How To Accept Bitcoin As A Business (2022 Guide) – Forbes

by | Oct 28, 2022 | Business

The process to accept bitcoin payments for your business will vary slightly depending on which online platforms you are already using. Here are the basic steps to follow:
1. Understand Bitcoin Regulations in Your Area
Speak to an accountant so you understand the tax implications of accepting bitcoin or other cryptocurrencies, as regulations vary by state and country. Regulations may change how you plan to record bitcoin payments in your overall accounting systems.
2. Set Up a Crypto Wallet or Gateway
Next, you’ll want to set up a crypto wallet or gateway. A wallet will keep your money as cryptocurrency, while a payment gateway will allow you to easily exchange crypto for U.S. dollars. Gateways are an easier option that offer more flexibility since you can keep your bitcoin or convert it. The downside is that a crypto payment gateway will charge transaction fees (usually around 1%) while a wallet does not charge any fees to process transactions (though keep in mind you may still eventually have to pay fees if you convert your bitcoin down the line).
3. Enable Bitcoin Payments on Your Checkout Process
Setting up bitcoin payments in your online store could be as simple as downloading a plug-in or app on your e-commerce platform. If this option is not availabl …

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