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How To Accept Cryptocurrencies in Your Business

Are you interested in cryptocurrencies? Do you have a business and do not know whether you should take it as payment, and how to do it? Visit the right place.

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Are you interested in cryptocurrencies? Do you have a business and do not know whether you should take it as payment, and how to do it? Visit the right place.

The price of Bitcoin continues to increase, and the public interest that cryptocurrencies arouse is only growing as time passes, so in this article, we will see what alternatives we have if we want to accept cryptocurrencies as a means of payment (as well as the implications that have) in a business.

Large companies are already investing a lot of work and money to operate these cryptocurrencies, but small businesses can also benefit from the same advantages.

For those businesses that transact frequently, it may be interesting to consider accepting payment in cryptocurrency in general (and in Bitcoin in particular) to increase the revenue from their sales, and even more so with the current hype of cryptocurrencies.

The main reasons for this step can be as diverse as attracting new customers, eliminating certain types of fraud, or showing a modern, up-to-date company.

cryptocurrencies

Although we are going to focus the article on Bitcoin as it is the most popular and widespread cryptocurrency, much of what we are going to comment on is directly extrapolated to the rest of the cryptocurrencies.

To understand how Bitcoin payments work (and how to accept), it is necessary to familiarize yourself with some terms. If we are clear about these concepts, taking this type of payment is not excessively complex.

1. Terminology

Wallet:

A wallet, electronic pur se, or wallet is a software program in which cryptocurrencies are stored. Technically it is not a correct definition since bitcoins do not “move” anywhere, but conceptually we will take it that way.

Exchange:

It is a digital market in which traders can buy and sell bitcoins using different currencies (FIAT, or legal tender currencies such as the euro or the dollar, or ALTCOINS, or alternative cryptocurrencies, such as Ether, Litecoin, etc.).

It is still a digital way that acts as a source between users and bitcoin sellers.

QR Code:

It is a type of barcode formed by a matrix of blocks or dots, and that can be easily scanned with the camera of a Smartphone.

Public key:

For safety reasons, it is always used to encrypt a message. To decrypt a different key is used but associated with it, the private key. This is termed as asymmetric cryptography. The public-private key pair ensures secure communication.

Hardware terminal:

It is a hardware communication device that manages the input and presentation of data. For example, a terminal can be a PC connected to the network. For more details, Financial freedom is Here.

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2. Offline Operations

Wallets:

If we are talking about businesses with a small volume of potential cryptocurrency users, the first way we can accept payments in Bitcoin, and the easiest, would be to ask customers to directly transfer the money.

Still, before doing something like that, it is necessary to configure a Bitcoin wallet in any of the existing crypto exchanges.

All you have to do is register a wallet with an online Exchange, receive the wallet address, which is also the public key (a string of letters and numbers), and a private key, necessary to sign transactions and which should be kept secret, and use the public key as the wallet address for customers.

To make the process easier, it is a good to present the wallet address as a QR code. In this way, all the user has to do is scan the QR, enter the corresponding amount of Bitcoins, and sign with their private key.

Since the value of Bitcoin fluctuates a lot, it is imperative to make sure you get the current exchange rate (at the moment) in any recognized and guarantee Exchange before making the transaction.

In this case, to withdraw the funds from the wallet and obtain fiat currency again, it will be necessary to link the checking account or the credit card.

Also, it is essential to notify users or clients that payment in Bitcoins is accepted through an advertisement since otherwise, they will rarely know that they can pay with a cryptocurrency.

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Bitcoin

What Type of Services Can You Pay with Bitcoin?

Like how more product-based businesses accept bitcoin, users can now purchase various services with cryptocurrency.

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Become a good CFD trader using bitcoins

Like how more product-based businesses accept bitcoin, users can now purchase various services with cryptocurrency. From escrow services to logo design, users can now buy many commonly requested services with bitcoin. Listed are some of the most common.

1. Escrow services

CryptoExchange provides escrow services that can be used for bitcoin transactions and paid for with cryptocurrency. For example, users who want to buy a domain must go through a domain transfer process, including going through your current registrar and asking for confirmation before changing the title owner.

This multi-step process may make it difficult to purchase a domain online since the failure to complete some of these steps will result in an invalid transfer. Escrow services protect both parties by holding funds until the Buyer and Seller meet all the agreement terms.

2. Dental services

Bitcoin enthusiasts will be delighted to know they can now pay with digital currencies for a tooth cleaning, filling, or any other dental procedure. Among these service providers is Dr George Carr in Tempe, Arizona, who has begun to accept bitcoin, Litecoin, Dash and other cryptocurrencies. In Indiana, Caring Dentists is another practice that will accept digital currencies in exchange for their services.

Cryptocurrencies Bitcoin

3. Logo design and other freelance services

Fiverr has gained popularity as a marketplace for freelancers to offer services to customers worldwide. The platform has since become one of the lead disruptors for the Gig Economy and continues to disrupt the industry by accepting bitcoin in partnership with a cryptocurrency exchange. On this platform, users will be able to pay for services such as:

  • Logo designing
  • Customizing a WordPress website
  • Search Engine Optimization (SEO)
  • Whiteboard animation for explainer videos
  • Creation of short video ads
  • E-commerce product videos
  • Drone videography
  • Dropshipping
  • Translation
  • Proofreading and editing
  • Development of brand voice & tone

4. Digital marketing

BrainGuzzle is a Los Angeles-based digital marketing firm offering a complete catalogue of marketing services. Among the most common social media engagement, blog content and creation, pay-per-click ads, link building, website optimization, and Search Engine optimization. The agency has shared that they will accept bitcoin for any of these services.

A few states over in Maryland, H20 Social Digital Marketing, will also buy bitcoin for services including email marketing, organic social media engagement, pay per click (PPC), and reputation management.

5. Haircuts

In Santa Monica, the World Famous Venice Barber Shop and Shaving parlour offers men’s haircuts in exchange for bitcoin. In Florida, Men’s Groom Room Barber Lounge also accepts digital currency.

6. Massages & yoga

Divine Align Massage & Wellness in Santa Barbara offers various bodywork and therapeutic practices for sports performance and overall pain elimination. Buyers can now make payments with the cryptocurrency bitcoin. Alternatively, Libra’s Massage & Holistic, another massage clinic in California, will also accept BTC.

What is bitcoin online trading

7. Tax services

Are you looking for full-service offerings to complete their annual tax filing forms for the IRS and state tax agencies? Fast Tax Services in Los Angeles and Friendly Tax Services both offer their services in exchange for bitcoin.

8. Computer tech and repair services

AlphaTech Computer Repair has continued to provide information for internet users to stay safe on the internet. In exchange for their IT services, Buyers can use bitcoin to pay for:

  • The installation of computer parts
  • Spyware removal
  • Office networking
  • Documents recovery
  • OS Windows recovery
  • Virus removal
  • LAN networking
  • Multimedia interconnection

And just about any other computer-related service, you can think of!

9. Chiropractic

Those who need prenatal, family, pediatric, and chiropractic care can schedule an appointment with Acorn Chiropractic Clinic. All spinal adjustments can be paid for in digital currencies like bitcoin.

10. Consulting services

Capitol Hill Consulting Group is a firm dedicated to providing strategies and services in tax, trade, financial, health care, and aerospace. Users can now purchase these services in whole or in part with the digital currency bitcoin.

11. Liposuction

Body sculpting is a Manhattan-based plastic surgery practice that has recently begun accepting bitcoin for its procedures, including liposuction, eyelid surgery, facelifts, arm lifts, tummy tucks, cheek augmentation or even a Brazilian butt lift.

The demand for plastic surgery continues to increase, resulting in the same increase in anonymity. Plastic surgery services must respect the privacy of their patients and continue to protect it however possible.

12. A growing list of services

The list of services in the United States and the rest of the world that will accept bitcoin is expanding. Therefore, users may have many more options to spend their hard-earned cryptocurrency than just the list provided.

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