I suppose one could ask the same question about any form of currency, but I am curious how bitcoin became an accepted currency with no government backing it.


2 Answers 2


I think the best reasons right now are:

  • Marketing: being the first to do something attract a lot of interest and media.
  • No chargebacks: Bitcoins does not allow any kind of chargeback, which is not true for main payment systems (Paypal, Stripe, Credit Card).
  • Lower fees or no fees, just depends on how you use it.
  • Investment some people wants to hoard some BTCs and offering their services in BTC is the easiest way to get some.

There are several reasons to do this:

  • They agree with the philosophy of Bitcoin. That is, a decentralised currency free from interference from a government or other central authority.

  • Bitcoin payments cannot be charged back, meaning that once you receive the transaction, you are 100% sure that you will have the bitcoins. Credit card companies allow customers to chargeback when they claim they did not receive their product or it was not as it should have been.

  • Many other payment providers charge much higher fees. Bitcoin can be completely free to use or you can use merchant solutions like BitPay who have a much lower fee than regular credit cards, f.e.

  • Because you can use the accepted Bitcoins for other things. You can use them at other merchants, donate them, play with them online or just sell them for fiat.

  • Because Bitcoin has a deflationary nature, they tend to raise in value over time, so accepting Bitcoin and holding them for some time can actually augment your earnings.

  • Bitcoin can also be very easy to implement. All you need to accept it is a mobile phone. Accepting credit cards or debit cards at a shop requires you to acquire hardware.

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