Westminster Security Now Accepting Bitcoin Payments

Westminster Security Now Accepting Bitcoin Payments

Bitcoin Bodyguards

Westminster Security is now accepting Bitcoin and other cryptocurrency payments. After thorough research, we believe that we are the first private security company in the world to offer this!

As cryptocurrency has become increasingly popular through mass adoption and investment by large institutions, public interest, and accessibility we wanted to offer our clients a modern, safe, and more efficient alternative to fiat money (cash). Crypto is a swift, and secure option when paying for our services.

Critics of Bitcoin disapprove of the decentralised, untraceable nature of the virtual currency. However, as a leader in private security, we are always striving to better secure our clients, their assets, and interests. Accepting cryptocurrency provides an additional level of security and privacy to our globally active, and security-conscious clients. Blockchain technology is said to be unhackable and we believe digital currency is the future for global currencies in an ever-growing cashless society.

Central banks around the world are racing to develop their own digital currency to rival Bitcoin, even the Bank of England recently announced that they are looking into developing a digital currency, nicknamed the “Britcoin”. El Salvador has just become the first country to adopt Bitcoin as legal tender. This certainly backs our thesis. Cryptocurrency is especially attractive when making large or regular cross-border payments seamlessly whilst on the move.

What is cryptocurrency?

Cryptocurrency is a type of digital money based on blockchain technology. The original and most established cryptocurrency is Bitcoin which has experienced massive growth in value since its creation in 2009. Bitcoins are generated using computers through a process called ‘mining’. Coins can also be purchased from brokers and trading platforms. Coins are added to cryptographic wallets and can then be used as currency in online systems, gaming, apps, or EPOS system. But they are increasingly more accepted by retailers and businesses in the real world.

Privacy-conscious customers can rely on the anonymity of cryptocurrency payments. Also, the decentralised coins and tokens are accessible to everyone anywhere in the world with an internet connection whereas banks can pick and choose who they deal with. Spooked by the meteoric rise and adoption of cryptocurrency some banks are refusing to allow you to deposit funds onto crypto exchanges or withdraw your gains, even closing personal and business accounts for such activities. We strongly believe that our in-depth client vetting procedures mitigate any risk to the greater good.

Bitcoin’s value versus the British Pound fluctuates just like any currency exchange rate. Still, our clients will always pay a price that equates to our service’s actual GBP value, but in a crypto coin or token of their choice (any of the top 10 by market cap). Another benefit is that cryptocurrency fees tend to be lower than international bank transfer fees, and most definitely quicker!

Bitcoin Myths Debunked

Bitcoin is used by criminals – Bitcoin was often the payment of choice on the dark web in the early days, but those days are long gone. All transactions are 100% transparent and recorded in the public blockchain ledger and easily traced, whereas cash is untraceable and the most commonly used form of payment by criminals.

Bitcoin is a scam – Bitcoin is often requested by computer hackers for ransom payments and scammers due to the digital nature of cryptocurrency and the ease that it can be instantly sent online, but Bitcoin is not a scam in itself. The two are often confused and incorrectly associated.

Bitcoin has no value – Things are only worth what someone is willing to pay for it, the only true value of physical money is the belief that users place on it. Whilst not backed by gold or governments, billions of dollars are spent maintaining the Bitcoin network and operations. Bitcoin is limited to 21 million coins making it scarce, deflationary, and a hedge against inflation. Fiat currency is unlimited and printed at whim by governments and central banks causing inflation and devaluing of their currency.

Bitcoin is not secure – The Bitcoin network has never been hacked; it is impossible! Third-party platforms, wallets, and businesses have had hacks and security breaches due to their lapse cyber security, but that is not to be confused with Bitcoin itself. Bitcoin is open-source code that is being continuously scrutinised by security experts and computer scientists around the world.

Bitcoin is a bubble – Bitcoin has gone through multiple price cycles over the past 12 years and has recovered each time to achieve new all-time highs. This is to be expected with any new technology and investment, boom and bust cycles are normal. With so many major companies and funds now invested in Bitcoin such as Tesla, stability will come as the technology is adopted and accepted.

As the first private security company in the world to accept Bitcoin in return for our services, we hope to inspire other private security companies to seize the technology, privacy, and security advantages that accompany cryptocurrencies.

Private Security Services

Westminster Security provides private security services including close protection, residential security, event security, surveillance and private investigations in London, the UK and Worldwide.