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Best Payment Gateway For Bitcoin

How to Get a Bitcoin (Crypto) Merchant Account

Friday, January 07 2022

If you are following current trends in digital payments and the processing industry, then you know that Bitcoin and Crypto in general is making quite the splash when it comes to online payment processing. Bitcoin is the latest innovation in the payments industry and is opening up doors for merchants worldwide that want more flexibility, affordability, and privacy that come with cryptocurrency and Bitcoin payments. However, even though Bitcoin is becoming more widespread by the day, it still is a large unknown to many merchants and most merchants don’t know how to take advantage of the rising popularity of the digital asset. This guide will show you the information that you need to know prior to opening a Bitcoin merchant account and how you can actually go through the process of getting a Bitcoin merchant account for your business to expand your customer base and make your online payments more efficient.

What is Bitcoin?

Perhaps one of the biggest hurdles for business owners to accept Bitcoin in their business is knowing what exactly Bitcoin is and how it works. Once you understand Bitcoin, your business will be better for it, because understanding it is the first step to accepting it as a payment.

 At its most basic level, Bitcoin is a digital currency that is independent from any government or organization. It was created as a currency for the people to use, and for that reason it has gained intrinsic value and the perception of value, as well. For most people, it is used as a long-term investment or store of value, however it is also used as a payment method and is currently accepted by a number of large online and in-person retailers.

 Bitcoin was founded over 10 years ago anonymously by an individual named Satoshi Nakamoto. Bitcoin is “mined” digitally by having computers solve complex algorithms and math problems to unlock blocks of currency, controlling the supply. Millions of people around the world now use Bitcoin as a currency and some people even get paid in Bitcoin.

 One of the main benefits of Bitcoin is that it can be stored on a computer, mobile device, or physical wallet. This means that it can be transacted anywhere, similar to a digital wallet that holds credit cards. Additionally, the drastic price increase in Bitcoin over the past few years means that it is growing in adoption each and every day. The potential for businesses to gain market share through accepting Bitcoin is enormous, since businesses that do are held on a pedestal in the Bitcoin community.

Benefits of accepting Bitcoin payments

If you’re looking to accept Bitcoin, it’s probably because you already recognize that there are many benefits to be enjoyed when you accept Bitcoin as a payment method. If you are still evaluating the viability of accepting Bitcoin as a payment method in your business, then you should be aware of some of the best benefits of accepting Bitcoin payments for your business.

Speed

When dealing with Bitcoin, speed is definitely one of the most relevant benefits. Bitcoin processes at the same or faster speed as perhaps any other payment method out there. However, the real benefit of speed when it comes to Bitcoin is how long it takes for payments to become available to you. With traditional payment methods, it can take days or even weeks for your money to become available to your account. However, with Bitcoin, your funds are available almost instantly if you are withdrawing Bitcoin and within a couple of days if you are cashing it out to USD or another fiat currency.

Affordability

Affordability is one of the best strengths of Bitcoin and other digital currencies. With other payment methods, you will inflict a 3-4% processing fee. However, with Bitcoin, the fee is very minimal. When you use the correct payment processing service, it can cost only pennies to process a transaction instead of several dollars to process the same transaction. If you want to trim the fat in your business and create a more efficient process, Bitcoin is a great way to do it.

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