Photo by Olya Kobruseva from Pexels
Photo by Olya Kobruseva from Pexels

Paying Cryptocurrency For Services – How To Use Bitcoin For Payment?

Cryptocurrency has become the most favorite topic of conversation. But, to make matters more interesting, “currency” doesn’t necessarily mean the same thing everywhere you go. Significant developments are being made towards making Bitcoin a universal payment method. But still, it may take several years to happen. However, many services and business outlets have started taking Bitcoin as a payment method. 

However, plenty of places like Humble Bundle and WordPress now accept Bitcoin as payment, and for a good reason. So the benefits of using this secure and anonymous currency as a method for payment are pretty extensive. But to maximize your benefits from using Bitcoin, you need to rundown through some crucial aspects. This includes pointers like getting Bitcoin, avoiding losing them, and what the future might hold for this currency worth thousands of dollars. Some of these aspects are detailed here.

Getting Started With Using Bitcoin

To begin your journey with Bitcoin, you first need to get some Bitcoins. You can track dozens of methods to get Bitcoins, from buying or exchanging using an exchange to using free mining tools. You can easily convert your preferred currency into crypto coins through a genuine currency exchange. There are so many different exchanges for obtaining coins, and usually, the easiest way to go about this is by exchanging your cash into Bitcoin on the internet. 

Then, you have to register on a platform and use your credit or debit to pay for the number of Bitcoins you want. The other method of getting Bitcoin is using mining pools that require technical knowledge. Just like currency exchange, there are thousands of free mining platforms online. You can register and join their mining process to get some free coins mined under your name.

Photo by Olya Kobruseva from Pexels
Photo by Olya Kobruseva from Pexels

How Can Businesses Benefit By Accepting Bitcoin?

Many businesses have made their first step towards accepting Bitcoin in exchange for their services. However, the problem is that only select business owners get full benefits from accepting this payment method. Many business owners are still unaware of how and why accepting Bitcoin would benefit them. As mentioned before, Bitcoin isn’t subject to regulation and is anonymous. That means that there is no way for a payment processor to come along and enforce their policies on the business owner. No chargeback fees and so forth. Some examples of businesses that accept Bitcoin include

  • Starbucks
  • Overstock
  • Word Press
  • PayPal
  • Amazon

If you’re interested in accepting Bitcoin as a payment method, you have to make sure that your service or business accepts it. You’ll need to be able to accept it as payment because the transactions are irreversible; otherwise, you’ll be losing money. You’ll also want to start with smaller transactions when you’re getting started; this will allow you to see how the whole thing works and if it’s something that would benefit your business or service. 

Benefits of Using Bitcoin for Payment

Among the list of great benefits of using Bitcoins, the most significant one is that it’s entirely digital money. Unless you’re holding a physical object that corresponds to the digital currency, there’s no way someone can seize your Bitcoin to get it back from you. That means you don’t have to worry about being robbed at an ATM and so on. With a blockchain network in the picture, you can stay assured that your digital coins are safe and only you have the key to access them.

The other significant benefit of this currency is its robust security features. For example, when you use your debit card for making payments, your card numbers are stored in a centralized database on their servers. On the other cryptocurrency like Bitcoin allows you to make payments anonymously and privately.

If you’re not careful, you can lose a large chunk of your coins reasonably quickly—many ways to lose coins, including losing them through a hacked wallet. But the most common way is to spend too much of your hard-earned money on Bitcoin. Experts believe Bitcoin dominance falling below 40% if the current trend continues. Since Bitcoin has become more popular, it’s possible to find some pretty cheap coins that make it hard for anyone to resist spending. However, if you fall into this trap, make sure you keep track of what you spend your money on.