How to start accepting Bitcoin as a payment method

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Since the inception of Bitcoin, there have been many individuals that have refused to believe bitcoin would be adopted into the mainstream. However, developers of the bitcoin community have worked tirelessly to update the bitcoin network, allowing it to become increasingly user friendly and relevant. These changes, along with the COVID-19 pandemic of 2020 have increased the adoption rate of the digital currency. This increased adoption has made bitcoin a desirable payment method across the world.

Compared to credit cards, bitcoin provides a reliable and fast method of transaction, it is also extremely easy to use and highly accessible to the everyday person. This has led many businesses worldwide to pursue accepting bitcoin as a form of payment, but many are not sure of the process and how to announce this new form of payment to their customers.

I will outline the steps required to start your business bitcoin journey.

Generate your bitcoin address

The first thing you need to do when setting up a bitcoin payment system is to get a digital wallet. A bitcoin wallet enables you to get a bitcoin address, which is similar to email, which customers use when sending payments. The sender must input the receiver’s bitcoin address, scan the receiver's QR code and then send the allocated amount by clicking the send option given. It is usually recommended to keep a smaller number of bitcoins on a server for regular use and store the bulk of your bitcoins in a secure place.

Utilize a payment processor

If your business is receiving many transactions each day, it is advised to make use of a payment processor. Generally, these payment processors charge a fee for their services, but it is still cheaper than credit card fees. These processors also allow businesses to instantly convert their bitcoin to fiat currencies if companies don’t want the risk of holding excessive amounts of bitcoin.

Announce that you now accept bitcoin as payment

Individuals that use bitcoin are always big supporters of the bitcoin community and bitcoin businesses at large. Many people would be thrilled to hear of more businesses that accept bitcoin, and thus go all out when announcing it to the public. No matter if you’re online or offline, make sure to have signage up that you accept bitcoin payment. The best way to get customers and engage them is to go public with your acceptance of bitcoin.

Keep records for tax purposes

Many business owners are deterred by bitcoin because they think keeping track of payments will be difficult. However, accountants keep a record of all transactions, and many are specially trained to handle cryptocurrency payments. Just ensure that before you start accepting bitcoin payments that you talk to your accountant to ensure you understand keeping and maintain records for bitcoin.

The process of setting up bitcoin payments is rather simple, but it is crucial to understand the payment procedure, bookkeeping, and tax system. Be sure to keep yourself updated with the bitcoin market and learn how to better analyse it. Accepting bitcoin payments can take your business to new heights, if only you take the first step to get it set up.




Chaudhry

My name is Chaudhry.I am founder of this site.I have over 10 years of experience in Crypto Market Trading Reporting, Journalism and Breaking news.in the tech and telecom sectors and also other related news. facebook twitter

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