Over the last 10-15 years, Bitcoin has grown extensively in both value and popularity. With around 22% of Americans owning Bitcoin, the ability for online merchants to accept Bitcoin for purchases can draw on a broader consumer base, create investment opportunities, and even generate company growth.
Accepting Bitcoin online is an excellent one for many businesses, but learning how to accept Bitcoin online may be a daunting idea.
While there may be some fear of allowing Bitcoin purchases online, there doesn’t need to be; there are plenty of ways to do so, all with their opportunities.
Before we delve into the nuanced world of eCommerce, there are several ways to trade and accept Bitcoin online individually. Let’s take, for instance, a freelancer who wants to accept Bitcoin as payment without having to set up a full website to do so. Websites like Crypto.com or Coinbase are great places to trade and accept Bitcoin from others.
At this point, coin holders have the opportunity to sell their coin in exchange for regulated currency or to wait in hopes that Bitcoin will increase in value.
It is important to note that if Bitcoin is sold in the United States for more than it was purchased for, the IRS will require the payment of capital gains tax.
There are several Bitcoin processors that merchants and small businesses can use to accept Bitcoin online. These are processors that convert Bitcoin to cash automatically, such that merchants not have to work with the volatility of Bitcoin and can quickly receive cash, even though their consumer is purchasing with Bitcoin.
These are the best options for those looking to simply accept Bitcoin but do not want to get deeper into the cryptocurrency marketplace. In addition, avenues like BitPay, PayPal, and Flexa will allow merchants to accept Bitcoin and ensure rapid deposit of cash into the merchant’s account(s).
Crypto Payment Gateways
Payment gateways are another excellent choice for those looking to begin accepting cryptocurrency online, especially when working with eCommerce marketplaces. Whether Shopify, WooCommerce, or Square, crypto payment gateways are easily integrated into your platform and provide several options for your consumer journey.
What do crypto payment gateways do? Most crypto payment gateways assume the risk of online crypto accepting, allowing you to accept a coin directly as payment or have it immediately converted to cash, similar to a Bitcoin processor.
However, suppose you are trying to accept Bitcoin on your site and want it added to a crypto wallet, want to diversify your cryptocurrency portfolio, or simply want to create an investment strategy surrounding Bitcoin. In that case, your payment gateway will essentially stand out from a processor.
Many crypto payment gateways also offer enticing integration features that may make accepting Bitcoin online move from being an option to being a desired feature.
Who’s Your Target Market?
Within the question of how to accept Bitcoin online is the question of why you accept Bitcoin online. Especially within the tech industry, and industries with a subject base between 19 and 40 years of age, accepting Bitcoin can provide intense prominence.
Whether how you accept Bitcoin online through a processor or a crypto payment gateway, how you demonstrate it to your target market can help you vastly improve your business success.
Within the competitive aspect of your business, the ability to stand out amongst the competition by accepting Bitcoin payments can help draw in a young, exciting marketplace or assist in an exchange that feels to your consumer more like asset trading than making a currency purchase.
Because of this, it is essential to identify and focus on your target market when it comes to how to accept Bitcoin online. Examine your target market’s age range and what interests and industries they are involved in. If those align with the Bitcoin market, capitalize on it and ensure that your eCommerce tools reflect the industry.
For example, an eCommerce store targeted at an age 19 to 40 pop-culture audience may want to consider a payment gateway more than one targeted at a different commodity. Therefore, how much you integrate Bitcoin purchasing into your eCommerce journey is mainly dependent on your audience.
Am I Locked Into How I Accept Bitcoin?
If you’re hesitating to accept Bitcoin for fear of being locked into a method, don’t worry. There are ways to change your processor or gateway quickly. It is okay to find the best method for customers and you. Don’t be afraid of a little bit of trial and error; the most important aspect is finding the avenue that works best for you.
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