Bitcoin is the most valuable and popular digital currency, rapidly transforming the global economy. And, online businesses are the leading players driving crypto adoption, allowing shoppers to pay for goods and services using Bitcoin and other virtual currencies. Today, web-based platforms enable customers to search the different online vendors accepting Bitcoin based on products and services.
Some merchants believe Bitcoin only benefits mainstream tech-savvy firms with a global customer base. However, recent statistics indicate many small to medium online businesses are increasingly adopting crypto into their payment systems. For example, a 2020 HSB survey revealed over 36% of small and medium enterprises in the US accept Bitcoin. Some of those merchants have personal wallets, please visit to know if cryptocurrency is taxable.
Why Accept Bitcoin in Your Online Store
While some online marketplaces also operate physical stores, all web-based merchants heavily rely on digital payments, allowing customers to pay for products electronically. However, most of those digital payment systems remain subject to institutional influences, making them very restrictive. Here’s why your website should start accepting Bitcoin payments.
Expands your Customer Base
Bitcoin is a decentralized digital currency that allows users to send and receive payments worldwide. The number of its users has continued to grow exponentially, creating a new market for web-based businesses. The increasing Bitcoin adoption among global consumers offers lucrative opportunities for your online store to target new customers. Besides, integrating Bitcoin into your payment systems would also appeal to your existing customers, offering them various options during check-out.
Faster Payment Processing
Accepting Bitcoin as a payment method would also offer your online store greater convenience, enabling you to process payments from customers seamlessly and instantaneously. Bitcoin’s decentralization and underlying blockchain technology allow you to receive payments from customers worldwide within minutes. Besides, you can send payments to your suppliers that accept Bitcoin promptly.
Reliable Transactional Records
The other benefit of accepting Bitcoin is that it enables you to maintain a proper record of all your transactions. All Bitcoin transactions occur on the network without any intermediaries. The blockchain validates transactional data on a permanent shared ledger, accessible to all users at their convenience. That irreversibility of Bitcoin transactions ensures accurate information regarding payments.
Better Control over your Money
Unlike the conventional payment methods subject to institutional influences, Bitcoin has no central authority. Instead, it is a peer-to-peer network that allows you to manage your money however you want. You could transfer the funds to your bank, withdraw them in cash via a Bitcoin ATM or hold the Bitcoin in your wallet as an investment.
How to Accept Bitcoin in Your Website
Various options exist for integrating Bitcoin into your website’s payment systems. The following are the main alternatives for accepting Bitcoin in your online store.
Online Payment Processors
Many e-commerce merchants use third parties to process crypto payments. Unlike credit cards, online payment processors have relatively lower transaction fees, with the majority charging 1% or less. The most popular online payment processors include Coinbase, WooCommerce, BitPay, and PayPal. However, they usually have different terms and conditions, including withdrawal and monthly transactions limits.
Personal Wallet
You can also create a personal Bitcoin wallet to receive payments directly without going through the above service providers. Doing so will generate a public key or address to share with customers whenever they want to pay for products in Bitcoin. However, you will still need a trusted crypto exchange to convert your Bitcoin funds to the desired fiat currencies.
Accepting Bitcoin in your online store offers numerous benefits, enabling you to reduce costs, process payments promptly, and expand your customer base without implementing complex business strategies.
