Bitcoin is 10 years old now and there are two big differences between how we dealt with Bitcoin 10 years ago:
- There are hundreds of payment methods available now, making it easy as hell to buy bitcoin.
- There is so much you can buy with your bitcoins. You can buy something as ridiculous as wooly mammoth tusks or your favorite Venus flytrap, to something as mundane as paying your taxes or online furniture shopping.
Take note of that second point there. It is very important because it shows that there is no need for bitcoin to have a high price. Since bitcoin is being traded for goods instead of it being an investment, the price doesn’t really matter at this point. (It’s being traded constantly instead of being held.)
With that being said, business owners are starting to take initiative by accepting bitcoins as one way for their customer to pay for their goods or services. If you’re a business owner, here are a few tips about accepting bitcoin as a payment method.
Bitcoin is a very complex technology that can confuse or intimidate people who aren’t used to talking about cryptocurrencies. The language comes with a lot of slang and jargon that can cripple and scare off newbies.
Luckily, we live in a time where the bitcoin community has grown into a large and passionate community. People in that community are willing to help newcomers get their feet set in the bitcoin world. There are websites like WeTheCryptos and forums like the Bitcoin subreddit that are there to educate people on the basics of bitcoin.
If you want to start accepting bitcoins as payment, here are a few ways to do so:
If you aren’t really expecting a whole crowd of people to rush in with their bitcoins ready to pay, you can start with a small sign or banner on the side of your website. Signs like “We accept bitcoin here!” should do the trick. You can then ask your customers to contact you directly if they wish to pay with bitcoins.
Smartphone or Tablets
There are dedicated apps that generate QR codes on the fly. These serve as a wallet address which means you can be paid through them. Since most wallets support QR code scanning for payment, the customers just have to scan it on their phone and voilà!
Online Store Payments
You can start accepting bitcoins as payment by setting up buttons on your site that are linked to payment intermediaries. Set up a “pay with bitcoin” that streamlines the payment process. When you use these payment intermediaries, you are given a few lines of HTML code which you can then embed onto your webpage.
Even if you don’t end up receiving too many bitcoin payments, it doesn’t hurt the business to have it set up. It’s a great option to provide for your customers.
Types of Businesses That Should Consider Accepting Bitcoin As Payment
There are many businesses out there that could benefit a whole lot from accepting bitcoin as payment. Each kind of business would provide a specific benefit of accepting bitcoin as payment.
Let’s say you run a tech company and your audience is comprised of tech enthusiasts. If you begin to start accepting bitcoin, it could make your brand look progressive and forward-thinking. This could be a great selling point for you and your business since you’re willing to look forward and adopt something that may be better.
Companies with an E-commerce Presence
If you have a website and you’re selling goods and services over the internet, then looking into accepting bitcoin as payment could benefit your business greatly. By accepting bitcoin on your e-commerce website, you’ll be able to reach a wider clientele.
First, you’ll be widening your reach by going global. Since bitcoin can be transferred from anywhere (as long as you have a stable internet connection), you’ll be able to target audiences from all over the world. Imagine receiving payment from someone across the globe?
Second, you may see an increase in customers since bitcoin transaction fees are generally lower compared to the banks.
Just Any Kind of Business
If you’re a fellow bitcoin enthusiast yourself, then there’s no harm in accepting bitcoin as a payment method to support the Bitcoin community. The community is still going strong after 10 years and they are, being as passionate as they are, always looking for ways to bring bitcoin closer to mass adoption. The more businesses start accepting bitcoin as a payment method, bitcoin moves a little bit closer.
If you’re afraid of the price spikes, just know that at this point, it doesn’t really matter as long as you’re constantly trading your bitcoin. You can always go on peer-to-peer platforms to trade your bitcoin for whatever you want. You can trade them for gift cards, for cash, or for any of the hundreds of payment methods available. You can also create a business revolving around this concept. Selling gift cards for bitcoins.
Accepting bitcoin is as simple as setting up a wallet and having your customers send their payments there. It can’t hurt to set it up for your business. Just make sure that you do all your research before setting up. You’ll need to provide the right information to your customers so that everyone involved is informed with the sudden changes and erratic news bitcoin is known for. It’s also important that you know how bitcoin trading works.
It’s Up to You
The thing about accepting bitcoin as payment is that it usually isn’t a make-or-break decision. Make sure that you have all your other affairs in order before you even start considering accepting bitcoin. It’s a great addition to your business but it shouldn’t be at the top of your priorities unless your other business needs are satisfied. Adding bitcoin in the midst of a stressful time in the business can stress you out and overcomplicate things.
It really boils down to you and what you think is best for your business. If you think it’s the right time to start accepting bitcoin, then you gotta trust your gut.
I wish you nothing but the best and I hope to be spending my bitcoins on your business’ websites soon enough!
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