Overstock and TigerDirect are just two examples of businesses that have realized the advantages of a Bitcoin strategy.
Bitcoin is easy to use. Bitcoin is fast and cheaper than credit cards, and it offers many other benefits. News media are immediately drawn to the announcement that Bitcoin has been accepted in this country. Bitcoin users will support Bitcoin businesses and go out of their way to help them.
How does a small online store or family restaurant accept Bitcoin payments?
Step 1a: Create your Bitcoin address
First, you will need a Bitcoin wallet. Customers send money to this wallet. It functions much like email. Customers can scan the QR code on their phones with their smartphones to enter their addresses. Next, they can enter the amount they wish to pay and click “Send.”
As with cash registers, you will most likely have to withdraw the money at the conclusion. A small amount of bitcoins can be kept on your computer, mobile phone or server for everyday use. You can keep large amounts of your money safe.
Instructions online can be found on how to create a Bitcoin wallet. To protect your wallet, you should follow best practices.
Step 1b: Use a processor to make payments
If your sales process is too complicated to accept Bitcoin payments directly into your wallet, a payment processor is recommended. Two of the most well-known payment processors are Coinbase and BitPay.
While payment processors might charge a percentage of the monthly fee for their services, they are much cheaper than PayPal and credit card companies.
There are many applications for payment processors: You can send invoices via email, set up point of sale (POS), add a shopping cart plugin to your online shop, and even create a point-of-sale (POS) for your restaurant.
If you don’t wish to keep your Bitcoin, these processors will instantly convert it into fiat. If your landlord or suppliers need cash in fiat.
Step 2: Advertise Bitcoin Acceptance
It’s a great idea for customers to know that you accept Bitcoin. Grab the “Bitcoin accepted here” button if you have an online shop front. Place it prominently on your website, besides any PayPal, MasterCard, Visa, or other buttons.
If you have a brick-and-mortar business, grab similar stickers here.
Step 3: Bookkeeping & Taxes
Ask your accountant about how to track Bitcoin, Litecoin, and Darkcoin transactions. Many accounting firms specialize in Bitcoin and other cryptocurrencies. Bitcountant is one example of such an accountancy firm.