Bitcoin Accepted Here: How Businesses Can Get Started With Bitcoin?

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Bitcoin Accepted Here: How Businesses Can Get Started With Bitcoin?

Bitcoin ( BTC ) technology has taken center stage without the backing of companies or governments. Despite the constant resistance of mainstream finance, Bitcoin has managed to shape its own narrative, going from being just an idea to becoming a decentralized asset with high returns. This transformation attracts investors of all generations towards owning and using Bitcoin as a means of payment.

Given the spending immunity to geo-restrictions that Bitcoin brings, companies around the world are turning to customers that were out of their reach just a decade ago.

But in the case of cryptocurrency, the saying “all publicity is good publicity” has not lived up to the truth. This is why there is a knowledge gap on how to turn BTC into a legitimate means of payment for businesses.

When it comes to accepting Bitcoin as payment for your products or services, the following steps will ensure a smooth path to adoption.

The Law of Each Country

Not all governments welcome their citizens trading Bitcoin. This is because many Bitcoin platforms do not enforce Know Your Customer (KYC) and Anti Money Laundering (AML) requirements, making it difficult for authorities to track transactions.

If you want to run a business that accepts Bitcoin, make sure you use a service that complies with local laws and regulations. Depending on the government’s stance on cryptocurrency, income taxes will be imposed differently in each location.

This has led many companies to move to places that allow tax-free or less scrutinized cryptocurrency income. Currently, two of the safe havens are Malta and Portugal. While Gibraltar’s low-tax environment allows crypto companies to get away with just 10% business tax, countries like the United States have stricter policies regarding crypto earnings.

Choose The Right Platform

Now that you have researched the local regulations related to Bitcoin income, it is time to determine the best method of transacting with Bitcoin, both for you and your customers.

Bitcoin transactions are possible thanks to BTC addresses, QR codes, point of sale (POS) systems, and online payment gateways. To identify the best method to accept Bitcoin, ask yourself the following questions: “What type of population do I serve? What technological knowledge do they have?” This will help you rule out complex gateways and bring you closer to your final way of accepting Bitcoin.

To make a more informed decision on choosing the right platform, read Cointelegraph’s detailed guide for an explanation of the nuances of receiving payments in BTC, including creating a BTC-ready store and the software ecosystem that makes it possible. .

Tell Your Customers The “B” Word

Giving customers more payment options can never be a bad thing. Bitcoin has turned out to be a surprisingly successful marketing tool for many businesses. While it cannot guarantee a loyal customer base, ” We Accept Bitcoin Here ” stickers will give your business the prominence it seeks, both online and offline.

No matter how many banks work together, fiat money cannot come close to Bitcoin’s ability for seamless cross-border payments, even at this early stage of the blockchain life cycle. This makes it easier for a buyer to satisfy your needs. On the other hand, it would be easy to set up a merchant to sell a local exotic or handmade product and send it across borders and continents in exchange for BTC.

Furthermore, Bitcoin store aggregators connect this vast ecosystem of borderless sellers and buyers. Getting your business listed on a popular aggregator can help your potential customers find you. Today, you can legally buy everything from hoodies and t-shirts to phone cases and face masks using Bitcoin. Here is a more extensive guide on what you can buy with Bitcoin.

Once you’ve taken care of the legalities, feel free to market your new payment options with Bitcoin. People all over the world are eager to discover more stores that accept Bitcoin for their services, so early adopters have a huge head start. If you are prepared to accept Bitcoin for your online business, it will be ideal for submitting articles internationally, as the Bitcoin community knows no borders.

Learn more about the topic: is Bitcoin legal?

In general, it is important to keep up to date with the latest innovations around Bitcoin. Follow Cointelegraph’s beginner’s guide to discover the best places to discuss all Bitcoin. To make things easier, we’ve also put together a guide to help you choose the best wallet options available on the market.