Bitcoin is already known as the most popular digital currency, but its week just got better with the market’s recent news. After a massive purchase from Tesla, which is considering to start accepting Bitcoin as a payment alternative, Bitcoin reached a new record, rising above $49,000 for the first time.
For a long time, big companies and financial institutions did not consider Bitcoin and other cryptocurrencies as a reasonable payment alternative; however, the tide has changed, and digital currencies are more predominant than ever.
Mastercard is already planning to support cryptocurrency transactions on its network. According to the company, they want to create more possibilities for clients and merchants by offering new payment alternatives. PayPal also plans to provide crypto services and investment options to its customers.
Bitcoin is attracting more prominent investors and entrepreneurs who want to incorporate the digital currency into their businesses. Apple Pay users now will also be able to buy products using Bitcoin cards. BNY Mellon, one of the oldest American banks, announced a digital assets unit to help clients who want to use cryptocurrencies.
What makes Bitcoin so desirable now?
All this attention makes you wonder what makes Bitcoin such an excellent investment and how to use it the best way possible. Like traditional currencies, Bitcoin and cryptocurrencies have value and great usage around the world, and with the recent media excitement over its value, more investors and new buyers turned their eyes to the currency.
The more businesses start accepting Bitcoin as a payment alternative, the more its popularity will grow, enabling trading to become easier. Large companies like Tesla, MasterCard and Apple turning their eyes to the currency says a great deal about Bitcoin’s potential. Its convenience, price and security also contribute to increased interest in obtaining Bitcoin.
- Fast, cheap and simple transactions
As an independent currency that was born online, Bitcoin is not regulated by any bank, government organisation or financial institution. The transactions are easier and faster because there are no intermediaries involved or transaction fees that traditional currencies have. Generally, while transferring money through banks internationally, they charge large fees and take a long time to finish the operation.
When you transfer funds using Bitcoin, the process is easier, and it takes a few minutes to complete. Transaction fees are lower because it is not a controlled currency, offering limited restrictions or laws for the operation.
- Safe operations
The safety of Bitcoin transactions is one of the most appealing factors for investors and buyers. Fraud risks are minimal because of its digital presence with no interference of financial institutions or central authorities. Also, its blockchain technology usage presents a high level of security against potential cybercrime.
- Volatile market
The Bitcoin market is very volatile and changes according to demand and supply. This kind of behaviour is what helps investors to buy Bitcoin at a low price and sell it at higher value.
Studies show that the first price hike occurred in 2013 when one Bitcoin was trading at around $1,124. Four years after that, the currency experienced a huge rise, and a single Bitcoin was trading at around $20,000.
This year, in one month, Bitcoin has doubled its value to $40,000.
How to start using Bitcoin in your business?
Bitcoin is a payment trend growing and gaining more space in the market. As a business owner, if you want to start accepting Bitcoin as a payment alternative you need to prepare your business to operate with cryptocurrencies and process Bitcoin payments.
iPayTotal is a leader when it comes to Bitcoin payment processing. They provide high-quality services at fair rates for high-risk businesses and pay-outs in Bitcoins.
When you open a high-risk merchant account with iPayTotal, you can start receiving pay-outs in Bitcoin with a renowned Bitcoin wallet such as Greenbitz, Airbitz, Bitcoin Core and others.
You can offer your customer the option of using Bitcoins directly or, in case they do not have Bitcoins, to buy it with their Visa or MasterCard. Every merchant account provided by iPayTotal incorporates a payment gateway provided by the approving bank.
Their banking partners offer a secure payment gateway for every transaction with which you will connect the bank’s API to your website upon approval.
You will need a minimum of six months of payment processing statements, banking statements and a business plan to open a Bitcoin merchant account at iPayTotal. The merchant account is approved within 48-72 hours, and you are ready to process Bitcoin transactions.
Remember, that by incorporating Bitcoin as a payment option to your business, you will widen your customer reach since customers are becoming more and more inclined to purchase online using cryptocurrencies, particularly for its secure processing factors.
If you want to know more about Bitcoin payment processing and how to incorporate it into your business, contact iPayTotal at +44 800 776 5988 and talk to one of their experts.
