What is cryptocurrency?
Cryptocurrency can be defined as a digital or virtual currency. Cryptocurrency is designed to work as a medium of exchange. It makes use of cryptography to secure and verify the transactions as well as to manage the creation of new units of a particular cryptocurrency. Basically, cryptocurrencies are coded in specific blockchain entries, which are stored in computers and cannot be altered unless specific conditions are satisfied.
Bitcoin is the most widely recognised cryptocurrency (created in 2009 by Satoshi Nakamoto). The value of Bitcoin in 2017 reached a huge $180 billion.
Accept Cryptocurrency with iPayTotal
Accepting payments in crypto payments and receiving funds directly to your bank account is absolutely necessary these days, especially if you want your business, high-risk merchant account or other, to reach a far great audience. You can only profit more by accepting and paying with cryptocurrency.
Do you know how you can accept crypto payments?
Cryptocurrency relies on Peer-To- Peer (P2P) technology. It is decentralised. This means it’s not backed or regulated by any central bank or government. The reality is that buyers transfer funds directly to sellers. There’s no third party involved in the process.
Bitcoin is one of the first and most popular cryptocurrencies in the world. It is a decentralised digital currency that does not belong to a central bank or an administrator. It can be sent from one user to another by utilising a P2P blockchain network, all without any type of middleman. — This alone is a cost-saver for your high-risk merchant business or any business you have that desires to offer services online.
Bitcoin has been lauded for its ability to keep users anonymous while sending and receiving this cryptocurrency. It can do this since no personal or identifying information is given. However, although it is anonymous, it is in fact ‘pseudonymous’ because all transactions can be traced to a user’s address. If the identity of the person is ever revealed, all transactions under that pseudonym will be traced back to that person.
There are a growing number of merchant service providers that see Bitcoin’s potential and are specialists in providing merchants with a high-risk merchant account.
Merchants who are running an online business on WordPress or Shopify, or any other similar online platform, can now start accepting Bitcoin.
Accepting Bitcoin as a method of payment gives you the following benefits:
- Your business has a better alternative and trustable payment method that works 365 days a year and 24 hours a day.
- You can receive cross-border payments, which are trackable in real-time.
- Your business becomes open to a worldwide customer base.
- Your business earns more profits, fewer fees, fewer credit/debit card chargebacks and less fraud.
- It gives your business an option to keep some amount of your profits in Bitcoins (BTC) as an investment option. This could help your business in the long term.
- Finally, you and your business are given the freedom to ‘Be Your Own Bank (BYOB)’
With iPayTotal you can offer your customers the choice of paying Bitcoins directly, or if they don’t have Bitcoins, they can purchase it with their VISA/Mastercard with an instant payment of your invoice.
Manage cryptocurrencies hassle-free. Convert BTC ETH LTC into USD, EUR or GBP, send crypto to friends, withdraw from your banks and shop anywhere with cards. This is also an integrated payment gateway method to accept cryptocurrencies for Merchants.
Transfer your cryptocurrency to any Card!