Blog & Journal

0

A Brief Introduction to Bitcoin Payment Services

johnmiller3413 February 11, 2021

Many cryptocurrencies have been introduced after Bitcoin. None of these cryptocurrencies is as popular as Bitcoin. You can use a crypto payment processor and start accepting Bitcoin or other cryptocurrencies as payment. It is the most secure method for making payments on the internet. Litecoin and Ripple are also gaining popularity for crypto payments. You can find a company offering the best crypto payment processor and other related services

Your customer simply needs to scan a QR code to purchase a high-end laptop or any other product. In this article, we will discuss the advantages of Bitcoin payment service. You need this information to determine if you should continue with traditional fiat currency or switch to Bitcoin or use both. 

Bitcoin Payment Service 

A Bitcoin payment service allows you to accept Bitcoin as a payment for services/goods you sell. This service is very similar to debit card or credit card payment. A crypto payment processor works in the background. This system authenticates and processes crypto payments made by customers. The system records and transmits necessary payment details, authenticates username and passwords and transfers money from the customer’s account to the business’s account. This payment is recorded on the blockchain public ledger. 

Customers can make payments both at physical locations and online. You and your customers don’t need to think about what is going on in the complex background. 

Working on Bitcoin Payment Service 

A Bitcoin payment service/system allows you to use multiple methods to accept bitcoin payments. You can integrate Bitcoin payment service/system with e-commerce platforms such as Magento, PrestaShop and Shopify. 

Payment Workflow 

Here is how it works. 

  • Whether your customers are on your app, web or in your store, they select Bitcoin to make payment at the checkout. 
  • The customer makes a payment. 
  • The payment service converts paid Bitcoins into another cryptocurrency or fiat currency. 
  • You get this money into your account.    

The system instantly converts Bitcoins into a currency of your choice. You can also get Bitcoins in your crypto wallet. Everything happens on a blockchain network in a secure manner. After the transaction is authenticated, it is recorded on a public ledger. 

A miner verifies the transaction and adds it to the blockchain. The miner gets a fee. This fee has nothing to do with the payment service. 

Advantages 

Lower transaction cost is one of the biggest advantages of crypto payments. Transaction processing fees in fiat currency can be 2% to 3%. Bitcoin and other cryptocurrency payments are borderless. You can transfer any number of coins anytime and from anywhere in the world. Crypto payments are known for their transparency. It is reliable and authentic. Bitcoin payments are dependable, transparent and safer. When a customer makes a payment, it is processed through a network. Both the buyer and seller find it trustworthy. 

Conclusion 

You will see new developments in cryptocurrency and blockchain technologies. It will continue to evolve and emerge. Cryptocurrency payments are getting mainstream. You don’t have to join any training to accept cryptocurrencies as payment. Simply find a reliable Bitcoin payment services provider.

Leave a Reply

Login to your account

Can't remember your Password ?

Register for this site!

%d bloggers like this: