The Merlin Group World on Nostr: How to Accept Bitcoin Payments as a Business Bitcoin is speculative to some and hope ...
How to Accept Bitcoin Payments as a Business
Bitcoin is speculative to some and hope for others. The Bitcoin price has skyrocketed since the recent US election, so the question becomes — what’s next for Bitcoin? Bitcoin is not a stock, so playing “candlesticks” is not feasible for most. Similarly to the Bitcoin price, US inflation has risen rapidly since 2020. According to StatMuse: “Bitcoin closed January 31, 2020 at $9,357.21”. Today (12/3/2024), Bitcoin is $96,770.11. According to Investopedia, US inflation was 1.2% in 2020. In the last couple of years, it’s been 8% (2022) and 4.1% (2023). Canada, South America, Central America, Africa, and Asia have all experienced mass inflation since the fall of the Gold Standard. Businesses want to accept Bitcoin but don’t know how; let’s explain how to accept Bitcoin payments as a business.
Bitcoin is an internationally currency that is used worldwide. However, different countries have distinct regulation on the which wallets you can use to accept Bitcoin payments. Bitcoin payments on layer 1 blockchain take about 10 minutes to confirm. If I am a merchant, I cannot wait 10 minutes for transactions to confirm. The introduction of Lightning Network enabled companies to accept Bitcoin payments quicker and cheaper for efficient transactions. Let’s go through multiple examples of how merchants can accept Bitcoin payments.
Don’t let the name confuse you, Americans can use Swiss Bitcoin Pay to accept Bitcoin payments as a business. First, download the mobile app available on both Google Play and Apple Stores. Next, setup your account with Business Name, email, and remaining credentials necessary for account creation.
https://m.youtube.com/watch?v=AdhuBrYFCNU
Best of all, you can have the Bitcoin converted to your local currency or secondary Bitcoin wallet. If you are in the US, I suggest Crypto.com because it pairs with a bank account and works similar to online banking. For more information on how to create a Crypto.com wallet check out this video https://youtu.be/psyDTGFyvWE?si=qC4Ko0dHnrcHzYf8.
What’s one thing that separates Bitcoin from other currencies - control over your money. Unfortunately, Crypto.com and Swiss Bitcoin Pay are not self-custody. Meaning, your “keys” or seed random word seed phrase is controlled by the app. Conversely, Muun Wallet is self-custody and enables you to create self-custodial wallet where the user has full control. When creating a wallet, set a 4 digit password to keep your wallet safe. After setting your password, the wallet is created - for full security you should backup your wallet with a random seed phrase.
Muun Wallet is the easiest wallet to setup and lets you setup both a Lightning address and Bitcoin address. Outside of the US, other wallets that are easy to use are Blink and Wallet of Satoshi. Once you have both a Bitcoin address and Lightning address, setup a cold wallet to be used as a savings account.
Buying Bitcoin: Keep your Bitcoin safe with Trezor
https://youtu.be/FyKNiVBCc5g
Finally, accepting payments is great - but you need a Bitcoin savings account. For max security, purchasing a cold wallet puts more security over your money. A cold wallet is a device that is not connected to internet. The most secure cold wallet is Coldcard because it doesn’t need to be connected to a device like Trezor or Ledger. Instead, the device uses an SD card so that your money is less susceptible to hacking. To conclude, accept Bitcoin via Lightning with wallets like Muun, Swiss Bitcoin Pay, or Blink (outside US) and utilize a cold wallet like Coldcard, Trezor, or Ledger as a savings account.
#Bitcoin #growNostr #nostr #LFG #zaps
Bitcoin is speculative to some and hope for others. The Bitcoin price has skyrocketed since the recent US election, so the question becomes — what’s next for Bitcoin? Bitcoin is not a stock, so playing “candlesticks” is not feasible for most. Similarly to the Bitcoin price, US inflation has risen rapidly since 2020. According to StatMuse: “Bitcoin closed January 31, 2020 at $9,357.21”. Today (12/3/2024), Bitcoin is $96,770.11. According to Investopedia, US inflation was 1.2% in 2020. In the last couple of years, it’s been 8% (2022) and 4.1% (2023). Canada, South America, Central America, Africa, and Asia have all experienced mass inflation since the fall of the Gold Standard. Businesses want to accept Bitcoin but don’t know how; let’s explain how to accept Bitcoin payments as a business.
Bitcoin is an internationally currency that is used worldwide. However, different countries have distinct regulation on the which wallets you can use to accept Bitcoin payments. Bitcoin payments on layer 1 blockchain take about 10 minutes to confirm. If I am a merchant, I cannot wait 10 minutes for transactions to confirm. The introduction of Lightning Network enabled companies to accept Bitcoin payments quicker and cheaper for efficient transactions. Let’s go through multiple examples of how merchants can accept Bitcoin payments.
Don’t let the name confuse you, Americans can use Swiss Bitcoin Pay to accept Bitcoin payments as a business. First, download the mobile app available on both Google Play and Apple Stores. Next, setup your account with Business Name, email, and remaining credentials necessary for account creation.
https://m.youtube.com/watch?v=AdhuBrYFCNU
Best of all, you can have the Bitcoin converted to your local currency or secondary Bitcoin wallet. If you are in the US, I suggest Crypto.com because it pairs with a bank account and works similar to online banking. For more information on how to create a Crypto.com wallet check out this video https://youtu.be/psyDTGFyvWE?si=qC4Ko0dHnrcHzYf8.
What’s one thing that separates Bitcoin from other currencies - control over your money. Unfortunately, Crypto.com and Swiss Bitcoin Pay are not self-custody. Meaning, your “keys” or seed random word seed phrase is controlled by the app. Conversely, Muun Wallet is self-custody and enables you to create self-custodial wallet where the user has full control. When creating a wallet, set a 4 digit password to keep your wallet safe. After setting your password, the wallet is created - for full security you should backup your wallet with a random seed phrase.
Muun Wallet is the easiest wallet to setup and lets you setup both a Lightning address and Bitcoin address. Outside of the US, other wallets that are easy to use are Blink and Wallet of Satoshi. Once you have both a Bitcoin address and Lightning address, setup a cold wallet to be used as a savings account.
Buying Bitcoin: Keep your Bitcoin safe with Trezor
https://youtu.be/FyKNiVBCc5g
Finally, accepting payments is great - but you need a Bitcoin savings account. For max security, purchasing a cold wallet puts more security over your money. A cold wallet is a device that is not connected to internet. The most secure cold wallet is Coldcard because it doesn’t need to be connected to a device like Trezor or Ledger. Instead, the device uses an SD card so that your money is less susceptible to hacking. To conclude, accept Bitcoin via Lightning with wallets like Muun, Swiss Bitcoin Pay, or Blink (outside US) and utilize a cold wallet like Coldcard, Trezor, or Ledger as a savings account.
#Bitcoin #growNostr #nostr #LFG #zaps