Topic: How to start getting paid in Cryptocurrency

Topic: How to start getting paid in Cryptocurrency

If you’ve been monitoring the world of cryptocurrency over the years, you may have seen many more companies accepting payment in this way. Ever since the birth and rise of Bitcoin since 2009, the world has been waiting to see just how cryptocurrencies will change the face of finance forever, including the big banking corporations who are looking at launching their own digital currencies, as well as global central banks. With the future looking extremely favourable for cryptocurrency, how too can your business start receiving payment in Bitcoin, Ethereum or one of the many altcoins in use?

Understand the different exchanges and cryptocurrencies

Whether you are a small business owner, self-employed or a large company, understanding cryptocurrency before delving into payment is crucial. As well as the main widely used digital currencies such as Bitcoin, there are plenty of other alternative cryptocurrencies available that have a huge user base. Floki, for example, will provide users a place to PlayToEarn coins that can be used to purchase NFTs or exchanged within their merchandise store, but their ambition is to become the most widely used cryptocurrency worldwide. Growth like this is entirely possible, such as seen with other memecoins like Dogecoin, which started life as a meme in 2013 before becoming an established digital currency with billions of coins currently in circulation.

Users can buy, sell, and trade cryptocurrencies through exchange platforms such as Coinbase that works similar to the stock market. Storing their coins in a digital online wallet, users can then pay for goods and services that accept them. This is where more businesses can help, and with large companies adopting payment in this way, such as Microsoft, Tesla or even Starbucks, this is influencing other companies large and small to explore adoption.

Decide which cryptocurrencies to accept

With many companies not yet accepting payment in crypto, those that do will stand out, and the more types of cryptocurrencies you accept the better. As there are thousands of digital currencies, being able to accept more than one can provide more opportunities. Yes, you’ll want to accept the most widely used options like Bitcoin, but with research, you can decide to accept altcoins too. Unlike card transactions, there are no fees for merchants to pay, making it much cheaper, so the advantages of accepting many different types will help diversify your customer base.

Advertise and receive crypto payments

You’ll want to ensure your customers are fully aware you can accept payment via cryptocurrency, so upping your marketing efforts will promote this. Either through your social media feeds or email marketing strategy, as well as on your website, you can quickly raise awareness. Then it’s just a case of waiting for customers and clients with cryptocurrency to spend. Once the time does come to process this type of payment, business owners have companies have a couple of options.

You can either setup your own digital wallet for payment to be transferred to for the business, or convert payments into real-world currency. There are services available to help with the latter, helping you take more of a hands-off approach, but you will need to consider the fees of doing so. There are also online platforms setup to help companies and freelancers find work and opportunities that pay and allow cryptocurrency transactions too, such as Bitwage.

Getting started with receiving payment in cryptocurrency needs to be fully researched before adopting, with tax considerations also needing to be made. The future of payments revolves around blockchain technology and cryptocurrency, so choosing to dive in now will fully prepare businesses for more mainstream use.