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, 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.

Bitcoin

BTC
Price
8,744 USD -6.81%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

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Mid-Week Bitcoin Dump Not Caused By Chinese Ponzi: Researcher

Wednesday’s Bitcoin flash crash was not due to a sell-off from Chinese ponzi scam, PlusToken, a researcher has claimed. Sid Shekhar, the co-founder of London-based, TokenAnalyst, said the disputed coins were moved earlier on the blockchain. We Can All Relax, It’s A False Alarm As Bitcoinist reported on Thursday, cryptocurrency influencer, Dovey Wan, brought the $3 billion scam to the attention of the international crypto-community on Twitter. Analysis from Peckshield suggested that about 1000BTC from PlusToken had flowed into Huobi and Bittrex since July. The reporting of this just after the crash which saw bitcoin price dip back into four figures led many to correlate the two. However, the TokenAnalyst review shows that very few PlusToken-associated addresses held any significant number of bitcoin and moved them recently. According to Shekhar: It doesn’t look like any of these addresses are exchange owned. So that was enlightening. We’ll keep an eye on this to see if they do move the 100s of millions into exchanges at some point. But Can We Really? The reason that very few Bitcoin addresses associated with the scam contained much in the way of coins, was because they had already moved. TokenAnalyst did find thousands of bitcoin on the ledger belonging to the PlusToken team. But much of this money filtered into Bitcoin mixing services about a month ago. This correlates with Peckshield’s data that the coins started moving nearly-July. Its findings were only that about 1000BTC flowed into exchanges. The rest, according to the new research by TokenAnalyst, flowed into mixers. Something caused the market to crash on Wednesday. Wan tweeted of unconfirmed reports by Chinese traders that someone was continually dumping 100BTC batches onto Binance. It is not inconceivable that the freshly mixed coins from the PlusToken scam were being pushed onto exchanges for conversion into fiat. But of course, we always want a nice simple explanation for any market movement. Something that we can point to, and sagely say… “ah, yes. this was the reason.” because there isn’t a lot of comfort in “just because…” What’s your theory for the recent bitcoin price dump? Let us know below!  Image via Bitcoinist Image Library The post Mid-Week Bitcoin Dump Not Caused By Chinese Ponzi: Researcher appeared first on Bitcoinist.com.
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