You are scrolling down on your social media handle; you stop at an influencer’s post telling you to invest in Bitcoin. Everything about bitcoin sounds fascinating, complicated, but a little suspicious. So you decide not to proceed because it’s too risky, and you do not know the inside outs of the process.
You find this very relatable. Don’t you?
But how many posts and videos are you going to skip before you realize that Cryptocurrency can be the one-time success opportunity for your business?
Think about it. Why is bitcoin taking every influencer, entrepreneur, and enterprise by a blow?
All the hype on the internet about the Bitcoin era is indisputable. However, the primary reason why businesses are unsure about Cryptocurrency is that they find it apprehensive and risky. But would such risk stop us from accomplishing our business goals? No.
This is why we have decided to discuss everything necessary you need to know about Bitcoin before you make an investment. And not only this, we will also learn to integrate some of the most secure and popular cryptocurrency payment gateways into our web business.
Below is an overview of what lies ahead in this article for you;
- Cryptocurrency in 2021: The era of Bitcoin!
- Why is bitcoin popular in 2021?
- How to make your business “Bitcoin ready”?
- Ten most popular Bitcoin payment gateways you should try.
- Frequently asked questions on Bitcoin.
- Final Analysis
Cryptocurrency in 2021: The Era of Bitcoin
The cryptocurrency was introduced in 2009 when a person called Satoshi Nakamoto(real identity still unknown) created the first Cryptocurrency, Bitcoin. There are other competing cryptocurrencies, too, such as “altcoins”; however, Bitcoin holds more than 60% of the market value.
Here are few things you need to know about Cryptocurrency:
- Cryptocurrency is like a digital asset created by a network and distributed among different systems. This digital currency is decentralized and nearly impossible to counterfeit.
- You can take Cryptocurrency as a “virtual token” that is safeguarded by encryption techniques like hashing function, public-private key pairs, and elliptical curve encryptions.
- For safe transactions, Blockchain is used. It is a method where your data is transferred in the form of double encrypted blocks.
- The first blockchain-based cryptocurrency was Bitcoin, which is currently the most valuable currency.
- Bitcoins are linked with wallet ID rather than your personal information, so this makes you a pseudo-anonymous owner.
- Any government body or central authority cannot control Bitcoin’s decentralized structure.
As of March 2021, Bitcoin holds a total market capitalization of $927 billion, with over 18 million bitcoins circulating online.
What made Bitcoin so popular in 2021?
Image- Elon Musk’s Twitter bio supporting Bitcoin.
When the richest man in the world gives his support to a digital currency, you know it’s going to be a big business. Not long ago, Elon Musk shared a tweet calling Bitcoin “a good investment” to his users. His comment resulted in a significant increase in the Bitcoin value.
The value change was so rapid that a single bitcoin that was worth £3,600 in 2020 costs more than £27,000 today. Elon Musk also declared that his electric car company Tesla invested $1.5 billion in Bitcoin and is ready to accept Cryptocurrency as a mode of payment. Now that the currency has gone global, it is expected to soon replace gold as a store value.
More than 30% of multinational companies like Microsoft, Intel, Starbucks, and Wikipedia have integrated Bitcoin as a payment mode. This for sure can be a golden opportunity for your business to invest in bitcoin payment gateways.
But popularity is not the only reason for Bitcoin’s success. Bitcoin holds several business benefits if implemented carefully. So here’s why your business needs Bitcoin.
Business Benefits of accepting Bitcoin:
If you allow your customers to pay using Bitcoin, you enable the following factors:
- Your customers receive a new mode of payment.
- Your target audience can now include users who prefer cryptocurrencies to pay for goods and services.
- Super secure transactions since every amount is retained in the blockchain ledger.
- Reduction of additional subscription cost that comes with credit card payments and other UPIs.
- You get global access to cash exchange which can help expand your international territories.
- Bitcoin wallets are safe, and it’s easy to create a backup of all the transactions made.
- You will stand out from the enterprises that still rely on traditional payment methods.
Enterprises of all scales and sizes can ensure that any payment made using Bitcoin is easily converted to fiat currency to avoid potential losses. Now that we are familiar with the Bitcoin benefits, it is time to make our business Bitcoin-ready.
How to Make Your Business Bitcoin-Ready?
It is as simple as it sounds. All you need to do is integrate a payment gateway that facilitates Bitcoin transactions. But before we introduce you to some of the best Bitcoin payment gateways, please remember that the Bitcoin market is highly volatile; therefore, it is advisable to liquidate your payments as soon as possible.
Top ten Bitcoin Payment Gateways You Can Consider For Your Business:
Coinbase is the biggest Bitcoin exchange forum in the United States of America. The company has a massive base of customers supporting Cryptocurrency from all over the world. The platform is not just reliable but supports both regular exchange and cryptocurrency exchange. The good news is that Coinbase can liquidate your Bitcoin transactions quickly, that too free on the first $1 million transactions. After this, the platform holds 1% of the merchant fee on all withdrawals. The only drawback to Coinbase is that it is operational in only limited countries.
You remember when we talked about “Altcoins’ ‘ in the previous section. The altcoin is one of the competing cryptocurrencies with Ethereum, Cardano, EOS, and a few more digital platforms. Coingate payment gateway not only supports Bitcoin but over 40+ Altcoin transactions. The platform can process the liquidation of Bitcoins into euros as well as USD in minimum business days.
The fascinating feature of Coingate is that it can convert your altcoins into bitcoins if required. The platform has an active mobile application, so you have all your business deals on your smartphone.
Okay! I know we started with Bitcoin payment gateways but isn’t the more, the merrier? I am talking about multi-platform support. Alfacoins supports Bitcoin along with Litecoin(LTC) and Ethereum (ETH). However, it does charge a 0.99% merchant transaction fee.
The platform is operational in all the major countries and provides excellent liquidity services to its participants.
Shopify is a well-known service provider that is versed with Bitcoin transactions. The platform has a reliable payment gateway and fantastic customer support. To integrate a bitcoin payment gateway from Shopify, you might need to register your business on the platform. You will also find additional features associated with the application interface of the payment gateway.
BitPay is famous for its security features while performing transactions. The platform follows a two-way authentication method to make safe data transfer. What makes Bitpay unique is its utility feature allowing you to set the transaction speed to your timeframe. Hence, withdrawal is made at your convenience.
BitPay charges a transaction fee of 1%, and the only drawback is that the platform is active in only 38 countries around the world.
Many enterprises prefer Gocoin since it offers an interesting API. You can also hire a developer to incorporate multiple plugins since this Bitcoin payment gateway supports plugin usage to use with online shopping platforms.
Gocoin holds 1% of the merchant transaction fee and liquidates only in US dollars.
Bitcoin Pay is a popular Bitcoin gateway that charges a minimum transaction fee at a rate of 0.8%. The platform was set up in 2014, where its central focus was European markets. Today, they support various currencies like PLN (Polish), ESD, Euro, etc.
You can withdraw your funds at a faster rate with Bitcoin Pay. Moreover, the platform offers plugin services for eCommerce platforms such as OpenCart, Magento, WooCommerce, etc.
If your business does not have a bank account, GoURL is the best cryptocurrency payment gateway for you. The company supports all major debit cards and Bitcoin wallets, including Bitcoin Pay.
One notable feature is that the platform emphasizes a high level of anonymity, which is essential, especially when you are dealing with business investments.
Another good thing is your payment is credited within 30 seconds of any transaction.
The drawbacks to GoURL are that it charges slightly higher as compared to other platforms and does not support direct bank transfers.
SpicePay is a straightforward payment gateway that offers you free transactions for a limited period. It favors businesses that are linked with PayPal at a rate of 1% per transaction. Enterprises prefer Spice Pay since it runs transparently. Its website clearly mentions all the operations and procedures involved in the transaction.
Therefore, it becomes easy for you to understand the flow of your currency.
SpectroCoin is popular for speedy transactions. The platform liquidates in any favored currency, which is the bonus point for business owners. It has a multi-purpose website where you can apply for a Bitcoin debit card or Bitcoin mobile wallet.
Besides, you can integrate this payment gateway via an electronic cart plugin. One major drawback is that Spectrocoin heavily depends on Paypal and lacks several valuable features that are available to you with other gateways.
These were some of the most preferred Bitcoin cryptocurrency payment gateways that you can integrate with your online business.
Now that we are familiar with the necessary aspects of Bitcoin, it is time to find answers to frequently asked questions and myths about Bitcoin.
Frequently Asked Questions on Bitcoin:
Q1. Who controls Bitcoin?
As of now, nobody owns the Bitcoin network. Although the developers are constantly trying to improve the guidelines, they cannot make changes to the protocols since everybody is free to choose the version and software they use. Bitcoin can be volatile from time to time, but that entirely depends on how we comply with the currency.
Q2. How exactly does Bitcoin work?
You can take a Bitcoin wallet as a computer program or application that allows you to receive and send Bitcoin, just like transferring cash.
Behind the scenes, the Bitcoin network is managed by a public ledger called “Blockchain.” This ledger consists of every transaction ever made, and the integrity of the transaction is protected by digital signatures saved online. When you send bitcoin to someone using your digital signature, you give them complete control over the transferred currency.
Q3. How can you get Bitcoin?
You can acquire Bitcoin by
- Integrating a cryptocurrency payment gateway and accepting bitcoin as payment.
- Purchasing bitcoins online.
- Exchange cash with Bitcoin.
- Earn Bitcoin via competitive mining.
Q4. Is it difficult to make Bitcoin payments?
Bitcoin payments are much more manageable than debit or credit card payments. All you need to do is enter the recipient’s address and confirm the payment. You can also use the QR scan code containing the recipient’s online address to make it easier.
Q5. How can Bitcoin help businesses?
With Bitcoin, your business gets:
- Payment freedom – You can receive and send Bitcoins anytime and anywhere in the world.
- Currency freedom- You can liquidate your bitcoins in any currency of your choice.
- Minimal risks for business owners– Bitcoin transactions are irreversible and completely secure and do not contain your sensitive personal information.
- Control and security- You can take full control of your Bitcoin transactions and can protect your currency with backup and encryption.
- Transparency and neutral process– Any information regarding your Bitcoin transaction is readily available on the Blockchain ledger. Moreover, no organization or individual can make changes to the Bitcoin protocol, so you know that the process is neutral.
Q6. How can I make my business successful with Bitcoin?
Bitcoin is an emerging space of innovation. Every business opportunity includes risks; since Bitcoin is a volatile market, one cannot always predict its value. However, looking at the growing statistics of businesses accepting Bitcoin, it is expected to stay in the market for the long run.
There is no guarantee of profit with Cryptocurrency, but you can certainly gain the attention of users who purchase goods and services using Bitcoin. Your generic audience scope widens, helping you bring more customers.
Q7. What determines Bitcoin’s price?
The value and price of Bitcoin are defined by its supply and demand. When demand for Bitcoins increases, the value increases, and vice versa. But remember that Bitcoin is comparatively a very small market, so it does not take a massive amount to move the prices up and down.
Bitcoin has become immensely popular due to its relative anonymity. You can use it for everyday legal purchases and implement the same in your business. Cryptocurrency is very quickly going to be a mainstream investment option. Hence, it would be best if you considered grabbing this opportunity. You can either integrate a cryptocurrency payment gateway in your business app or approach third-party Bitcoin gateway APIs. Another solution is to hire a developer and develop your own unique software to receive Bitcoin payments. Now, get along before it’s too late!