Introduction
In the cryptocurrency scene, there are currently two types of businesses. Some have decided to accept bitcoin and other similar currencies as a form of payment, while others have added the ability to buy and sell those currencies as part of their services. Let’s examine the benefits and drawbacks of every strategy and assist the reader in selecting the relevant one. If you’re reading this article, there’s a good chance you own or are interested in owning bitcoin. A pair of cousins just developed the automated online platform known as Bitcoin Era. For further details, visit Bitcoin Circuit.
Perhaps you believe it has a bright future or thinks it’s an exciting investment opportunity. Whatever your reasons for investing in BTC, we assume that at some point, you might want to spend some of those digital tokens on goods or services offered by physical merchants.
Why You Shouldn’t Accept Bitcoin as a Form of Payment
There are quite a few reasons why accepting bitcoin as a form of payment makes little sense. First and foremost, very few people currently use it. In a year, you might find yourself dealing with an increasing number of customers who want to pay with bitcoin, but the number of people who own bitcoin remains very low. This lack of interest also means there won’t be many people looking to buy bitcoin from you.
A customer purchasing bitcoin from you might be hesitant to do so because most people don’t currently own any bitcoin. Hence, as a merchant, you’re not likely to have many customers interested in buying from you with bitcoin.
How to Accept Bitcoin in Your Business
If you’ve decided to accept bitcoin as a form of payment in your business, you’ve already made the most crucial decision. Various payment processors will enable you to accept bitcoin payments, whether running a website, a brick-and-mortar store, or an online marketplace.
If you run a website, there are a couple of plug-ins you can use to enable bitcoin as a form of payment. Stripe, for instance, also supports bitcoin payments, which you can easily set up with Shopify. You can use your website to promote that you accept bitcoin by putting it on your homepage or by adding a link to the checkout page.
Why You Should Always Enable Bitcoin Functionality
First and foremost, it lets your customers use their preferred payment method. If a customer can’t pay with their credit card, it might be difficult for them to purchase from you. Not accepting bitcoin when it can be easily integrated with your payment solutions means that some of your customers might have more difficulty making purchases from you.
It also lets your customers pay you more quickly. Credit card payments require processing the charge, which might take a couple of days. Bitcoin payments, on the other hand, can be sent and received instantly. You can also expect lower transaction fees when dealing with bitcoin transactions. Credit card transactions are often charged a 2-3% fee, while bitcoin payments are usually charged a lower 1% fee.
How to Make BTC a Part of Your Business
If you’ve decided to provide bitcoin functionality, you’ve already made a good decision. Plenty of exchanges will allow you to buy and sell bitcoin, and you can either do so manually or have them automatically generate trading strategies for you. If you choose to trade manually, you’ll need to analyze the market, pick your preferred trading strategies, and execute the trades if you want to automate the process.
Final Words: Should You Add Bitcoin Functionality?
The industry for cryptocurrencies is still developing. So, there’s plenty of room to grow. By adding bitcoin functionality to your business, you’re allowing your customers to invest in the market by purchasing bitcoin, and you could be opening yourself to a broader customer base.
If your business is online-based, you don’t need to worry about accepting bitcoin payments in person. Still, if you have a physical storefront, you can buy bitcoin payments through a mobile wallet like Abram or with a bitcoin POS device. If you’re still unsure whether adding bitcoin functionality is a good move for your business, you can always start by offering it as a feature for your customers.
