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
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.
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, Blockchain.info, 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.