Nowadays, almost every business has PayPal, Square, or Apple Pay as payment options. We’re living in an increasingly digital world after all. People don’t like having huge amounts of cash around nor do they love entering their credit card number every time they want to order pizza.
Another payment option that seems to come up in conversations more and more is cryptocurrencies.
Everyone and their mother knows about Bitcoin by now. We all remember when Bitcoin reached $20,000 in value a couple of years ago. Although its value hasn’t reached the same levels since it has become more popular than ever. That’s why so many businesses are now accepting it as payment.
During the past few years, cryptocurrencies have exploded in popularity, with assets such as Bitcoin, Ethereum, Polkadot, and Litecoin all growing sizably. Bitcoin’s total market cap, for example, surpassed $1 trillion in February 2021.
As such, it should be no surprise that many of the world’s largest companies have begun accepting cryptocurrencies as payment for goods and services. Companies, as varied as AT&T, the Dallas Mavericks, Microsoft, Overstock, Tesla, and Twitch all, accept Bitcoin and other digital currencies in 2021.
Small businesses can also take advantage of the crypto craze, and they can easily accept digital payments with the help of online payment processors. These processors typically offer a 1% or less transaction fee, which is less than the fees you’ll pay on most credit cards.
Bitcoin is still by far the most common cryptocurrency accepted by businesses as payment, though Ether, the second-largest cryptocurrency, is gaining ground. For companies with customers from around the world, adopting Bitcoin has become a way to avoid banks’ transaction fees and long processing times, as well as the added task of converting to a different currency.
To get started, you will first need a bitcoin wallet, which allows you to buy, store, and sell the cryptocurrency. Bitcoin wallets come with private keys or a secret number that allows the holder to access their crypto.
You can also get a “hardware wallet,” which requires you to either write down your keys or keep them on a hard drive to avoid storing them online. Companies can also sign up with a crypto exchange such as Coinbase or Lumi Wallet, which stores keys on a third-party server. Bitcoin.org has a helpful tool that can help you select the wallet that is best for your business.
Start Accepting Crypto as Soon as Possible
When it’s all said and done, can Bitcoin help your business? Yes, in many ways, actually. You can save money, improve customer service, and even expand your business’ reach. If those are not good reasons for starting to work with Bitcoin, we don’t know what is. You just need to use it properly.
Whether you have an online, offline, or hybrid business, you can use Bitcoin. Just make sure that your customers are aware of this. Put a sign on your website or in front of your store to notify them about it. Before you know it, you’ll have a surge of Bitcoin spending customers doing regular business with you.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.