Bitcoin is the future of money. Money as we know it- the form of cash or credit cards- will not disappear, but projections show that it will become redundant. And cryptocurrency will take over surely and safely.
How do you align your business with the crypto-currency trend?
We answer this question for you right here.
These are uncertain times for all of us. Covid-19 has brought all that was not working out in the open. There is room for a massive financial ‘rejig’. It’s also time for a cryptocurrency like Bitcoin to take center stage.
But what is Bitcoin?
Bitcoin is a peer-to-peer network that is controlled by no one. This means no institution or person controls it. This digital currency can’t be printed and only 21 million Bitcoins can ever be created.
For many people, the main benefit of using Bitcoin is that it’s completely immune to the interference of world governments, corporations and banks.
Benefits of Using Bitcoin
What are the benefits to you if you do decide to jump on to the Bitcoin bandwagon? Bitcoin is easy to use; Bitcoin transactions are faster; you pay lower costs than you do for credit card transactions, and Bitcoin transactions are anonymous.
Not one person or company can interfere with Bitcoin transactions, add to the fees on Bitcoin transactions, or take it away from people.
Another characteristic that makes Bitcoins very attractive to business owners and users alike is the fact that they are transparent. Each transaction is stored in a public ledger called the Blockchain, which is publicly distributed.
Many small businesses, like restaurants, in Singapore are announcing “Bitcoin accepted here” and attracting the new-age, savvy Bitcoin users who will also go out of their way to support a Bitcoin business.
Here’s an easy guide for you to switch to Bitcoin the oldest cryptocurrency in the market:
1. Creating a Bitcoin Address for Your Business
The first step is getting a Bitcoin wallet. This is nothing but the address where your Bitcoin using customers will transfer their crypto money.
This process works a lot like email. The customer has to type in your address, enter an amount and hit “Send.”
Similarly, you have to remove the crypto currency out of your computer or mobile at the end of the day and deposit it somewhere safe.
It’s always best to keep very little Bitcoin on your mobile or laptop.
You have a host of online tutorials on how exactly to set up the Bitcoin wallet and secure it against attacks. These are also extremely easy-to-follow.
2. Using BitPay or Coinbase
These two are the major payment processors in the market. This way, you can input the money straight from the customer to your Bitcoin wallet, which can be linked to your bank account for withdrawal.
Most payment processors do charge either a percentage of your transaction. But these charges are still substantially less than what credit card companies charge.
Payment processors also offer a slew of benefits to you free. For example, you can send invoices through email or create a shopping cart plugin for your online sales business.
Furthermore, you have the added benefit of converting your cryptocurrency into fiat or regular money. This feature is very useful as it allows you to transact seamlessly with customers who want cash in fiat instantly.
3. You Got to Advertise Widely that You Are Accepting Bitcoin
There are many bitcoin users out there who want to support businesses that use Bitcoin. It would be best if you reached out to them. You can do this by writing prominently on your store or restaurant front that you accept Bitcoin.
Similarly, you could add this piece of information to your website and social media accounts in the form of a “Bitcoin Accepted Here” button and your Mastercard and Paypal buttons.
Make some noise. It will work- as you will see!
4. Paying Taxes
Your accountant will be able to guide you on how to keep records of your business’s Bitcoin transactions. Accountancy firms like Bitcountant and TaxNinja will do this easily for you if you prefer not to waste your time on accountancy-related chores.
These accountancy firms will also be able to handle Bitcoin-related tax issues. If you are in America, meeting tax obligations under the IRS’s guidelines is quite simple and straightforward.
Bitcoin is a relatively new form of payment, and so it is but natural that there are a few glitches in the chain. The spending options of Bitcoin are still limited for now. But the good news is that with each passing day, more and more small businesses like you are switching to Bitcoins and accepting payments in BTC.
Just follow the simple guidelines above and hop onto the cryptocurrency gravy train. You have nothing to lose and everything to gain, we promise.