Bitcoin, like fiat money, is a medium of exchange. It has value, converts into fiat currency, and can be used to purchase goods and services. At the same time, bitcoin is not controlled by any government or organization, which increases its value in our time of crisis.
It has a lot of advantages and can't be compared to any other currency. However, to successfully use this form of money, special skills are required, so it is important to find out what they are like. In particular, you need to know how to accept cryptocurrency payments. This is what this article is concerned with.
Why Is This Cryptocurrency so Popular?
Currently, the number of Bitcoin holders has exceeded 23 million and its capitalization in May of 2024 is over $1.2 trillion. This is due to the numerous advantages that cryptocurrency provides, and Bitcoin in particular.
- You can pay for goods with bitcoins anywhere in the world at any time of the day or night, which makes it easy to make and accept international payments. There are no usual restrictions when transferring money worldwide: for example, festivals and holidays are no longer an obstacle. Similarly, accepting Bitcoin payments is independent of time and geographical location.
- You're the only one who controls your money. The system does not have a supervisory authority, which makes it possible to manage your funds totally free.
- Bitcoin is also secure because users are responsible for their own transactions. There is no need to provide personal information when making payments, the transaction can be completed without it. People can't see your personal information, which protects you from identity theft. Your funds are safe, thanks to the Bitcoin backup procedure.
- Traders cannot charge consumers additional fees and leave them unnoticed. Any such payments must be discussed with the consumer in advance. Currently, fees associated with Bitcoin payments are very limited. In order for the transaction to be processed faster, users themselves can offer fees. The higher the commission is, the faster your funds will move within the network.
- All completed transactions are available to everyone, but personal information is unavailable. Your public address is open for viewing, but your personal information is not. Thanks to blockchain, anyone can verify transactions at any time.
- The system cannot be hacked by anyone or any organization because Bitcoin is cryptographically protected. And the system's blockchain makes fraud more difficult.
One of the features of Bitcoin is halving — a twofold reduction in the reward that miners receive for new blocks. The main purpose of it is to reduce the rate at which coins are released. We've doveuted an article to explaining all the nuences of Bitcoin halving.
How Bitcoin Works
To operate, you need a wallet that allows you to store, send, or receive bitcoins. You also need the recipient's bitcoin wallet address.
Now let's say you want to send a bitcoin to a merchant or supplier of goods. The payment to a bitcoin wallet is a fairly simple procedure if you know the sequence of steps. To start a bitcoin transaction, you need to:
- copy or scan the recipient's wallet address to your wallet's sending interface;
- enter the amount you want to send;
- press the send button.
After completing these steps, the transaction is broadcasted to the Bitcoin network, where its security and integrity are confirmed.
Once your transaction is verified, miners combine it with other transactions into a “block” and add that block to the Bitcoin blockchain — a shared public record of all transactions ever made. As soon as your transaction is added to the block, the wallet will send you a confirmation. The cryptocurrency funds are then transferred to the recipient's wallet.
This is how cryptocurrency payments are made in a simple way, using Bitcoin as an example, regardless of the location of the sender and the recipient. At the same time, as a rule, there is no need for correspondent relations. All bitcoin users are on the same network. Transactions are made possible by blockchain, which, figuratively speaking, plays the role of a regulator, protector, organizer, communicator and registrar of the cryptocurrency movement.
Also read our article: «How to Boost Bitcoin Transaction? TOP-5 Methods».
How Can You Accept Online Cryptocurrency Payments?
The easiest way to accept cryptocurrency payments is to transfer them to a cryptocurrency wallet. There are a lot of Bitcoin wallets on the market. We have reviewed the best of them in our article, to help you choose the most suitable one.
This method does not involve any automation and is appropriate when there is no need to accept a large number of payments.
A more advanced option is to develop your own cryptocurrency processing module, which can be used to automate the process of accepting payments. However, it can take a lot of time and money to develop such a module.
Crypto processing services can provide the required level of security and convenience — ready-made solutions that operate similarly to standard Internet acquiring.
Read about the advantages of Bitcoin payments in our article: «TOP-10 Benefits of Accepting Bitcoin for Your Business».
The following procedures are safely performed using crypto processing:
- verification;
- accepting payments in bitcoins;
- transferring bitcoins to the recipient;
- sending transactional information to the blockchain, as well as registering confirmation;
- conversion of cryptocurrency into fiat currency (at the recipient's request).
As thousands of online businesses seek to integrate cryptocurrency payments into their websites, the demand for bitcoin acquiring services is higher than ever. Most companies have neither the resources nor the experience to process transactions independently and sometimes have no idea how to get paid in cryptocurrency.
Moreover, it is difficult for non-blockchain businesses to track what payment came from a particular customer and how many confirmations they received from the network. Crypto processing successfully solves these problems.
Also read our article «How to Increase Payment Conversion on the Website».
How Can I Enable Cryptocurrency Processing?
One of the popular crypto payment gateways you can connect to is CryptoCloud. Its main features include:
- reliability;
- convenience;
- easy to use.
Another significant advantage of CryptoCloud is its versatility. Every user, be it an online store owner, a stock trader or a commercial blogger, can use it to connect to the service of accepting payments in cryptocurrency.
CryptoCloud allows accepting cryptocurrency payments in telegram bots, on websites, online stores, etc. Sellers and buyers from all over the world can use the platform.
The main advantages of CryptoCloud include:
- processing the most widespread cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Tether, USD Coin, True USD;
- ability to pass on payment of service and blockchain network fees to the buyer;
- simplicity and adaptive interface;
- an option of buying and exchanging cryptocurrency;
- easy integration allows connecting via the API, as well as using popular ready-made modules (Woocommerce, GetCourse, Opencart, etc.);
- fast withdrawal of funds;
- high-security standards when protecting against DDoS attacks, full encryption of information;
- quick generation of a payment link;
- large knowledge base;
- prompt support.
To activate the service, you need to sign up, add information about your project, integrate it in any convenient way, and make a test payment. At the same time, you can always contact CryptoCloud technical support for any questions.
You will find a full overview of the CryptoCloud cryptocurrency payment system in the article.
Free Connection to Your Website for Accepting Bitcoins
Due to the economic crisis and sanctions that hinder the movement of fiat currency, the need for cryptocurrency transactions is naturally growing. However, during the crisis period, fraudsters also become more active, hunting for the funds and personal data of participants in cryptocurrency transactions, including bitcoins. This makes crypto processing, with its highest standards of privacy, the most sought-after type of service, as it gives users the utmost security.
One of the most acknowledged crypto processing services is CryptoCloud, with its numerous advantages. If you are looking for options on how to set up cryptocurrency payments on your site as quickly and securely as possible, register on cryptocloud.plus and connect your project.
