In 2021, chances are that you’ve heard the word Cryptocurrency enough times that you should be able to define it by now. The truth of the matter is, we’re over a decade into the Crypto journey and most of us still have no idea what it even is. I think it’s time for local businesses to become a part of this economic revolution. So today, I am going to show you how you can integrate cryptocurrency into your business.
Let’s start by answering a very basic question; What is cryptocurrency? According to coindesk.com, Cryptocurrency is a decentralized internet-based currency, that is often regulated by a global market of transactions available to the public. This places the power of the currency’s value, with the consumer and not with federally regulated financial institutions.
Now that we understand what Cryptocurrency is, the next obvious question is; Why do I need Cryptocurrency for my business? This also, has a simple explanation. Things like the dollar, and other federally regulated currencies, are usually more comfortable for businesses because it is an industry standard currency. However, they have the possibility of depreciating over time. While Cryptocurrencies like Bitcoin are the fastest appreciating asset in today’s economy.
You want to accept Cryptocurrencies for your business. Because, by having more ways to accept payment, you will have expanded your business’ reach. This will make new customers want to do business with you. Because your business took the initiative to fulfill their customer needs.
Now that we understand the value of accepting Cryptocurrency for your business, let’s get started! You will need to begin by selecting a Cryptocurrency payment processor. This platform will create a Crypto-wallet where you can save your Cryptocurrencies. You will need an e-commerce platform (like Shopify or PayPal) in order to receive Crypto payments for your business. If you don’t, I would start by selecting one first. (Pro Tip: PayPal has capabilities to accept Cryptocurrency payments directly) Once that’s done, you can begin researching for the payment processor that will best fit your needs.
One of the most commonly used Cryptocurrency Payment processors, is Bitpay. Bitpay has a selection of Open-Source Plugins and Integrations options, to ensure that your Cryptocurrency payments can be accepted via your website. Please remember to research which platforms have which integration options. You want to make sure that your processing platform can integrate into your e-commerce platform seamlessly.
Let’s start by answering a very basic question; What is cryptocurrency? According to coindesk.com, Cryptocurrency is a decentralized internet-based currency, that is often regulated by a global market of transactions available to the public. This places the power of the currency’s value, with the consumer and not with federally regulated financial institutions.
Now that we understand what Cryptocurrency is, the next obvious question is; Why do I need Cryptocurrency for my business? This also, has a simple explanation. Things like the dollar, and other federally regulated currencies, are usually more comfortable for businesses because it is an industry standard currency. However, they have the possibility of depreciating over time. While Cryptocurrencies like Bitcoin are the fastest appreciating asset in today’s economy.
You want to accept Cryptocurrencies for your business. Because, by having more ways to accept payment, you will have expanded your business’ reach. This will make new customers want to do business with you since your business took the initiative to fulfill their customer needs.
Now that we understand the value of accepting Cryptocurrency for your business, let’s get started! You will need to begin by selecting a Cryptocurrency payment processor. This platform will create a Crypto-wallet where you can save your Cryptocurrencies. You will need an e-commerce platform (like Shopify or PayPal) in order to receive Crypto payments for your business. If you don’t, I would start by selecting one first. (Pro tip: PayPal has capabilities to accept Cryptocurrency payments directly) Once that’s done, you can begin researching for the payment processor that will best fit your needs.
One of the most commonly used Cryptocurrency Payment processors, is Bitpay. Bitpay has a selection of Open-Source Plugins and Integrations options, to ensure that your Cryptocurrency payments can be accepted via your website. Please remember to research which platforms have which integration options. You want to make sure that your processing platform can integrate into your e-commerce platform seamlessly.
If you are more of a do-it-yourself-er or just can’t find the right plugin, you can accept Cryptocurrency manually. One of the easiest ways to do this is by going through Coinbase. Once you create your Coinbase account, Go to Crypto addresses, and Select Create New Address. This will create a Cryptocurrency address and corresponding QR Code that you can use to accept Cryptocurrency payments.
In conclusion, the Cryptocurrency market is not a futuristic concept with an unforeseeable ending. This is a globally accessible and globally regulated currency that is in circulation right now! According to Investopedia, the total value for all available Bitcoins is an estimated $1.06 trillion as of November 26, 2021. Bitcoin’s combined value equates to about 3% of the world’s currency. If you include other less notable Cryptocurrency’s like Dogecoin, Lightcoin, Ethereum, etc., Cryptocurrency accounts for about 7% of the world’s currency. The value of Crypto is no longer the question and you now have the tools necessary to accept Crypto as payment for your business. The only question now is, Why haven’t you accepted Crypto yet?