Bitcoin for Businesses

Pros of Bitcoin Payments for Small Businesses

Bitcoin skirting the mainstream.
So, why should you Start accepting Bitcoin?.
Choose your own fees!
The Pros & Cons of Accepting Bitcoin for Small Business Payments.
How Small Business Owners Can Accept as Bitcoin Payments!
The cheapest and easiest way to accept Bitcoins in business!

The answer depends on your business goals, and exactly what you plan on doing with your digital gains. Let's start with a definition: Bitcoin is just one type of cryptocurrency, which is decentralized, digital currency that can be used to buy goods and services but can also lose or gain value, like stocks. Many companies have turned to crypto during the pandemic to store their cash reserves, viewing currencies like Bitcoin as a safe bet amid economic uncertainty. Bitcoin, and most other crypto, is considered to be immune from inflation since there is a fixed supply of it and the government can't manipulate its value.

However, its value is tremendously volatile, so relying on it comes with an element of risk. Bitcoin is still by far the most common cryptocurrency accepted by businesses as payment, though Ether , the second-largest cryptocurrency, is gaining ground. For companies with customers from around the world, adopting Bitcoin has become a way to avoid banks' transaction fees and long processing times, as well as the added task of converting to a different currency.

What is cryptocurrency?.
The most convenient way to accept Bitcoin payments in business.
Bitcoin for Businesses - Bitcoin.
Pros & cons of accepting Bitcoin for a small business.
How to Accept Bitcoin Payments As a Business?!
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To get started, you will first need a bitcoin wallet, which allows you to buy, store, and sell the cryptocurrency. Bitcoin wallets come with private keys, or a secret number that allows the holder to access their crypto. You can also get a "hardware wallet," which requires you to either write down your keys or keep them on a hard drive to avoid storing them online.

How to accept Bitcoin, for small businesses - Bitcoin Wiki

Companies can also sign up with a crypto exchange such as Coinbase or Lumi Wallet, which store keys on a third-party server. If you're an online merchant who wants to accept payment in Bitcoin, platforms like Etsy and Shopify have partnered with payment processors like Coinbase Commerce and Bitpay, which allow e-commerce stores to accept Bitcoin. Business owners can also sign up on Coinbase Commerce and other payment processors directly. Such payment processors are free to set up and allow merchants to directly accept crypto payments from customers anywhere in the world.

Another significant advantage concerns fees. With Bitcoin, you can go with no fee at all, although if you choose to pay a small transaction fee, it makes things faster. On the face of it, Bitcoin sounds like it is heaven-sent for small eCommerce businesses. But there are potential downsides.

What You Need to Know Before Accepting Bitcoin Payments

The most obvious relates to price volatility. This is what has kept Bitcoin from becoming a popular payment mechanism in the wider sense, and while volatility has reduced over the past year, it has not gone away. That volatility is what makes it such a compelling choice for traders, but it adds a layer of uncertainty that most businesses can do without. Of course, if the price goes the right way, accepting Bitcoin could be a masterstroke, but you would not want to have all your takings in digital assets.

How Accepting Bitcoin Can Help Your Business

One way around the volatility concern is to convert your BTC into local currency immediately after the transaction, or at least to only keep a small float in your Bitcoin wallet. Ultimately, whether you accept crypto depends as much on your customers as your business.

Our recommended crypto payment processor is NOWPayments.

Who Accepts Bitcoin as Payment? Where Can I Spend Crypto? 8 Places

It is a non-custodial crypto pay solution that lets you accept payments in more than 50 cryptocurrencies, including stablecoins, tokens, and most popular crypto assets like Bitcoin, Ethereum, or Litecoin. The service has no payment limits, offers competitive fees, and, most importantly, is intuitive and user-friendly.

Other popular payment gateways that can help you to accept Bitcoin in business as well as other cryptocurrencies are:. These services make accepting Bitcoin and cryptocurrencies easy and convenient for everyone. However, convenience always comes with a fee, so if you would like to take matters into your own hands, Bitcoin was made precisely for that reason.

Alternatively, you can decide to process your Bitcoin payments by yourself.

How to accept Bitcoin, for small businesses

But you do need to educate yourself as a businessperson about how Bitcoin for businesses works and how to deal with its volatile exchange rate, and you need to know that payment confirmation may take longer. Besides, you may want to set up an exchange account in case you want to exchange your Bitcoins for fiat later. It opens your business for an entirely new consumer segment and lets you brand yourself as a proponent of decentralization and financial freedom.

And if you still have second thoughts whether you should accept Bitcoin in business, see these ten reasons why your business should accept BTC. Before starting to accept Bitcoin, consult with a local accountant about tax compliance - Bitcoin adoption for businesses can be a bureaucratic nightmare based on where you live. Is Bitcoin the new way of doing business? List your business on sites like CoinMap.