and receive their cryptocurrencies from anywhere on the planet. With time it has advanced more and is also being built now to secure the entire Bitcoin ecosystem. This has actually given rise to several business opportunities where companies are focusing more on the wallet-building part of the job, making a good amount of money out of the same.
Smart Contracts give to the primary idea of implementing a self-executing and programmable agreement without the intervention of any third-party, and it is slowly and steadily being realized by Bitcoin.
The Hype of Cryptocurrency
Many using cryptocurrencies are spreading the word that storing and using bitcoins has long term benefits. People holding Bitcoins before the inflation are hoarding the currency and are not willing to sell the same at any price offered to them. This has created a demand for mining more coins.
Important investors have also placed their belief in the cryptocurrencies concept and have even hoarded the same currencies for themselves. Increasing media coverage has put the whole concept of cryptocurrency into the spotlight and therefore persuaded the people into buying Bitcoins, which has increased its demand at a huge pace.
A Final Word
The market of cryptocurrencies is fast and wild. Nearly every day new cryptocurrencies emerge, old die, early adopters get wealthy and investors lose money. Every cryptocurrency comes with a promise, mostly a big story to turn the world around.
Being an emerging technology, we can say that bitcoins have the complete potential of changing and improving commerce as we know it. They have advantages that benefit both the buyers and the sellers. Thus, we can rightly conclude that the early adoption of this technology for a minimal cost is an excellent move for businesses and buyers alike.
We want to hear your thoughts, how has your experience been with cryptocurrency payments?
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