With bitcoin becoming more widely used among consumers and retailers, JawsTec has announced that they are now offering bitcoin as a method of payment for their 3d printing services.
JawsTec hopes to make their 3D Printing Service more accessible by allowing bitcoin as a form of payment. With 3D Printing being an emerging technology itself, they are excited to be on the forefront of this new payment system.
Latest Fintech Insights: Biz2x Powered “Made In India” Middleware Platform “Maadhyam” Launched For Lenders And Aggregators
For those unfamiliar with bitcoin, JawsTec explains that is a decentralized digital currency that can be sold, bought, and exchanged without the use of a bank or other financial institution as the middle-man. There are many advantages of using this cryptocurrency which have been outlined below.
Advantages of Using Bitcoin
- Fast Transactions – Transactions using bitcoin are significantly faster than standard payment methods. With no intermediaries in the mix, individuals are transferring bitcoins from one digital wallet to another. Bitcoin transactions also do not require verification of a person’s identity to complete the transaction which greatly expedites the process.
- Low Fees – Most payment processors charge a 2-4% transaction fee on all transactions. Because intermediaries are not involved in the exchange of bitcoin, transaction costs can be extremely low. This will allow JawsTec to pass along savings to the consumer with lowered part costs.
- Secure– Because bitcoin is completely a digital currency and not physical, it cannot be stolen off of a person. Someone would need to know an individual’s private keys to their wallet for any account to be hacked. It is also impossible for chargeback fraud to occur with bitcoin because transactions are irreversible. Payments are permanent with this system and a consumer would need to directly contact to business to request a refund.
- Broader Market – With bitcoin not being tied to or backed by any country, government, or financial institution, the high fees and barriers associated with trading internationally are greatly reduced. Bitcoin remains the same value no matter where someone is located. As a result, JawsTec will be able to more easily compete in the global 3D printing market, especially with the rise in On-Demand Manufacturing.
Browse The Complete News About Fintech : Fiserv Named to 2022 Bloomberg Gender-Equality Index
How to use Bitcoin to Make a Transaction
Transactions can take place anywhere that internet can be accessed. Along with internet access, all that is needed to make a transaction using bitcoin is a Bitcoin Wallet and ownership of bitcoin itself. To send bitcoin from one’s wallet to another, input the business’ or individuals wallet address and send. There are also bitcoin debit cards that are offered that allow individuals to make purchases or withdrawals from vendors or ATMs who do not even offer cryptocurrency as a form of payment. The card will need to be preloaded with a set amount of bitcoin and it would be converted to the correct currency at the point of sale.
Read More About Fintech News : Hazel Announces Definitive Merger Agreements with Even and ONE to Build a Business
[To share your insights with us, please write to sghosh@martechseries.com]
