Bitcoin as Payment for Business

September 3, 2021

In January of the current year, Hardward Steam Boiler and Insurance Co made a great survey dedicated to cryptocurrencies. The results of the survey showed that at least one-third of US small and medium sized businesses accept cryptocurrency as payment. Another fascinating fact is that 59% of those companies bought crypto coins for their own use as well.

Together with the great benefits of digital money such as lower processing fees and fast transactions, they are at risk of computer attacks and cyber hacks. However, looking at the list of companies that accept Bitcoin, such difficulties seem to be unreal for the giants. Among the most popular companies are Wikipedia, Microsoft and Expedia.

Advantages of paying with Bitcoin

Using Bitcoin as payment for goods and services is getting more and more popular. Other cryptocurrencies are hot on the heels of the first currency. Peer-to-peer technology allows Bitcoin to function without the central management or banks. The primary Bitcoin’s advantage for many users is autonomy, which is actually one of the basic tenets of crypto coins. In addition, similar to many online payment systems, personal information is not needed to complete any transaction and it is acceptable to make digital operations with only a smartphone or a computer.

Overall, the tendency of using Bitcoin as payment is spreading over the online platforms involving offline mode as well. Crypto enthusiasts believe that Bitcoin will be able to substitute the greater volume of the payments made by Visa, MasterCard and American Express as by now it has already covered a part of financial operations.

To start using Bitcoin as payment

If a company makes a decision to add Bitcoin as a means of payment, the first thing needed is crypto gateway. Crypto gateway is a solution developed to guarantee secure and fast crypto transactions especially considering international operations. Users send and get digital coins as payment for goods and services and keep the received funds safe. The service BitPay is one of the best and most popular ways for operating digital payments online.

They provide services for both business and individuals. BitPay allows companies to accept Bitcoin and Bitcoin Cash as payment and require quite low commission for operating the transactions and conversion of digital money into fiat. To start working, one needs to fulfil the necessary form on the official website. Other services to use are BTCPay, B2BBinPay, Commerse.coinbase, etc.

Is Bitcoin safe?

The question about the safety of Bitcoin’s transaction disappears when one is aware of the simple procedure. Comparing with a usual bank account, while paying over the Internet the seller requires credit cards details in order to process the transaction. Each time a holder of the bankcard provides all the details needed for a hacker to get the funds out of it in his successful scenario.

There are not many questions about hacking with this usual payment method, are there? However, when there is a question about digital money, a lot of misunderstanding appears, but the major reason is the lack of knowledge. When a user buys something with the help of digital money, the transition looks simply the following way: Wallet A (the buyer) sends 2 Bitcoins to Wallet B (the seller). It is not possible to do anything with the address only.

What the companies get supporting digital payment method is the expanse of target audience. Bitcoin transactions are fast and have low fees. There are not that much of places that accept Bitcoin, but the number of such companies is increasing every year. A part of well-known huge brands has already made their choice in favor of cryptocurrencies and now they are moving in the right direction of the new digital era.


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