7 reasons for businesses to use Lite Coin

by Pie Chan Digital marketer

In Lite Coin Price, unlike a credit card, a payment can NOT be reversed ("chargeback"). The "chargeback" generates to the trades an annual cost of 40 billion euros in frauds: anyone can make a payment and call his bank saying that he has not done it.

In addition Lite Coin is free to implement, and has negligible transaction costs.

With this and more, many businesses offer a discount on the price of the product if a customer pays with Lite Coin.

We leave you the 6 keys to understand why the stores are enjoying Lite Coin so much:

1. Savings in transactions

They will decrease the spending on commissions. The fees of a payment gateway range between 2 and 3% and include a minimum cost per transaction. This is triggered even more with Paypal, with figures like these: 3.4% + 0.5 euros per transaction. Unlike this, with Lite Coin the transaction costs border on the gratuity no matter how much money you send. 

2. No fraud

A trade no longer needs to add to the price of its products the extra cost produced by multiple and variable credit card scams. In exchange for this you can put a discount for payment with Lite Coin. In addition there is no way to falsify a Lite Coin, unlike cash. 

3. Greater conversion

In stores, the more payment platforms they offer, the more conversion possibilities they have. Therefore, if we include Lite Coin in its different forms of payment, conversions will increase. 

4. You will reduce the risk of theft

No person can access money without your consent, so you will reduce the risk of theft. In addition, you will save costs (since you do not need a safe, or a safe, or companies that transport your money to a bank), speed up the payments and improve the quality of work of employees. They will not have to waste time counting the money, nor will they be burdened with tasks dedicated to management and maintenance. 

5. Marketing

That a trade includes news is very well seen by the target audience. The more technologies and improvements you provide, the more the customer will value and the more you will visit. Lite Coin makes business make a difference. 

6. without human failures

There will be no errors of any kind when verifying payments, as it is done automatically and quickly. 

7. No returns

No more "chargebacks", a type of fraud that drives businesses crazy. 

The years where your money was a "contract" of ownership over a certain amount of gold that was in a vault were far away. The current money is FIAT, an invention of the banking to apply policy to money.

The current money represents nothing, it is only paper, and it is based on "the Faith". We do not talk about anything religious, we talk about the existence of a "pseudo-guarantee" that you will be able to exchange that role for goods or services, because the government (and therefore your police forces) assure you that.

Let's go to the base, what do we mean by money? What needs to have something to be money? And what makes a money good money?

There are 3 points that of course must have all money:

1. Medium of exchange

That is, a more efficient way of exchanging goods or services than bartering. What makes a medium of exchange good? 

2. Unit of account

Standard measure to value goods, services, economic activities, assets and liabilities. The unit of account does not necessarily have to be the same as the medium of exchange but it usually is. 

3. Value reserve

Mechanism that allows wealth to be stored and recovered in the future with a certain degree of predictability over its projected value over time.

It is not an exclusive feature of the currencies but of the goods in general.

All assets have a greater or lesser degree of unpredictability since there is no perfect value reserve. The most typical example are precious metals such as gold or silver.

But there are other characteristics that define how good money is that money, we have summarized them in 5: 

1. High durability

It cannot be degraded (its code) and the block chain is backed up by hundreds of thousands of computers globally. 

2. Highly transportable

It is transferable without need of intermediaries worldwide in seconds, requiring a confirmation of the transaction in about ten minutes and making it irreversible in about an hour. 

3. High fungibility

The protocol treats each unit and subunit in the same way. 

4. High divisibility

Each Lite Coin can be divided into 100 million units. 

5. High resistance to falsification

To date, no one has been able to come up with a solution, even theoretical and reasonable, to break the cryptographic mechanism that underlies Lite Coin. In fact, it uses encryption systems superior to the world's financial infrastructure and if it did appear, its open and collaborative nature would allow it to be solved in a matter of hours, while banks, governments and all kinds of companies around the world would take months to solve it.

 

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Created on Mar 3rd 2019 00:02. Viewed 267 times.

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