If you are interested in using Bitcoin for your business, then the best way to get started is by downloading a Bitcoin ‘wallet’ to your desktop or mobile device. The wallet serves as a secured storage for the Bitcoins you use in your transactions. Your Bitcoin wallet in the UK generates ‘public keys’ composed of 34 letters and numbers that can be shared with anyone you want to make a transaction with.
The public key will have to connect two wallets when making a transaction. Upon ending the transaction, the private key will also get signed off and get stored in the wallet that releases the funds. Upon successful transaction, it’s up for recording to the Blockchain network and begin with the ‘mining’ process which involves validating the transaction. The process is irreversible as once the transaction is verified and recorded, it can no longer be changed.
To check if your business is ready to venture into Bitcoin, you can start by simply announcing that your business accepts Bitcoin. Check and see what kind of responses you get from this announcement.
If you don’t know where to start, you can begin receiving payments by using person-to-person payments with a mobile app that doesn’t involve any significant investment or commitment. This is especially great for start-ups and for those who are just beginning with Bitcoin for them to have adequate knowledge on the Bitcoin system.
If your business is a small-item trader, a coffee shop, for instance, you may consider exchanging Bitcoin for a gift card to reduce accounting and avoid delays in making payments for a single order.
When your sales rise consistently, then it’s time to invest in a POS solution to cover your fees. For service-based entities who charge by invoice, you can use Bitcoin as a payment method by generating a public key for each invoice. This will also allow your customers to make a direct wallet payment.
What are the other benefits of using Bitcoin for your business? Get smarter by learning more of the advantages you’d get from utilising Bitcoin for your business:
- Lower transaction fees.
Compared to credit cards, using Bitcoin allows you to have lower transaction and removes the need for bank charges if cryptocurrency is not exchanged.
- It reduces risks of fraud.
Upon confirmation of payment, the process cannot be reversed. Chargebacks are removed which can also raise problems on credit card payments.
- An instant payment method.
When the payment is done via credit card, it can take several days or more for encashment. On the other hand, cryptocurrency is an instant transfer.
- It removes barriers.
Cryptocurrency unlocks international trade and removes trade barriers and decreases the difficulty of making or accepting payments in a different currency.
- It helps you attract more customers.
As Bitcoin is widely known, the novelty of Bitcoin could lure in new customers to your business.
- It gives you an edge on your competitors.
As the technology is rapidly developing and the business trends are constantly changing, being up-to-date will leverage an edge on your competitors who are left behind to catch up.
Businesses should carefully monitor their development and consider how Bitcoin can be applied to the benefit of their business. By embracing the digital currency technology, a company could gain an edge on their competitors or attract new business through a progressive attitude.
Send, receive, store, and spend your Bitcoins securely with the best bitcoin wallet in the UK. We at DS Exchange allows you to enjoy easy access to your funds while providing 100% security. Get your business running with a smarter payment method.
Don’t hesitate to contact us for more information.