How Do I Accept Bitcoin on my Website?
You’re run-down to pay outrageous fees for using your credit card, PayPal, converting currencies, processing transactions, etc. You want your customers to value your company in actual money, not in dollars and euros controlled by the government. However, you also lack the time and patience to wait days for wire transfers from foreign clients who might not even make a payment in the first place. The solution is obvious: accept Bitcoin payment!
Without the need for centralized financial institutions or other types of control, Bitcoin operates as a decentralised peer-to-peer money system. It is open-source and absolutely free without end-user license contracts (EULA).
The transaction costs are significantly lower than those associated with credit cards (usually 0% versus 2-4%), making it ideal for worldwide trade since there are no banks to impede progress or impose prohibitive fees, government limits, or currency adjustments.
Bitcoin is a digital currency made possible by “bitcoin miners” or computers worldwide running specialized software that encrypts and validates Bitcoin transactions. It is impossible to forge or counterfeit bitcoin.
Bitcoin is exchanged peer-to-peer over the Internet from one public Bitcoin address to another. These transfers are confirmed by network nodes and documented in a “blockchain,” a decentralized public ledger. In addition, anyone can execute transactions using the computational capacity of specialized hardware and profit in bitcoins through mining. Contrary to credit card transactions, no private information that requires encryption (such as Secure Socket Layer/HTTPS) is provided over the wire while making a payment. Simply said, electronic money is transferred from one party to another without a bank or middleman.
You can accept Bitcoin as payment for services and wares almost instantaneously and with small fees, manually verify them if you’d like, or have merchants provide you a new Bitcoin address on autopilot for each invoice they create. Since the Bitcoin network handles all transactions, sending and receiving bitcoin is instantaneous and requires no human involvement. Because transaction costs are so low compared to other payment methods without compromising security, many online firms are switching to Bitcoin as their primary means of payment. If you haven’t previously thought about it, the time has come to ask yourself, “How do I accept Bitcoin?”
These five steps will show you how to accept Bitcoin on website:
1) Create a Bitcoin Wallet
Get a Bitcoin wallet for yourself as an initial stage. With this software, you may safely send, store, and receive Bitcoin payments. Depending on your demands, a variety of desktop and mobile wallet alternatives are available. Additionally, you can purchase actual metal bitcoin coins or tokens to distribute or sell at gatherings such as parties and trade exhibits.
2) Build a Payment Button / Link
After creating your wallet, click “Request Payment” to generate a new Bitcoin address. Give it to your customers and instruct them to use this address as the location for accepting payments. You can generate a limitless number of addresses to use solely for this purpose by using wallets with more distinctive features.
All that is needed to receive coins is a basic HTML payment button or link. The wallet service providers often offer them with personalized design and branding options upon request.
3) Embed Your Bitcoin Address(es) on Your Website
After you’ve created your payment button/link, all you need to do is add the address to your HTML page so you can accept Bitcoin payments. To make it more convenient for mobile users, you could embed the link as a graphic with a QR code generator (or generate the QR code directly in your Bitcoin wallet if you prefer).
4) Collect Payments
Customers must click on your payment link, button, or banner for you to collect money, then they must follow the instructions to finish placing their order as usual. Before finalizing their purchase, they will be offered the choice of how much they would like to pay in Bitcoin and a Bitcoin address to which they should send it. This usually requires one step for online retailers who use shopping carts after registration and logging in.
5) Spend or Withdraw Your Coins
To spend coins, select the “Send” button in your wallet and enter the recipient’s address. Depending on where your account is maintained, you might first need to send money by a bank wire or an ACH deposit if you’re withdrawing from an exchange like Coinbase. For smooth conversion into USD or EUR that can be placed into any US or European bank account, you can also use alternative services like BitPay or CoinBase.
Bitcoin is a potent new peer-to-peer currency and payment network that enables rapid payments to anybody worldwide and lifts many limitations connected with conventional money. So, there is no excuse to neglect accepting BTC, whether you own a website, blog, or other forms of online business!