Cryptocurrency payments are becoming increasingly popular among small business owners as bitcoin can connect smaller corporations with the global industry and reduce payment fees. Larger companies are starting to invest in the Bitcoin sector and even go as far as to call it the “future of finance.”
Using Bitcoin also signals to customers that you are an innovative and technologically advanced institution. Consider using cryptocurrencies in your small business to save money and time.
So, What Are the Benefits of Accepting Crypto Payments?
Hundreds of thousands of companies accept crypto payments, such as Microsoft, Burger King, and KFC.
A Bitcoin transaction usually comes with no fees, or in some cases, a fee of 1%. Cryptocurrencies do not rely on banks to process their transactions and, therefore, offer users lower fees.
Moreover, without needing a bank to verify a transaction, cryptocurrency transactions are nearly instant. Businesses can charge a customer on the other side of the world and receive payment almost instantly.
Additionally, Bitcoin is a far cheaper process for your business because it’s not tied to a single country. You can use it across the world, but only if your suppliers and customers know how to use it.
How Can You Use Cryptocurrencies as a Business Owner?
Bitcoin can seem a little daunting and alien at first; however, it’s relatively simple to set up and use.
To set up a cryptocurrency offline, you need to set up a bitcoin wallet, which is a combination of letters and numbers. Register with a wallet platform, like StrongCoin, CoinsBank, or BTC.com, and you can receive your wallet address and private key. You need this key to sign for transactions. You can also convert your address into a QR code to make it easier for your customers to pay by cryptocurrency.
To withdraw funds for your Bitcoin wallet, you need to attach your bank account. Or, you can set up Bitcoin online by including a “pay with Bitcoin” button on your website. Simple!
Countries Where Bitcoin Is Allowed
Cryptocurrencies are still a bit of a grey area in the legal industry. Many lawmakers and regulators don’t fully understand the Bitcoin landscape, so, as a general rule, in most countries, cryptocurrency is either legal or unregulated.
Seek advice from a technology lawyer to make sure Bitcoin and other cryptocurrencies are legal in your jurisdiction. The only countries where cryptocurrency is banned are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Vietnam. China and Russia are considering banning cryptocurrency too.