Bitcoin and certain altcoins are all accep♔table payment methods, with none being necessarily better than the other. However, you have to be wary of some cryptocurrencies. On that note, it takes 💞time to learn about how cryptocurrency transactions work, what a wallet is, and how to convert any cryptocurrency into a desired currency takes time.

You may not have the time to dedicate to learning about cryptocurrency—but not to worry, you don't need to understand Bitcoin or altcoins to accept them as payment. You can use a payment gateway like you do for debit and credit card transactions to alleviate all of your concerns.

Bitcoin and Altcoin Awareness for Merchants

Many cryptocurrencies have use cases or intended uses behind their design. For instance, Ethereum was created to be a platform that allowed anyone to create blockchain-related products and services. Its native utility token, ether (ETH), is used to pay transaction fees to network participants. However, you can buy E꧅TH on exchanges just like Bitcoin (BTC)—which is a transactional token—or other cryptocurrencies and use it as a payment method at a merchant that accepts it.

Other types exist also, such as governance, security, or platform tokens. Many of these can be purchased on cryptocurrency exchanges. ൩However, the key concepts behind all tokens for merchants to understand are trading volume and how to exchange tokens for money.

If a cryptocurrency has little or no trading volume, it is very likely there is low or no liquidity in the market. This means that if you accept one with low trading volume, you may be unable to exchaꦺnge it for fiat currency because there are few options to convert or sell it to someone. You should investigate the top cryptocurrencies to find out which ones are more popular and in use.

Blockchain explorers, data aggregators, and exchange pages can help you learn more about cryptocurrencies without dedicating too much time. Coingecko, CoinMarketCap, BitInfoCharts, and other similar sites provide a wealth of information about how cryptocurrencies are being used.

Bitcoin and Altcoin Payment Services

One of the main issues with cryptocurrency is that it is new and not yet fully understood by many established merchants, and most will want to convert any crypto they receive into 澳洲幸运5官方开奖结果体彩网:fiat currency.

Because there is a demand to use cryptocurrency and it isn't as well understood as fiat currency, many companies have stepped in to fill the gap to assist in transactions. Third-party involvement is less than ideal for those working to decentralize finances. However, it is necessary for third parties to be involved until cryptocurrencies fully mature. Until then, there are many methods for accepting Bitcoin or altcoins as payment.

Payment Gateway Providers

Cryptocurrency 澳洲幸运5官方开奖结果体彩网:payment gateway providers let you accept cryptocurrency and pay out to you in the currency you choose. These service providers are similar to credit card gateway providers because they conduct the transactions for you. Some have been around nearly as long as Bitcoin itself. For instance, BitPay was founded in 2011 and provides crypto services to a global audience. With BitPay, you can access the markets in 229 countries and territories—it also has lower fees than traditional payment gateway providers.

Some other cryptocurrency payment gateway providers are P💃aypal and Shopify.

Exchange Services

You can link your cryptocurrency wallet to a debit card and use it on an exchange. These cryptocurrency debit cards communicate via established credit card networks like Visa or Mastercard, making the process easier for merchants and customers. In addition, some have partnered﷽ with currency eCommerce providers to make it easier.

For instance, 澳洲幸运5官方开奖结果体彩网:Coinbase Commerce has developed a way to integrate with eCommerce platforms such as Jumpseller, Primer, Shopify, and WooCommerce to allow you to start accepting cryptocurrencies like Bitcoin, Ether, Litecoin, DAI, Dogecoin, Bitcoin Cash, and USD Coin.

With a Coinbase Commerce account, you can choose to have incoming cryptoc⛄urrency payme🌟nts converted to U.S. dollars automatically. The process converts payments after you reach a total of .001 BTC in your exchange account. Depending on the BTC price for the day, .001 BTC could be between $25 and $35.

Crypto.com is also an exchange that provides integration with existing eCommerce platforms. Crypto.com integrates with WooCommerce, Opencart, Ecwid, Loveit, nopCommerce, and PrestaShop. Crypto.com lets you settle in U.S. dollars and handles refunds for you as well.

What It Means for Merchants

Hundreds of businesses accept cryptocurrency as payment due largely in part to the services provided by intermediaries. For instance, Bath & Body Works, Bass Pro Shops, Chili's, Chuck E Cheese's, and many more accept cryptocurrency.

Using an intermediary to handle your Bitcoin or altcoin transactions makes it safer for you to accept cryptocurrency payments. It also makes it easier—you don't have to choose which to accept; you only need to decide which payment processor to use. The processor handles the rest, depositing the currency you want in your account.

For merchants, all of this means it is possible to accept Bitcoin and altcoins as payment without worrying about which is better. Your customers can use the payment method they want, and you can receive p🦄ayment however you want.

The Bottom Line

While new and unfamiliar to many retailers, merchants, and consumers, crypto🤪currency is slowly becoming more understood. It is also accepted by hundreds of merchants globally, signifying its cross-border functionality💜 and safety.

You don't necessarily need to understand how cryptocurrency works to accept it as a payment method—service providers exist that can exchange your cryptocurrency and deposit the money in your account.

However, there are some preventive measures to take, such as knowing which cryptocurrencies are more reliably exchanged than others or if your gateway provider supports them. Using mode🎃rn services, neither Bitcoin nor altcoins is better than the other as long as you receive your payment.

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