Bitcoin for Small Businesses: E-Merchants, etc

How to use Bitcoin and other cryptocurrencies in a small business, special apps which can be used for brick and mortar shops, special services to be used by online stores in order to employ a Bitcoin strategy

You have been already explained what Bitcoin is, how to buy and where to store it, but do you know how it can help in operation of a regular business? This article is intended for small business owners who wish to accept cryptocurrency as payment for their goods and services.

When creating Bitcoin, Satoshi meant it to be used like cash on the Internet. His invention enables quick and easy transactions online. This opens new opportunities not only for consumers but also for small businesses and retailers.

Bitcoin, as well as other cryptocurrencies, is a very secure way to accept payments because it eliminates the possibility of a double-spending. This means that a fraudster will have no way of reversing a transaction.

Like cash, Bitcoin payments are not subject to taxation, which is another reason for shop owners to accept it. Transactions do not go through an intermediary, and they are not being traced by any institution. This gives the wallet owner a full control over their funds.

Brick and mortar shops

If you own a brick and mortar shop, you can start accepting Bitcoins and other coins today. You will simply need to create a Bitcoin or altcoin wallet, print out the QR code of your public key, put it out at your register, and have your clients to scan it with their smartphones to make payments. You can make the process even easier by downloading a special app. Buying something from you will be as simple as paying for something with Apple Pay. If transactions are not quick enough for you, you can use Lightning Network. This second-layer solution for Bitcoin makes payments instant because they are recorded off-chain. You should also make sure that you have a ‘Bitcoin accepted here’ sign at the entrance of your shop. By letting people know that you increase public awareness and contribute to the adoption of Bitcoin.

Online stores

Accepting Bitcoins and other coins, if you are an online business, is a bit trickier because you will need to have a checkout page. With minimal coding skills, you can place a QR code of your address on your website. This, however, is not the most convenient way because you will have to manually process all payments.

Services, such as BitPay, Coinbase, Coingate,, will help you automate this process. They work like gateways for e-commerce systems, including Woocommerce, BigCommerce, Magento, Shopify. Before you chose any of them, you will have to thoroughly examine their propositions. Most of them will organize your orders by creating an individual address for each payment. If your customers are scrupulous when it comes to documentation, some services can provide automatically generated invoices.

These services provide various plugins and APIs to make your interaction with e-commerce systems easy and efficient. They all vary in their payment fees and services provided. As as a rule of thumb, those, who charge you for every payment, will usually supply their plugins for free. Others, offering no payment fees, will provide their e-commerce integration solutions on a subscription-basis.


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Blockstream Announces New Lightning Network Upgrade

Blockstream announced the v0.7.1 release of C-lightning. This version is one of the several technological improvements presently streaming into the crypto space to make Bitcoin lightning network transactions cheaper, faster, and safer. C-Lightning To Run Faster Synchronizations While Reducing Bandwith Consumption Bitcoin and its underlying blockchain technology offer amazing opportunities for distributed ledgers. However, according to the authors of the paper titled The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, the blockchain, as a payment tool, by itself, cannot yet handle the volume of the world’s commerce. This might eventually change. Bitcoin developers and engineers are continually making improvements to solve critical issues such as scalability and transaction costs. In effect, technological innovations, such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, are already helping to solve these issues. Now, Blockstream announces the release of c-lightning version 0.7.1, which brings several technical advances to make the Lightning Network faster and more efficient. In this regard, the most significant improvement is the result of the work that developers Joe Netti and Rusty Russell performed on the gossip protocol. Aware that the Lightning Network is growing exponentially and so far working well, developers Netti and Russel wrote, “However, the burden on hardware is increasing, and if the growth of channels continues to accelerate, the network will be facing scaling issues in the not-too-distant future. Finding an efficient route through a million channels isn’t easy.” We're excited to announce #clightning 0.7.1. This point release includes gossip improvements, longer default invoice timeouts, external-wallet channel funding, more powerful plugin support, better peer error handling, and performance improvements! — Blockstream (@Blockstream) July 17, 2019 As a result, Netti and Russel, through their “The Million Channel (Lightning) Project,” obtained relevant data that help them to refine the gossip protocol. Thus, with the new deamon gossip, C-lightning transactions can better and more quickly synchronize with peer nodes, while economizing on bandwidth. The Blockstream Engineering Blog states, “The gossip daemon is more selective about which peers it synchronizes its network topology from, considerably cutting down the time to synchronize and the bandwidth consumed by the gossip protocol.” Additionally, the new version allows for longer default timeout invoices. Until now, the default was set to one hour. Now, the timeout for invoices is seven days. Moreover, the new c-lightning version introduces better plugin support, better peer-to-peer handling, and performance improvements. And it facilitates external wallet funding. Lightning Network Continues To Grow Presently, three independent teams are working on the Lightning Network implementation: Blockstream, ACINQ, and Lightning Labs. The aim of these projects, among other things, is to minimize transaction costs, while improving the scalability of the Bitcoin network. Blockstream focuses on the c-lightning network. The Lightning Network continues to grow and get adopted at an increasing rate. For example, on July 8, 2019, the Luxembourg-based Bitcoin exchange Bitstamp announced that it had launched a Bitcoin Lightning node “to help grow the network and encourage other companies to get on board.” As of this writing, according to data provided by 1ML, the Lightning Network boasts over 9,075 nodes, with a capacity of about 903 bitcoins. How do you think technological innovations such as c-lightning will help to solve cryptocurrencies’ scalability issues? Let us know in the comments below! Images via Twitter:@Blockstream The post Blockstream Announces New Lightning Network Upgrade appeared first on

Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis

The total crypto market cap declined towards the $235.0B level and recently corrected higher. Bitcoin price is also correcting higher, but it is facing hurdles near $9,800 and $10,000. Binance coin (BNB) price recovered more than 10% and broke the $27.00 resistance area. Litecoin (LTC) price rallied recently above the $80.00 and $85.00 resistance levels. BCH price is slowly approaching towards the key $300 resistance area. Tron (TRX) price is up around 10% and it is currently trading above the $0.0220 level. The crypto market cap and bitcoin (BTC) are currently near an important juncture. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are showing signs of a short term recovery. Bitcoin Cash Price Analysis After a sharp decline below the $300 level, BCH price found support near the $270 level against the US Dollar. The BCH/USD pair started an upside correction and traded above the $280 and $290 levels. It seems like the price is slowly recovering and it could soon test the key $300 resistance level. If there is an upside break above $300, the price could correct towards the $320 level. If not, the price is likely to decline again below the $290 and $280 level in the near term. Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis Binance coin (BNB) price found strong support near the $24.00 level and it recently started an upward move. BNB price broke the $25.00 and $26.50 resistance levels. It even broke the $27.00 resistance and it may soon test the $27.50 resistance level. Litecoin price found support near the $75.00 level after a massive decline. LTC price jumped higher recently and broke the $80.00 resistance level. The price is up more than 12% and it is approaching towards the $92.00 and $95.00 resistance levels, where sellers could emerge. Tron price tested the $0.0200 support level and recently corrected higher. TRX price is up around 10% and it broke the $0.0215 and $0.0220 resistance levels. The next key resistance on the upside is near the $0.0230 and $0.0232 levels. Looking at the total cryptocurrency market cap 4-hours chart, there was a downside extension below the $250.0B support area. The market cap moved towards the $235.0B level and formed a swing low at $234.9B. It recently corrected higher and broke the $245.0B and $250.0B resistance levels. However, there is a strong resistance formed near the $260.0B level and a bearish trend line, which is currently acting as a barrier. If there is an upside break above the trend line, there could be a decent comeback n bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis was last modified: July 18th, 2019 by Aayush JindalThe post Bitcoin & Crypto Market Near Key Juncture: LTC, BNB, BCH, TRX Analysis appeared first on NewsBTC.

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