How can my business accept Bitcoin?
If you’re a business owner that is thinking of accepting Bitcoin as a means of payment, we first and foremost, want to thank you. Welcoming in us Internet weirdoes and our Internet money means more than you know.
Now, before we get emotional, let’s go back to 2010 when a single Bitcoin was worth less than a penny. Cryptocurrencies at that time were still very much under the radar, but there were a select few who thought to themselves, “Why not?”
This lands us on a significant day in 2010: May 22nd, known to some as Bitcoin Pizza Day.
Long story short, someone posted on a forum that he was willing to pay 10,000 Bitcoin for two large pizzas. A fellow Bitcoin and pizza advocate accepted his 10,000 Bitcoin and paid the pizza place using the British Pound. At the time, those 10,000 coins were worth a total of about $40.
Today, with the price of a single Bitcoin hovering around the $4,000 range as we write this, they’re worth a total of $40 million dollars.
For the skeptics out there, let’s say Bitcoin was worth only $1,000 per coin today. That’s still $9,999,970 profit.
That day, the pizza joint didn’t get that Bitcoin, and they were probably left thinking, “Aww, heck. Why didn’t our business accept Bitcoin then?!” The guy who helped out earned it. Like, really, really earned it.
The moral of the story is that your band shirt or bowl of pasta might sell for $10 worth of Bitcoin today, but could easily be worth multiple times that based on Bitcoin’s historical rise and predictions of several notable economists.
You get to be the edgy business that accepts Bitcoin, reach new clientele (Bitcoin users loveeee spending Bitcoin), and earn some extra dough. Not to mention, being able to dodge those damn card fees that come with every swipe. Win. Win. Win.
So now that we’ve piqued your interest, let’s talk about how your business can accept Bitcoin.
All that’s required is one step: setting up a Bitcoin wallet, which we covered here.
Yep! That’s all there is to it. No contacting the credit card companies, no eating the fees that you have to pay for every customer’s swipe, no business bank accounts, and no other person getting in the way of your businesses finances and you.
When you decide to accept Bitcoin at your business, and a Bitcoin user comes in, the process of helping them pay will be similar to that of any of the normie clients.
- You’ll ring them up and give them their total.
- They’ll see your “Bitcoin Accepted Here” sign and offer to pay with that method.
- You’ll say, “Heck yeah!”, and then open up your wallet on your internet connected device.
- They’ll scan your wallet and transfer you the Bitcoin with their Internet connected device.
- You’ll see the live transaction and then earn the big bucks.
- Mandatory chest bump between you and said client.
A couple of things:
- This wallet can be personal for freelancers and solo business owners, or you can set up a shared wallet for larger companies.
- You’ll still report your income and pay your taxes as you would your other income.
- If you’re a pizza slinger, it’s imperative that you accept Bitcoin. Joking. Kind of.
Whoop! There it is. If you need some help figuring out how to accept Bitcoin for your business, let us know. We love getting people started and spreading the word. As an added bonus, you get to list your business as one that accepts Bitcoin, getting you on tons of cool websites that make lists for people like us who are always on the look out for unique businesses that accept Bitcoin.
You can easily begin accepting Bitcoin as a means of payment for your business by simply setting up a shared or private wallet. Each transaction will be similar to that of using a card or cash payment so long as each of you has an Internet connected device.