How to Accept Bitcoin in my Store 2021

Accepting Bitcoin as payment has a variety of benefits for both online and offline businesses. Being a decentralized digital currency, Bitcoin allows anyone to accept payments, with no need to have a connection to a third-party provider.

Bitcoin has been officially recognized by many governments and authorities as a currency, and today accepting Bitcoin as payment does not have any difference from accepting cash, gold, or foreign currency.

Your clients who wish to pay in Bitcoins will be able to contact you directly to transfer the payment, at the same time you will take part in spreading awareness of the cryptocurrency, encouraging others business owners to start accepting the most advanced form of payment.

We wrote a simple guide to adopt Bitcoin as a form of payment for your online and offline store. If you consider starting to adopt bitcoin in your business but are waiting for a sign from above, we remind you of doing so.

Step 1

Open a Bitcoin wallet. Bitcoin wallet is just a series of random letters and numbers. And to open it takes only a few easy moves, all you need is to register with one of the bitcoin wallet providers, and receive your wallet address, which is also your public key, and a private key. You will need your public and private keys for signing for transactions, you also have to keep it secret.

To make the payment process easier for your clients, you may present your wallet address in the form of a QR code. They scan it, put in the necessary amount of Bitcoins, and sign with their private key.

Step 2

Put the We Accept Bitcoin sign. Start by posting a sign that says "We Accept Bitcoin", and ask clients to contact you directly in order to make a payment, or provide your wallet address. By putting a sign you will spread awareness and make your clients willing to accept Bitcoin as payment from others in the future because they will know a place they can spend it.

Bitcoin Adoption Institute designed the We Accept Bitcoin sticker. Numbers of restaurants and shops around the world already use the We Accept Bitcoin sticker to show the world that they are a part of the digital assets community. Every day people are searching for places to buy different kinds of products and services with Bitcoin and other cryptocurrencies. Anyone who puts the sticker to their door expands their pool of potential customers, who in the end become their regular clients.

Step 3

Determine the way you accept Bitcoin. If you are an offline shop, your customers can pay using touchscreen apps on their digital devices, or by transferring wallet addresses through QR codes. For online stores, it will be more convenient if all Bitcoin payments are processed through specialists.

For instance, payment solutions from Coinify allow you to accept cryptocurrencies without having to hold any virtual currency yourself while getting payouts in your preferred local currencies. Coinify does all the hard work of local to virtual currency conversion processing at no extra cost to you.

Step 4

Set prices. Some businesses set prices based on the current market rate at the time the price quote is presented to the client. When prices are set using an automated process, the current market rate can be based on either a current price or on a weighted average basis. So you may instantly exchange Bitcoin payment into the preferred currency. Besides, hedging for each transaction will exclude exchange rate risks.

Accepting Bitcoin is as safe as accepting cash

One of the biggest benefits of accepting Bitcoin as payment is the absence of any intermediary, which significantly reduces transaction fees.

The primary problem that all money transfer systems, especially bank cards, have to solve is double-spending. While any transaction can be reversed with just a phone call, the scammer will be able to spend that amount of money again. Bitcoin`s saving belt called Blockchain technology offers protection from such scamming schemes. The second the transaction is confirmed, it is recorded in the Blockchain and after that it becomes irreversible and not a single person or machine can change it.

To conclude, accepting Bitcoin as a form of payment means giving your clients an extra way to pay, at the same time providing them with extra protection for their personal information. In addition, tremendously increasing your profit.