Bitcoin is increasingly becoming a valuable digital currency for the corporate world, and gradually many companies have started to accept bitcoin as payment. The confidence that bitcoin and other cryptocurrencies have built over a time pays off in the term of trust and reliability. The acceptance of bitcoin by International and national companies have changed the way bitcoin was considered a few years ago. If you have not yet tried bitcoin trading yet, now is the right time, visit few trading platforms like the Bitcoin Equaliser in order to start trading.
Bitcoin is a trendsetter in the world of virtual currency and it would not be wrong to say that the trust level for bitcoin is much higher as compared to other cryptocurrencies. There are many small and large scall companies that only welcome payment in bitcoin and not other cryptocurrencies.
Tesla taking one step ahead towards bitcoin acceptance
Tesla was all over the news when the company decided to accept bitcoin as payment for their cars. This gave bitcoin’s image a booster and within weeks bitcoin price rocked the sky. The recent news regarding bitcoin seems to be in a favor of bitcoin as Tesla confirmed that bitcoin would not be converted into fiat currency.
Secondly, the official website of Tesla also has a sort of instruction manual where the procedure to pay for Tesla’s car via cryptocurrency is available. Another important announcement by Tesla’s CEO Elon Musk was regarding people outside the US who would be able to pay for Tesla’s car via bitcoin.
The amazing aspect is that time consumed to process the transaction is quite reasonable. Tesla also claims that it will not take more than one minute to refresh the page once the bitcoin is sent through the wallet, and the whole process will not take more than 6 hours to confirm the payment.
Why businesses are welcoming payments in bitcoin?
Generally, companies offer different payment methods to facilitate their customers like Paypal, American express, master card, and few businesses even gain advantages over other businesses that are not offering multiple payment methods. As far as bitcoin is concerned, the incentive that benefits companies in the lower transaction fee. The average percentage charged from existing online payments varies from 1.5% to 3%. Virtual currency transaction like bitcoin has a sight upper hand in transaction fee.
All types of bank-related fees are eliminated when dealing with bitcoin payments, like foreign transaction fees and overdraft fees. On the other hand, a cryptocurrency account is free to make and the transaction fee only various from 0.5% to 1% and there are other ways to cut costs.
How can a business accept bitcoin payments?
- The first step is to select an appropriate payment-processing provider in order to open a bitcoin account
- Add up your bank account information
- Choose currency
- Enable bitcoin payments
- Set the when and how to cash out
Shopping websites that accept bitcoin
A few years back bitcoin has accepted payment by cannabis and beer vendors. Organizations in healthcare also accept bitcoin. Whereas, multinational companies are concerned Coca-Cola and MIT have launched vending machines that accept bitcoin.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.