How to Accept Bitcoins in Your Store

You’ve decided that Bitcoin is the perfect payment method for your business. Here’s how you can start accepting Bitcoin in your store.

Create a Bitcoin Address

First, you’ll need a wallet to receive Bitcoins. Once you’ve created your wallet, most of them allow you to generate an address that you can display on your website or in your store. Customers can then send their cryptocurrency to this address. After you start receiving BTC, you can either keep them and wait for their value to increase or send them to an exchange and convert them to fiat currency. Note that exchanges charge fees for this service.

Popular exchanges where you can trade fiat for crypto include:

• Coinbase
• Kraken
• Bitstamp
• Bitfinex
• Changelly

Use a Bitcoin Payment Processor

One of the easiest ways to accept Bitcoin in your store is by using a point-of-sale (POS) payment processor. You don’t need to know much about Bitcoin or the technology to use this option. These companies can even deposit the money into your bank account in your chosen currency once the Bitcoin payment is made. However, they do charge fees.

Popular Bitcoin and cryptocurrency payment processors include:

• CoinGate
• BitPay
• DC POS
• Coinbase
• CoinPayments
• Blockchain.info
• SpectroCoin
• Coinify
• CoinsBank
• Blockonomics
• GoUrl.io

Make sure to compare their fees and choose the one that is most compatible with the regulations in your area.

Announce That Your Store Accepts Bitcoin

People can’t pay you with Bitcoin if they don’t know you accept it. There are websites like coinmap.org (for physical stores) or buybitcoins.com that can list your business. You can also add a Bitcoin logo on your website, preferably one that says “Bitcoin accepted here.”

Accounting and Taxes

Before you start accepting Bitcoin, consult a local accountant about tax compliance. Accepting Bitcoin for businesses can be complicated depending on where you live.

There are also some services, though very rare, that offer to handle your taxes if you’re based in the US, for example.

Conclusion

Accepting Bitcoin in your store can open up new opportunities and attract tech-savvy customers. By creating a Bitcoin address, using a payment processor, announcing your acceptance of Bitcoin, and managing your accounting and taxes properly, you can smoothly integrate Bitcoin into your business operations.