Bitcoin came out almost 8 years ago and has already become the most popular form of cryptocurrency. Where Bitcoin has revolutionized the cryptocurrency transactions, the currency is still struggling to break into the traditional business as most corporations are still not willing to accept Bitcoin as a form of payment.
To encourage the use of cryptocurrency, more corporations need to step up and start accepting Bitcoin as a form of payment.
If you own a business, let’s say, a small store and are looking to accept bitcoin as a form of payment, here is everything you need to know about how to accept Bitcoin payments.
Person to Person Transfer:
One of the simplest and easiest forms of Bitcoin transfer. What you are supposed to do is tell your clients that you accept bitcoin payments and give them your wallet’s public key so they can send you the coins. The process is similar to cash-in-hand payment.
The person to person transfer can be done using several smartphone apps. Finding one shouldn’t be a big deal as there are countless apps for android, iOS and windows users.
However, this type of transfer is only suitable for a smaller business or individuals offering odd services for smaller amounts. Those working at a bigger scale incline towards a solution that fits in with their current POS (Point of Scale) framework, such as verified bitcoin merchants.
Following is a list of most renowned bitcoin merchants out there.
Coinify is a Danish firm which offers POS solutions for both brick-and-mortar and online stores.
Some merchants accept bitcoin currency as payment as well as fiat. Coinify also has a mobile app called “Coinify POS”, which is compatible with both Android and iOS devices.
If you are an online user, you can use Coinify’s various integration tools, such as shopping cart plugins, payment buttons, or hosted invoicing for transactions.
CoinBase is one of the most renowned Bitcoin merchants out there and has an Android app for bricks-and-mortar retailers.
The highlights of CoinBase include:
- Currently, Bitcoin only supports US based bank accounts as a source of funding.
- It also offers e-commerce support.
- CoinBase likewise provides plugins for WooCommerce, WordPress, ZenCart and Magento
BitPay offers its services internationally for both businesses and charities. BitPay is integrated into the SoftTouch POS framework for bricks-and-mortar retail stores. However, it has an additional API which could be implemented into almost every other POS framework with a few alterations to the code.
BitXATM is a Germany-based bitcoin cryptocurrency ATM. The POS (point of sale) function of BitXATM has gained the worldwide attention as it has made it easier for merchants to accept payments from clients in digital currencies.
The machine has a 17” touch screen, costs €2,900 (around $3,993) and can accept any fiat currency. Moreover, it accepts/dispenses all forms of digital currency.
These are some ways in which you can accept Bitcoin as a form of payment. For a smaller business; person to person transactions are the most suitable option. On the other hand, bigger corporations go for verified Bitcoin merchants.
One of the concerns every Bitcoin user has is how to keep their bitcoins safe from criminals. Well, the answer to that is to store them in a paper wallet, completely away from the internet in an offline environment.
If you do it right, you’ve just initiated one of the safest ways to store your bitcoin. Although, if you mess up in between, it’s still more secure than storing coins in any Bitcoin exchange platform.
Creating a Simple PapeWallet
Start off with a desktop that is clear from all virus.
If you’re having doubts about this, install a copy of the OS on a USB. This is just for safety purposes, you don’t have to do this step. Although, make sure your computer is completely free from all sorts of malicious and nasty viruses. We don’t want your operating system wiping out on you.
Use incognito mode on your browser, and go on to a bitcoin paper wallet creation site
The most well-known paper wallet creation site is said to be bitadress.org, so use your incognito mode to log on to the site.
Turn off your internet connection once bitaddress.org loads
After the site has loaded, turn off your Wi-Fi or unplug your ethernet cable. This will completely remove any leads for your private keys to leak through the internet without your knowledge.
Don’t worry, bitaddress.org was programmed to function perfectly fine even without an internet connection.
Follow the instructions given to the side and move your cursor randomly across the screen
This is the fun part. You’re required to randomly move your cursor around the screen to generate a seed that will be used by BitAddress to generate your personal wallet.
You have now created two QR codes with a combination of random letters and numbers
Congratulations! You’ve officially created your first paper wallet.
The two QR codes are:
- Bitcoin Address- It will be a long string of letters and numbers jumbled together. This is what you’re going to be sharing with others in order to send and receive Bitcoins.
- Private Key- This too is a lengthy combination of alphanumeric, but you’re supposed to keep this secret. You CANNOT share your private key with anyone nor can you store it on a computer and, definitely not on the web.
Remember this. If you lose your key, your bitcoins are lost forever and if someone else gets a hold of your private key, they can easily empty your wallet.
Keep your paper wallet safe
The next step is having an offline copy of your Bitcoin Address. While you’re still disconnected from the internet, print the address (make sure your printer is not connected through wi-fi either). Now you have created a hard copy of your Bitcoin address, which you can later add Bitcoin to for a final cold storage solution.
Always keep a backup of your wallet in another location and make sure it is completely secure. If someone gets their hands on it, you’ve lost everything.
Adding funds to your cold storage wallet
You need to use your online wallet for this. Scan the bitcoin address on the paper wallet or just copy it, then send your fund to your cold storage.
- Make sure to store your wallet someplace away from moisture, because you don’t want it getting damaged. Try storing it in a Ziploc bag or laminate it, in order to avoid it from coming in contact with any liquid.
- Use an Operating System that never goes online, to prevent your PC from leaking out your private keys. Print your wallet offline and never go online from that computer in the future.
- You can store large sums of bitcoins in your cold storage rather than carrying it with you in an online wallet. Keep small amounts of bitcoin in your online wallet for daily transactions and the rest offline, in a secure spot.
The National Bank of Kazakhstan has surprised all those who are interested in the crypto business by announcing its sudden plan to ban cryptocurrency in Kazakhstan. In fact Kazakhstan’s central bank has some serious plans to prohibit the use of all kinds of cryptocurrencies. All this information was disclosed in a report published by Sputnik News which is the official news outlet of the Russian government. According to that report all this information was personally revealed by Daniyar Akishev who is the chairman of National Bank of Kazakhstan.
Reasons for ban on Cryptocurrencies?
Daniyar Akishev further added to his statement that the National Bank of Kazakhstan had to take this decision to ban the exchange of digital currencies for the national currency of Kazakhstan at the moment. The cryptocurrency exchanges and miners operating within Kazakhstan would also be banned completely and no such activity will be allowed within the borders of Kazakhstan. When asked about the reason behind that action he stated that the main reason was the vast number of problems associated with the user’s rights. That’s why the country’s central bank wants to prevent its residents from converting the nation’s fiat currency from any sort of crypto exchange within Kazakhstan.
Further Risks Daniyar Akishev Sees
When asked further about the reasons behind that ban Akishev said that he probably sees a lot of problems associated with cryptocurrencies, main reason being the protection of user’s rights. He also stated that the possibility of using cryptocurrency to commit illegal activities is also one of the major reasons behind that ban. The statement of Daniyar Akishev cannot be overlooked as far as the illegal use of cryptocurrencies is concerned. Cryptocurrency has become an ideal way of money laundering and to escape taxation around the world.
It is not the first time that Daniyar Akishev has showed his concern about cryptocurrencies. He had also stated last year in October that the National Bank of Kazakhstan was planning to prohibit activities related to cryptocurrency to protect its residents from the vast risks associated with these transactions. At that time his suggestions were to prohibit the:
- Exchange of the national currency for cryptocurrencies.
- activities regarding the generation of cryptocurrencies.
However, it is also a fact that the local community of Kazakhstan is showing extra ordinary interest in cryptocurrencies. According to a survey by Yandex, this interest has become 15-fold as compared to the previous years. According to that survey the citizens of Kazakhstan were showing 10 times more interest in search results related to crypto mining and how to mine.
Do not forget to share your thoughts regarding this ban in the comments section below.