Now a pertinent question arises as to how could a limited online retailer or a family-owned business or a restaurant start to go to accept Bitcoin payments and can seek benefits?
Please consider the following steps here:
Creation of Bitcoin Address:
Initially, businesses need to have a Bitcoin Wallet, which is the address which would receive the money from customers and such a process is just similar to how emails work. The address is entered that is like scanning the QR Code on their smartphones and then the amount is entered which is about to be transferred and “send” button needs a hit.
Just like a cash register, money is withdrawn at the end of business shift and such is stored at a safe place. As an advice, it is always best to retain Bitcoins in smaller amounts on a computer, smartphone or at the server when thinking about everyday use. However, the bulk of the Bitcoins need to be stored in some safe place.
There are tutorials available on the internet stating how to set-up a Bitcoin wallet but then, we ought to learn some of the best practices on how to keep such wallets secured in their entirety.
Relying Upon A Payment Processor:
For a sales process that is too complex or voluminous and which may make Bitcoin payments into wallet tough, then the payment processor comes into play. BitPay and Coinbase are supreme examples here.
For using these, payment processors will ask for a percentage of amounts transferred through them or such can be set at a monthly fee in lieu of their useful services. As a matter of encouraging fact, such charges or prices incurred are far lower than what credit card companies or PayPal Service ask for. Besides, with payment processors subscription, there will be a few applications defining their technology and by which, invoices can be sent as emails, POS set-up which is crucial for running a restaurant or any eatery, then we can also add a plugin of shopping cart directing towards our digital shop.
Finally, money can be changed into fiat right away just in case, if you want to make a cash payment to someone.
Accepting Bitcoin Needs Advertising:
When dealing in Bitcoins, such needs to be communicated to customers. For online retailers, they need to place “Bitcoin Accepted Here” button and such should be on the website also, just near to credit card options like Visa, Master Card, PayPal, etc. Likewise, for physical establishments, such stickers need to be onto the doors or at the payment counters.
Calculating Taxes And Book Keeping:
Accountants can be asked about the ways to keep records related to Bitcoin payments or Litecoin or Darkcoin or for any such transactions. There are accounting companies which claim to be proficient in Bitcoin and another crypto-currency type of payments. For instance Bitcountant.
Drawbacks In Crypto Dealing:
There may emerge some of the shortcomings when one goes out to deal with Bitcoin, such as the following:
Lack Of Technical Know-how:
To deal with crypto-currency one needs to have a digital wallet which is registered at some digital currency exchange and to those with limited or lesser tech knowledge, it may be a big challenge. Clearly, such field is a great reserve of info and requires immense learning and this can be a hurdle when one has to keep attention on his business.
But luckily, Optherium has already developed a system which would address such issues. With their B2C platform, buyers are empowered to pay in any of crypto-currency which they may prefer and for sellers, they may opt for any such currency-type which they like, digital or fiat.
At Optherium, they maintain their own token and platform usage is not a requirement. In its place, Optherium holders will have to pay lower fees when they transact on such platform.
Crypto-currency Is Volatile:
The price is hugely volatile, making it hard to make an exact prediction of the value. In the beginning, in 2009, the Bitcoin was valued in pennies but later value increased to $19,172 against each coin but today, one Bitcoin is valued at $7000.
There are merchant service companies such as BitPay or CoinBase which help us to overcome such volatility-related issues as we are allowed to exchange digital currency at once and we paid its present cash value. Real-time crypto-currency payments are made through these services, as per currency’s existing worth. Certainly, businesses hold and reserve crypto-currency for the purpose of investment as per future prediction and speculation and this is nothing less than gambling in regard to the revenue stream.
Even though the transactions involving the crypto-currency are programmed to be safe, secure and immune to any possible cyber threats such as credit card number getting stolen, password insecurity etc, but still, such is not supposed to be entirely safe. This is also because of the fact that shrewd and cunning cyber minds are always found to think and develop ways to steal money digitally. In such a case, this is specifically risky as crypto-currencies lack proper back support or insurance just the way fiat currencies US dollar or Euro do.
As a mark of encouragement, there are companies who are working in this direction and Coinbase stands prominent here, which holds less than 2% of customer’s digital currency online and when any breach occurs, losses are completely insured by the company. Furthermore, just like the conventional banks, all of the fiat currency which Coinbase maintains is covered under FDIC insurance, for the refundable amount that is up to $250,000. But then, in case personal wallet is hacked, such protective layers become inapplicable, making it entirely our own responsibility to protect our personal account. Still, as a mark of hope, investors remain calm about their secured investment, just in case something unpleasant happens to the company.
Finally, we can also seek another protective layer by enabling multi-factor authentication on our accounts and then by securing and maintaining our private keys and by seeking constant data backup. Besides, there are companies which put efforts on enhancing security upon address wallets and Optherium takes the lead here by employing biometric verification method which is fool-proof to identify users on the basis of their face while granting wallet access and such ways deeply shake the element of thefts as assets are more secure now. Users can also re-create their wallet if access is lost.
Lawmakers are still pondering over ways to govern crypto-currency and regulations also undergo change around the world while further new evolve which clearly means that businesses need to adapt to new changes.
When thinking about dealing in crypto-currency or facing problems about setting-up Blockchain Wallet or aligning Blockchain Technology with your business, please rely upon Zuflo Coin paramount skill. Riding upon our skill and experience, we shall nurture new ways to make technology work for you to unleash great profits.