The fees you’re being charged for credit cards, PayPal, currency conversions, processing, etc., are driving you crazy. You are looking for the value of your business to be measured in actual money — not in dollars or in pounds, which are controlled by the government. Additionally, you don’t have the patience or time to wait for customers from another part of the globe to transfer money since they may not pay in the end. There is a solution to the problem: accept Bitcoin payments!
A digital currency known as Bitcoin is a peer-to-peer network that is distributed without the intervention of a central bank or any other centralized authority. The software is free, open-source, and doesn’t include any end-user licensing agreements.
This solution is ideal for international transactions as there is no need to deal with banks that slow down payments or charge exorbitant fees, there is no need to deal with government boundaries or conversion of currencies, and there are far lower transaction costs as opposed to credit cards (typically 0% versus 2-4%).
Bitcoin is a digital currency that forms a part of modern-day commerce. The process of mining Bitcoin involves encrypting and verifying transactions using specialized software on computers around the world. Faking or counterfeiting Bitcoin is nearly impossible.
Bitcoin transactions are carried out between two public Bitcoin addresses on a peer-to-peer basis over the internet. The network nodes verify and record these transactions in a distributed ledger known as the “blockchain.” Furthermore, anyone who has specialized hardware with enough capabilities to process transactions can earn a reward in bitcoins by mining them on the blockchain. Cryptocurrencies are different from traditional payments in that the private information of users is not needed. Digital funds are transferred between parties directly and without any intermediaries.
You can accept Bitcoin as payment for products or services quickly and with the lowest fees and manually verify the payment if you wish. Since the Bitcoin blockchain is responsible for handling all transactions, the whole process runs instantly. Sending and receiving coins do not need any human intervention. It should be noted that there are no transaction fees associated with Bitcoin compared to the fees associated with traditional payment processors, which is why many online companies are adopting Bitcoin as their chosen means of payment. The time has come to ask yourself, “How do I accept Bitcoin?”
Here are five easy steps to accept Bitcoin on website:
1) Set up a Bitcoin wallet
Getting a Bitcoin wallet is the first step you should take when getting started with Bitcoin. This software is designed to make it easy for you to receive Bitcoin payments, store them, and send them securely. It is possible to choose among many options of mobile and desktop wallets based on your requirements. Furthermore, there are also physical bitcoin coins and tokens for sale that are made of metal and can be sold at events such as trade shows.
2) Create a Payment Button or Link
The next thing you need to do is to create a new Bitcoin address once by clicking on Request Payment. This address must be provided to your customers so that they can make payments to you. It is also a good idea to have a wallet that allows you to create a few separate addresses.
Adding an HTML payment button or link is all it takes to accept coins. Typically, the providers of wallet services will offer customized design and branding options for these.
3) Integrate Your Bitcoin Address into Your Website
Having your payment button or link created, all you need to do to accept bitcoins on your website is to copy and paste the address into your HTML page. Additionally, if you would like to make it more convenient for mobile users, you can also generate the QR code directly from your Bitcoin wallet and place it on your website.
4) Receive Payments
The customers’ payment process involves clients clicking on one of your payment links, buttons, or banners and following the instructions to complete their order in the usual manner. The customer will be provided with the option of selecting how much they would like to pay in Bitcoin, along with an address for them to send the payment. For online merchants who use shopping carts as part of their online store operations, this is usually a one-step process.
5) Spend or Withdraw Your Funds
You can spend your coins by clicking on the “Send” tab within your wallet and then entering the recipient’s address in the field provided. Depending on where you keep your currency, it may be necessary for you to transfer funds through a bank wire or ACH deposit before you can make a withdrawal. There are also other services available such as BitPay or CoinBase, which will seamlessly convert your crypto into USD or EUR, which you can instantly deposit into any bank account in the US or EU.In the last few years, Bitcoin has become one of the strongest payment networks ever created, capable of facilitating instant payments worldwide and removing many of the restrictions associated with traditional currencies. Whether you run a website, blog, or any other type of online business, accepting Bitcoin as soon as possible is an excellent idea.