Thanks to cryptocurrencies, there are minimal to zero fees when compared to credit card fees, PayPal fees, currency conversion costs, processing fees, and so on. More and more companies are striving to be recognized in actual money by their clients, not in government-controlled fiat currencies. Moreover, nobody wants to wait several days for overseas bank transfers. By accepting Bitcoin payments you enter the new era of handling finances!
Simply put, Bitcoin is a decentralized peer-to-peer payment system that operates independently of central banks or other centralized authorities. It is an open-source solution with no end-user license obligations (EULA).
The concept of cryptocurrencies became an ideal solution for worldwide trade since there are no financial institutions and outrageous fees, no political borders, or currency translations. When it comes to transaction costs, they are way cheaper than credit cards. Usually, they are at minimal levels.
Bitcoin is supported by computers across the globe that run specialized software that encodes and validates Bitcoin transactions. These are known as miners who ensure that BTC operations cannot be falsified.
Furthermore, Bitcoin is a peer-to-peer payment system across the Internet from one public Bitcoin address to another. These transactions are confirmed by network so-called “nodes” and stored in the “blockchain,” a publicly distributed ledger. Additionally, people with computational capacity of specialized gear may process transactions and receive a payment in bitcoins for mining. Despite credit card payments, no personal data is transmitted over the wire that must be protected against cyber theft (as with Secure Socket Layer / HTTPS). It is simply digital currency sent from one party to another without using an intermediary or bank.
If you haven’t previously considered “How do I accept Bitcoin?”, you should do it now. Anyone may accept Bitcoin as payment for goods and services relatively quickly and with little fees, manually confirm them if you choose, or have merchants automatically issue you with a new Bitcoin address for each new invoice. Because the Bitcoin network manages all operations, everything is instant, and no human interaction is required between funds transfers. Fees are minimal compared to typical payment processors, and security is not compromised, which is why many online firms use Bitcoin as their form of currency.
Follow these five simple steps to accept Bitcoin on your website:
1) Get a Bitcoin Wallet
Firstly, you should obtain a Bitcoin wallet. A crypto wallet allows you to transfer, keep, and receive Bitcoin payments safely. Based on your demands, there are several alternatives for regular desktop and phone wallets.
2) Get a Payment Button / Link
After you’ve created your wallet, click “Request Payment” to create a new Bitcoin address. Provide this address to your clients as the place for accepting payments. New unique wallets will also allow you to generate a limitless number of addresses to use solely for this reason.
All that is necessary to accept Bitcoin is a basic HTML link. If requested, wallet service providers generally provide customized layouts and brand choices.
3) Embed Your Bitcoin Address(es) on Your Website
When the payment link is ready, copy and paste the address into an HTML on the webpage. Implement a QR code generator to include the link as a visual for mobile users for further usability. There is also the possibility to generate the QR code within your Bitcoin wallet.
4) Collect Payments
Clients follow your payment link to collect money and then proceed to finish their transaction as usual. Before finalizing their order, they will be given the opportunity to choose what amount of BTC they want to send together with a Bitcoin address to which they should send it. After registration and logging in, this is often a one-step procedure for online retailers who use shopping carts.
5) Spend or Withdraw Your Coins
In order to spend your coins, click the “Send” button and paste the recipient’s address. If you’re withdrawing from a crypto exchange, such as Coinbase, you may first need to send funds through bank transfer or ACH deposit, depending on where your account is kept. Other providers, such as BitPay or CoinBase, allow for smooth conversion into fiat, which may then be transferred into any American or European bank account.
To sum it up, the leading cryptocurrency, Bitcoin, is a peer-to-peer currency and payment network that enables direct payments to anybody anywhere in the world and eliminates many constraints related to traditional fiat currencies. Start accepting Bitcoin if you already manage a website, blog, or another form of online enterprise.