Why Your Business Needs To Start Accepting Bitcoin Payments Now

 

 Why Your Business Needs To Start Accepting Bitcoin Payments Now

While many businesses have already joined the Bitcoin revolution by accepting bitcoin payments, many are still hesitant to make the jump. They are afraid that with Bitcoin’s volatility, they may end up essentially giving their products or services for free. What this means is that they think they are going to get shortchanged if the price in bitcoin drops and would, therefore, lose all their profits. But this is absolutely not the case! In this article, you’ll find out exactly why you shouldn’t miss out on accepting bitcoin payments.

1 – Instant Bitcoin Conversion To Your Local Currency

Bitcoin’s volatility is a business owner’s biggest concern. But with payment gateways like BitPay and Coinbase, you can easily bypass Bitcoin’s volatility. These services will instantly convert your bitcoin payments into your local currency which you’ll receive in your bank account the following business day. This means that if your customer paid you $100 worth of bitcoins, then you’re going to get exactly $100 in your bank account.  

2 - No Chargebacks. Ever.

One of the most common things business owners hate with credit card payments is the very real threat of receiving a chargeback. Some customers are just fickle-minded and dishonest. They would file chargebacks for the smallest reasons like they’re not happy with the color they got, or they regretted the purchase, or something similar. But with bitcoin payments, you don’t need to worry about chargebacks because all bitcoin transactions, once verified by the Bitcoin network, are final and irreversible. This means those bitcoins you’ve received are yours (unless of course, you chose to have them instantly converted to dollars).

3 – No Costly Processing Fees

Credit cards are widely accepted worldwide, and merchants like receiving payments from anyone with a valid card. While credit cards are convenient, there are fees that merchants need to pay. Credit card fees can range anywhere from 3% to 4% per transaction plus another few cents for each transaction made. If you receive card payments from 99% of your customers, you’re basically paying a small fortune in credit card fees!

With bitcoin payments, the transaction fees you have to pay are nowhere near what you pay the credit card companies. In fact, the fees are practically negligible as they essentially come down to just a few thousand Satoshis (1 Satoshi = 0.00000001 bitcoin) or a few cents!

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Should You Trade Or Invest In Bitcoins?

 

 Should You Trade Or Invest In Bitcoins?

Trading and investing may sound the same, but in reality, they are as different as day and night. Trading refers to a short-term method of trying to profit from buying and selling of bitcoins while investing refers to a long-term strategy where a buyer will hold on to their bitcoins for a long time and ride out any dips in the market price.

The Bitcoin Trader

The Bitcoin trader thrives on the exciting volatility of bitcoins. They’ll try to time the market and buy bitcoins when the price dips and then they’ll wait for the price to go up before they sell their bitcoins. Trading is a high-risk game because you’re betting for the price to go up or down. Not everyone can trade, however. The most successful traders are those who have nerves of steel and can detach their emotions from their trades.

Traders don’t get scared of dips in the price because they are optimistic it’s going to go up again, sooner or later. They are looking to maximize their profits, too, so they’ll mostly invest a lump sum and buy at the lowest price they can possibly go for, and then they’ll wait until the price is high enough for them to make significant profit.

Trading takes a lot of guts. It takes a lot of thought and analysis. If you’re an emotional type of person who gets physically sick with every dip in bitcoin price, then you’re better off investing, and not trading, in bitcoins.

The Bitcoin Investor

Bitcoin investors are different from traders. They’re in it for the long haul. They’re not looking to take advantage of short-term fluctuations in the exchange rate. If the price goes down by hundreds or thousands of dollars, they’re probably going to get worried, but they’re not going to pull out their investment because they’ve already decided they’re going to hold it for the next 10, 20 or 30 years.

A wise investor will practice the dollar cost averaging method to manage risk. This means whether the price goes up or down, they’re going to buy bitcoins and hold them. This strategy is perfect for long-term investments as you’re essentially spreading the risk. Though profits may not be as significant as short-term trading, the bitcoin investor probably sleeps easier at night as they’re not worried how the charts are going to look like tomorrow or the day after.

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Keeping Your Bitcoins Safe: Hot Wallets vs. Cold Wallets

 Keeping Your Bitcoins Safe: Hot Wallets vs. Cold Wallets


There are basically two general types of wallets to keep your bitcoins, and other cryptocurrencies, safe. There are cold wallets and hot wallets. In this article, you’ll find out the pros and cons of each type of wallet so you can make an informed decision when choosing which wallet to go for.

Hot Wallets

Hot wallets are called hot because they are connected to the Internet which generally means it’s easier for hackers to hack into and steal your valuable coins from you. Examples of hot wallets include those free wallets at your favorite bitcoin exchange website like Coinbase or Kraken, and mobile app wallets.

Desktop wallets are another form of hot wallets especially if you install it on a system that’s connected to the Internet. However, you do have control over your private keys, and you can encrypt your wallet to prevent hacking attempts. The only downside to desktop wallets is if your computer gets destroyed or stolen, then you can pretty much say goodbye to your bitcoins.

There have been many instances of theft in hot wallets. Some hackers have even managed to steal millions of dollars’ worth of bitcoins! Hot wallets are great for storing small amounts and transacting on the fly. But if you’ve got quite a sizeable number of bitcoins, then it’s best to move these to offline storage or cold wallets.

Cold Wallets

Cold wallets are the preferred storage method of people with a significant amount of bitcoins. Examples of cold wallet include paper wallets and hardware wallets. Paper wallets may sound a bit funny at first because we’re talking about storing digital currencies here, but it’s precisely why it’s one of the best types of wallet for long-term storage! With paper wallets, there is zero chance of anyone hacking anything on paper. The downside is it can be stolen, or it can get burned, or destroyed. To keep your paper wallet safe, consider putting it in a safe environment like a safety deposit box.

The second type of cold wallet is the hardware wallet. It’s a physical offline device that’s pretty much like a glorified USB that can be plugged into your computer when you need to make a transaction.  There are three main brands that are very popular among crypto owners. These are Trezor, Ledger Nano, and KeepKey. All three will cost you some money but will definitely help keep your virtual treasure chest safe. 

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4 Strategies For Bitcoin And Cryptocurrency Investors

 

4 Strategies For Bitcoin And Cryptocurrency Investors

Investing in highly volatile bitcoins and other cryptocurrencies is risky business. These currencies are all electronic or virtual in nature, and thus have no physical presence. They don’t even have intrinsic value. However, no one can deny that right now these cryptocurrencies are extremely valuable and those who invested in the early days, and held on to their investments, are living the high life now as multi-millionaires, and even billionaires!

If you want to be like these wise investors sometime in the future, then follow these 4 investing strategies to increase your chances for success.

1 – Prepare For Volatility

It’s basically a given for cryptocurrencies that they are going to be extremely volatile. One minute the price is sitting at 5 digits, and the next it’s at 4 or even 3 digits! It’s absolutely unpredictable, and if you don’t take its volatility seriously, you could get in a lot of trouble. You could panic and sell off your crypto so you can minimize your loss.

However, if you’ve braced yourself for scenarios like this, then you’d probably just shut down your computer, or turn off your TV, and lie down and sleep off your doubts. Tomorrow is a different day, the price could go back up, and all will be fine with the world. Being prepared for volatility is tough, but it’s definitely doable.

2 – Proceed With Caution

Do your research before you start investing in bitcoins and other cryptocurrencies. When you’re dealing with hard-earned money, you don’t want to lose everything in one day.  You’re investing to make a profit sometime in the future. Don’t go all in without studying what you’re putting your money into.

3 – Diversify Your Portfolio

Don’t put all your eggs in one basket, so to speak. Don’t just invest in bitcoins. If possible, invest in other cryptocurrencies as well as traditional assets like stocks, bonds, and mutual funds. At least if bitcoin prices drop, then you’re not going to be totally in the red. Your other investments will help keep you afloat.

4 – Store Your Virtual Coins In Cold Wallets

Investing is a long-term game, and it is not advisable to keep your cryptocurrencies in online wallets such as your exchange’s wallet, or even your mobile app wallet. Keep your private keys in cold wallets such as paper or hardware wallets since these aren’t connected to the Internet. You can keep small amounts in your online wallets, but the bulk of your investments should be offline.  

 
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