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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The 5 Advantages Bitcoin Has Over Fiat Currency

 

 

 The 5 Advantages Bitcoin Has Over Fiat Currency

Bitcoin is the first successful cryptocurrency in history, and it became successful because of the many positive merits not found in traditional or fiat currency (this is your country’s national currency). In this article, you’ll find out about five advantages Bitcoin has over fiat currency.

1 – Bitcoin Is Decentralized

Unlike fiat currency, Bitcoin is not controlled by any bank or government. No single entity controls or regulates the Bitcoin network, not even its founder Satoshi Nakamoto. Without a controlling entity, bitcoins are technically inflation-proof since no one can devalue its price by manipulating its supply. Only 21 million bitcoins will ever be mined or created, unlike fiat currency which is printed when the government sees fit to print more money.
 
2 – Extremely Easy To Use

Opening bank accounts is not a simple thing to do. You’d have to go to your bank, wait in line, fill out forms, submit your IDs, etc. It’s a time-consuming process. But with Bitcoin, all you need to do to get started is just create a free wallet, and that’s it! You’ll then be able to receive your first bitcoins in just a few minutes.

3 – Fast Transactions

Most banks don’t work 24/7. Instead, banks are open for business during certain hours of the day on weekdays (some banks are open on weekends, but they’re far and few in between). But with Bitcoin, you can transact with anyone, any time of the day, wherever you and the other person may be located. Your bitcoins will arrive in just a few minutes.  

4 – Highly Portable And Durable

Since bitcoins are electronic, they can’t get burned down by fire, and they’re not going to get wet in water. You can bring them anywhere with you, and they won’t even take too much space. Whether you have an online wallet, or an offline wallet, your bitcoins are easily within reach anytime you wish.

5 – No More Exorbitant Bank Fees

Bank fees are the bane of anyone who has ever done any business with a bank. You want to have a bank account to store your money in, you need to pay fees. You need to use or withdraw your money, you need to pay fees. You want to send funds to someone else, you pay bank fees. The list goes on and on. But with Bitcoin, you’re bypassing all these fees. Digital wallets are free, and transaction fees are very, very minimal.

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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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Getting Paid In Bitcoin For Your Services – Is It Worth It?

 Getting Paid In Bitcoin For Your Services – Is It Worth It?

Before Bitcoin prices reached 5 digits, many people, freelancers mostly, were already getting paid in bitcoin. But now that prices have reached all-time highs, people are thinking of joining the fray and getting paid for their services or products, not in fiat currency, but in bitcoins. The big question is, is it worth it?  

Some may say it’s not worth it because bitcoin is extremely volatile. One minute the price is at a certain amount and the next 5 minutes, it’s down by several hundred dollars. If you’ve put a lot of effort into your work, then you might feel faint at the thought of losing your hard-earned cash in a matter of minutes. Of course, this scenario will only happen if you decide to hold on to your bitcoins instead of exchanging it for your local currency at your favorite cryptocurrency exchange.  

Imagine this second scenario though: what if you held on to your bitcoins and the price suddenly jumped to twice the original price? Then you’d feel like you’ve won the jackpot, right? Because you’re essentially going to get paid at twice your rate! If the bitcoin you’ve received is equivalent to, say, for example, your salary of $5,000, with bitcoin prices going up twice the original amount, then you just got paid $10,000! That’s pretty exciting, to say the least.

The decision to get paid in bitcoin is, of course, yours alone. But there are so many positive benefits to this cryptocurrency you should at least look at the bright side before you say no to an employer or client who’s thinking of switching you over to bitcoin payments.

Bitcoin payments are fast and cheap. You no longer have to wait days for payment to arrive at your bank and you don’t need to pay those hefty bank fees your bank charges you for withdrawing your money. You can receive bitcoin payments any time of the day, and you’ll usually receive it within 10-45 minutes.

If you’re averse to the volatility of bitcoin, you might want to consider holding a very small part, maybe 5% to 10% of the total amount, and exchanging the rest to your local currency. Who knows, you just might be able to take advantage of Bitcoin’s volatility and before you know it, your bitcoins might be worth more than your entire year’s salary.

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Bitcoin Is The Future Of Money In Developing Economies

 Bitcoin Is The Future Of Money In Developing Economies

Bitcoin is fast becoming integrated into the everyday lives of people living in developing countries. With unstable and hyper-inflated national currencies, bitcoins are proving to be a much more viable solution to solving the financial woes of their citizens. Here are 4 reasons why Bitcoin has a massive appeal for the masses in developing countries:

1 – You Don’t Need Banks

In developed countries, it’s relatively easy to sign up for bank accounts and credit cards. But in the developing world, it’s a vastly different story. It’s much harder to get credit and setting up a bank account is no walk in the park. But Bitcoin changes all that. With Bitcoin, you can save your own bitcoins yourself – all you need is a secure wallet to keep your digital money safe.

2 – Fast, Cheap and Borderless Payments

With Bitcoin, you can send any amount of bitcoin to anyone in the world in a matter of minutes. When you send money through banks you not only pay those costly bank fees, you also need to wait for several hours or a few banking days. But with Bitcoin, as we’ve mentioned previously, you don’t need banks to send or remit payments to other people. All you need is their bitcoin address and voila! Your payment should arrive in the next 10 or so minutes.

3 – Bitcoin Can’t Be Manipulated By Anyone

Governments and banks can dictate the production and movement of their national currencies which ultimately leads to inflation. Unlike fiat currency, however, Bitcoin is a decentralized virtual currency. This means there is no controlling entity that tells the Bitcoin network what to do. Everything has been hard-coded into the network and the underlying technology behind Bitcoin, the blockchain, is tamper-proof and can’t be manipulated by anyone, not even its developer, Satoshi Nakamoto.

4 – Bitcoin Will Help Authorities Catch Criminals

Contrary to popular belief, Bitcoin is not anonymous. Rather, it is a pseudonymous currency because while your alphanumeric public keys provide a certain level of anonymity, computer experts can trace who owns which wallets and the amount of bitcoins each wallet contains. Now the masses who make small transactions don’t have anything to worry about. It’s the criminals who move large amounts of bitcoins that catch authorities’ attention, and it’s who they focus their research on, not the millions of people who make minute transactions.

 

 

 
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