Accept Crypto Payments
We-are-accepting-bitcoins, Blockchain merchants and exchange preform for bankcard merchant services. There is quite the debate among those in the financial industries on whether Bitcoin will garner more attraction as time passes. If you are not familiar with this mode of payment, investors purchase Bitcoins and supply and demand makes them more or less valuable. Unlike gold or silver which has published values, Bitcoin values are in the virtual world because there is no paper on which it is printed or metal in which coins are struck. It is the uncertainty of the value and the way Bitcoin is used that makes a Bitcoin Merchant Account a high risk venture.
Digital currencies are exploding all over the world. There’s an immense interest towards this type of payments. In fact, these are blockchain-based technologies that are attracting more and more people from all around the globe.
All eCommerce stores can use crypto payments as a significant addition. Both big corporations and small enterprises like restaurants and coffee shops are interested in crypto payments. Are you a business owner with an online presence? If yes, providing various payment methods for your customers should make up part of your responsibility. Crypto payment methods should be integrated into your website. This is a great option indeed.
When it comes to the blockchain, it might still be in its early stages of development. The upcoming few years are expected to turn the technology into a dominant force in eCommerce.
Blockchain has been widely endorsed for building a secure and decentralized payment system. The latter makes digital records of every currency unit. Also, this system follows it all through the channel.
Accepting payments in crypto payments and receiving funds directly to your bank account is too important these days. Do you know how you can accept crypto payments? Do you know a reliable and experienced payment processing company that can help you with this? Just go on reading this article and you’ll get answers to your questions.
Bitcoin is one of the first and most popular cryptocurrencies in the world. It is a decentralized digital currency that does not belong to a central bank or an administrator. It can be sent from one user to another by utilizing a peer-to-peer blockchain network, all without any type of middleman.
The inventor or inventors that go by the pseudonym Satoshi Nakamoto created Bitcoin as a side project but never actually intended to invent a currency.
The first recorded transaction using Bitcoin was traced back to January 12, 2009 and it has now reached a transaction volume of 200,000 daily transactions.
Despite the popularity of this “gold standard” in cryptocurrency, Bitcoin is known for its extreme volatility, in the form of 10 times the change in price compared to the US dollar in a short period of time.
Adding to its volatility, Bitcoin has also been associated with some seedy business practices. One of the most high-profile cases was in October 2013, when Bitcoin was used in drug transactions by way of the Silk Road, ending with the FBI shutting down the marketplace.
Geopolitical events and statements made by governments threatening to regulate Bitcoin has only added more fear for investors.
All this panic drives the value of Bitcoin down rapidly versus the fiat currency.
If you are a merchant who sells goods and services via Bitcoin, the Bitcoin price at the time of sale can be different than two days later – or an hour later. You could say that prices are like opening rates on a stock, and based on the activity during the day, the price of that stock can rise, fall or remain flat. Processors will honor the price of what is sold based on the sale itself.
Several articles published by respected individuals call attention to the Bitcoin value. Jeremiah Bohr and Masooda Bashir at the University of Illinois at Urbana-Champaign wrote an article titled Who Uses Bitcoin? An Exploration of the Bitcoin Community. It points out a good deal of interesting facts. Bohr and Bashir found that age was a statistically significant factor in predicting the amount of Bitcoin a respondent held. Respondents with the most bitcoins were aged between 55 and 60 years old. However, these owners were generally from overseas.
Probably one of the most interesting aspects of the research indicates that users who spent bitcoin on illegal goods had significantly more bitcoins than those who didn’t. Users who purchased illicit goods, such as narcotics, had up to 45% more bitcoin holdings than those who stuck strictly to goods that wouldn’t get them in trouble with the law. Bitcoin is not legislated by laws from the Federal Reserve or any other system. Purchasers and users are self-governed.
The only factor that suggested a preference for anonymity was whether a user was a miner or not. Respondents who favored bitcoin for its potential to disrupt the banking system were found to be above the age of 40 and residing outside the US.
With all the uncertainty of using Bitcoin as a manner of payment for goods and services there are those who want a Bitcoin Merchant Account. It is estimated that there are 80,000 businesses that accept Bitcoin now in the US. Other good news is those will a Bitcoin Merchant account will generally pay less in transaction fees that are charged by the major credit card companies.
Finding a processor to open a Bitcoin Merchant Account will be difficult. Conservative processors as well as mainstream banks will certainly decline the business. However, there is a high risk specialist that can get your Bitcoin Merchant Account opened and have you accepting orders within 72 hours. They offer secure gateways that are already set up to accept mobile payments.
Cryptocurrency relies on P2P or peer-to-peer technology. It has a decentralized. This means it’s not backed or regulated by any central bank or government. The reality is that buyers transfer funds directly to sellers. There’s no third party involved in the process.
It’s important to note that the biggest risk of digital currencies is associated with price volatility. That’s the reason why crypto value is too unpredictable. Specifically, Bitcoin was first valued in pennies after the introduction in 2009. In December 2017, it jumped to $19.172 per coin.
As for small businesses, there might be various reasons to accept crypto payments. Being at the forefront of technology is one of these reasons. Another reason is to be able to attract customers who use crypto. Eliminating some kinds of payment processing fraud is another reason as well.