Bitcoin has been
the buzzword for the last two years and if you happened to avoid all the hype,
Bitcoin is a digital peer-to-peer currency that doesn’t require any approval
from financial institutions. In 2013, bitcoin became mainstream digital
currency because of its wide acceptance by trusted brands and online stores
including Overstock.com. It has become quite common to spot an offline
restaurant or store accepting Bitcoin for goods and services.
Are you small
business owner planning to use bitcoin as a payment option? The best part of
bitcoin is that it is decentralized, which makes the overall transaction cost
affordable and perhaps you can start saving money with a Bitcoin online shop.
What are Bitcoins and their current worth?
In technical
terms, Bitcoins are mathematical algorithms with specific monetary value. You
can purchase Bitcoins online with real money and use it for transactions all
over the Internet. As of today, you can buy 1 Bitcoin for USD $635 and the
value of Bitcoin can fluctuate depending upon the trend. Bitcoin transactions
are safe because of the dual-key encryption including one public and one
private key. Every transaction receives verification from the network of
Bitcoin community members.
How can small businesses start accepting bitcoin?
Unlike other
tech-savvy payment methods, you can start accepting Bitcoin within a day by
following some simple steps.
1.
Create a Bitcoin wallet: A Bitcoin
wallet is an address where your customer will send Bitcoin and the processing
is quite similar to accepting money through your PayPal email id. You can
consider your Bitcoin wallet as a cash register and it is best to keep small
amount of bitcoins in the wallet for protection and security purposes.
Another option is to choose Bitcoin payment processors on Bitcoin online shop or store
(Smartphone). These payment processors take the technical part out of the way
for a small fee, which is much cheaper than traditional credit card
transactions. These payment gateways allow you to convert Bitcoin into money
instantly.
2.
Promote Bitcoin as a payment option: The
next step is to advertise your Bitcoin acceptance to the customers. You can
promote Bitcoin acceptance with an online sticker or a poster pasted outside
your store. Most of the people will notice it quickly and spread the word
around.
3.
Align your account for bookkeeping: If
you plan to use Bitcoin, make sure to inform your accountant about it and find
out more about the tax laws in the concerned matter. There are some online and
offline firms promoting themselves as specialists in handling Bitcoin accounts.
One of the most important benefits of having a Bitcoin online shop is the extra
profit you can make. You will save money on credit card and PayPal transactions
making Bitcoin automatically profitable for your business. Bitcoin allows you
easy conversion and if you are not sure about its value, simply convert it into
USD. Customers are impressed with shoppers offering Bitcoin as a payment option
and it can even stage your brand/store as the industry leader.
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