Bitcoin as a means of payment
Regardless of whether you are an advocate or critic of cryptocurrencies yourself, one thing can no longer be denied these days: Bitcoin and Co. are increasingly gaining awareness and acceptance. What used to be a fringe phenomenon, primarily enjoyed by tech-savvy early adopters, is now ubiquitous and a household name for more and more people.
Both as an object of speculation and as a decentralized means of payment, digital currencies are playing an increasingly important role. First and foremost Bitcoin, the cryptocurrency with the largest market capitalization. In the wake of this, many online merchants are asking themselves whether it is possible for them to offer Bitcoin as a means of payment. To do so, there are several options to choose from. Whether it’s a large or small business, it’s quick, easy, and often free to accept Bitcoin. There are some advantages to this, but there are also disadvantages to consider.
The advantages of offering Bitcoin as a payment option
This makes it easier than ever for merchants to accept Bitcoin as a payment method to complete purchases. Various advantages speak in favor of implementing this.
- While cryptocurrencies are becoming increasingly important, a broader customer group can be addressed by accepting digital currencies.
- More and more users are showing interest in Bitcoin and would be happy about the possibility of being able to pay with it at more places.
- In addition to this, companies that enable payment with cryptocurrencies are seen as particularly innovative and forward-looking. This can also help them stay competitive, increase awareness and stand out from the competition.
A major advantage of payments with Bitcoin is also that they are particularly fast and secure. As a decentralized means of payment, Bitcoin is based on the blockchain and is independent of central financial institutions. This enables a high degree of anonymity as well as security. On the blockchain, transactions are protected from manipulation and cannot be falsified. This offers advantages for both users and merchants. In addition, payments via Bitcoin can be accepted internationally free of charge and processed very quickly. Here, there are no foreign fees and waiting times that have to be taken into account with international bank transfers and the like. What speaks against Bitcoin as a means of payment, however, are the strong price fluctuations to which the digital currency is subject. There are even bots like these who help traders to profit more from these patterns. Within a day, the exchange rate can fluctuate greatly, which makes it difficult to price products and can be problematic when it comes to returns. Nevertheless, traders can protect themselves from this, for example by linking the price to a fiat currency so that the desired euro amount always arrives in the account.
Bitcoin is becoming more and more important and is slowly making its way to the center of society. Bitcoin is already accepted as a means of payment in various places. More and more users and merchants are recognizing the importance of Bitcoin and are using it for payment purposes. Those who also want to offer this have various options and can enjoy various advantages.
Accepting Bitcoin – these options are available
Accepting Bitcoin as a means of payment is particularly easy nowadays and possible in different ways. An easy way without detours is the transfer of Bitcoin directly into the wallet of the company. A popular online provider in Germany and worldwide is Coinbase. Both private users and companies can use Coinbase’s wallet to store, buy and sell Bitcoin and other cryptocurrencies securely. Buyers can simply send their Bitcoins to the merchant’s wallet to complete the purchase. This method of payment is particularly suitable for small businesses.
An alternative is to use payment service providers that support bitcoin payments. Here, the choices are currently becoming more diverse. In most cases, the payment service provider takes care of the entire payment processing. In most cases, the immediate exchange to fiat is also offered to make the purchase process particularly easy for both parties. One payment service provider that accepts cryptocurrencies is Neteller, for example. This is already available as a payment option at many online providers. Especially in the gambling sector, Neteller has already been able to establish itself, so that customers who make sports bets online can settle with the payment service provider and bet Bitcoin in the process. The digital currency has thus already arrived at the modern bookmaker through Neteller. In the future, PayPal is also expected to introduce Bitcoin as a payment method in their payment service. This would enable millions of merchants and buyers to buy with Bitcoin in a particularly easy way.