You’re tired of being ripped off with credit card fees, PayPal fees, currency conversion fees, processing fees, etc. You want your business to be valued by its customers in actual money – not dollars or pounds, which the government controls. But you also don’t have the time or patience to wait days for wire transfers from international clients who may never pay anyway. The solution: accept Bitcoin payment!
Bitcoin is a distributed peer-to-peer currency system that works without central banks or other centralized authority. It’s open-source and completely free, with no end-user licensing agreements (EULA).
It’s perfect for international trade because there are no banks to slow things down or charge exorbitant fees, no government boundaries or currency conversions, and the transaction costs are far lower than credit cards (typically 0% versus 2-4%). Also read Key Fintech Trends to keep an eye on in 2022.
Bitcoin is a digital currency facilitated by computers worldwide running specialized software that encrypts and verifies Bitcoin transactions called “bitcoin miners.” The bitcoin cannot be faked or counterfeited.
Bitcoin is traded from one public Bitcoin address to another on a peer-to-peer basis on the Internet. These transfers are verified by network nodes and recorded in a publicly distributed ledger called the “blockchain.” In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service through mining. Unlike credit card payments, no sensitive private data is sent through the wire that needs to be protected from theft (as with Secure Socket Layer / HTTPS). It’s just digital cash paid directly from one party to another without going through an intermediary or bank.
You can accept Bitcoin as payment for goods and services almost instantly with minimum fees, verify them yourself manually if you like, or automatically have merchants supply you with a new Bitcoin address for every new invoice. The Bitcoin network handles all transactions, so everything is instant and requires no human intervention between sending and receiving coins. Transaction fees are minuscule compared to traditional payment processors without sacrificing security — which is why many online businesses are adopting Bitcoin as their form of currency. If you haven’t already asked yourself, “How do I accept Bitcoin?” then now is the time.
You can accept Bitcoin on website by following these five easy steps:
1) Get a Bitcoin Wallet
The first step is to get yourself a Bitcoin wallet. This software allows you to receive Bitcoin payments, store them, and send them securely. Several options are available for standard desktop wallets and mobile wallets, depending on your needs. You can also get physical bitcoin coins or tokens made of metal to hand out or sell at events like trade shows, parties, etc.
2) Get a Payment Button / Link
Once you have created your wallet, generate a new Bitcoin address by clicking “Request Payment. “This address should be used as the destination for receiving payments, so give it to your customers. More unique wallets will also allow you to create unlimited addresses to use specifically for this purpose alone.
To accept coins, all that’s required is a simple HTML payment button or link. If desired, the wallet service providers typically offer these with custom design options and branding.
3) Embed Your Bitcoin Address(es) on Your Website
Once you have your payment button/link, all that’s needed to start accepting bitcoins is copying and pasting the address into an HTML page on your website. For increased convenience, consider using a QR code generator to embed the link as a graphic for mobile users (or, if you prefer, you can generate the QR code directly within your Bitcoin wallet).
4) Collect Payments
To collect payments, customers click on your payment link, button, or banner and follow the prompts to complete their order as usual. They’ll be given an option to select how much they’d like to pay in BTC along with a Bitcoin address for where they should send it before confirming their purchase. This is typically just a one-step process for online merchants who use shopping carts after registering and logging in.
5) Spend or Withdraw Your Coins
Click the “Send” tab within your wallet and enter the recipient’s address to spend coins. If you’re withdrawing from an exchange like Coinbase, it may be necessary first to transfer funds via a bank wire or ACH deposit, depending on where your account is held. You can also use other services such as BitPay or CoinBase for seamless conversion into USD or EUR, which can be deposited into any US or European bank account.
Bitcoin is a powerful new peer-to-peer currency and payment network that enables instant payments to anyone globally and removes a lot of restrictions associated with traditional money. If you own a website, blog, or another type of online business, there’s no reason not to start accepting BTC as soon as possible!