Bitcoin is a cryptocurrency that was created in 2009. It’s based on an algorithm that, when implemented correctly, enables the transfer of value without the need for a third party intermediary — such as a bank. This makes bitcoin the first and most prominent decentralized digital currency available today. People also trade this, and if this is something that you are interested in you can check out Crypto Trading Signals.
Bitcoin uses a blockchain technology to track all of the transactions that take place with the currency, allowing people to verify that each and every transaction occurred as expected. The blockchain technology is a distributed and public ledger that is used to record all of the transactions, and it’s shared among all of the users of the network.
How to Accept Bitcoin as a Means of Payment
The first and most important thing that you need to do if you want to accept bitcoin as a means of payment is to get on-board with the whole cryptocurrency thing. This can be done by either downloading the official Bitcoin wallet app for your operating system or by signing up for a free web-based wallet. Once you’ve set up the wallet, you’ll need to create an account in order to track your transactions and access your funds. Once you’re all set up, it’s time to accept bitcoin as a means of payment.
There are actually thousands of ways that you can begin accepting bitcoin as a means of payment. In this article, we’ll take you through some of these other methods so you know what services you can offer and how you can best integrate your company into the world of cryptocurrency.
Payments Gateway Partnerships – BitPay has done the the heavy lifting for many businesses by partnering with payment gateways to accept payments in bitcoin. These include major credit cards like American Express, Discover, Jcb, and Santander, as well as international payment providers like BitPay’s own bPay payment gateway.
Visa – Visa has more than 100 million customers, so it’s no surprise that it has been a driving force behind the ongoing push for greater adoption of bitcoin in the payments industry. What’s more, the company has been working toward issuing an official Visa debit card since at least 2011.
How BitPay Helps Companies Start Accepting Bitcoin
As we mentioned above, BitPay’s integration with over 100 different payment gateways allows it to process payments in a variety of forms, including credit, debit, and e-commerce payments. However, one of the biggest benefits that BitPay offers is access to the full customer base. This means that if you employ the services of BitPay, you’ll be able to accept bitcoin payments from your customer base without having to limit yourself to certain demographics.
Why Using BitPay Is The Best Way To Accept Bitcoin
There are a few big reasons why using BitPay is the best way to accept bitcoin as a means of payment.
Faster Than Other Payment Gateways – BitPay doesn’t just integrate with mobile apps and websites—it hands off the processing of payments to the operators so that they can handle the heavy lifting and processing of transactions in real-time. This results in a much more user-friendly experience and allows BitPay users to accept bitcoin without experiencing any issues.
More Scalability – While other payment gateways may experience average growth of 10% annually, BitPay’s annual growth rate is typically double that of other payment gateways. This means that BitPay has the ability to handle an ever-increasing number of transactions with ease.
More Openness – BitPay is one of the first companies to partner with banks and credit unions, which means that it’s been around for a while and is already a part of the industry. This makes it much easier for customers to make payments with the company’s payment gateway.
Conclusion
Bitcoin is a form of digital currency that was created in 2009. It’s based on an algorithm that, when implemented correctly, enables the transfer of value without the need for a third party intermediary — such as a bank. This makes bitcoin the first and most prominent decentralized digital currency available today.
There are many reasons why someone would want to explore the potential of accepting bitcoin as a form of payment, including using it as a cheaper alternative to paying with cash or credit card. Whether you’re a frequent traveler who uses Bitcoin to avoid expensive hotels or a prospective business owner who is looking to accept it as your primary method of payment, there are many reasons why someone would want to explore the potential of accepting bitcoin as a form of payment.
