Bitcoin as a payment method for my company?

Bitcoin is considered the most popular cryptocurrency of all crypts, from its beginnings in 2008 to the present it continues to stand out as one of the favorites. Bitcoin is an electronic currency that presents new features and stands out for its efficiency, security and ease of exchange.

Although there are still some drawbacks linked to Bitcoin, its continued development is emerging as a solution to the problems associated with the global financial market. Even in an optimistic view, it could be converted along with the other cryptocurrencies in the future of finance.

At present and with the constant evolution that the world of cryptocurrencies has had, many questions have arisen in how to accept Bitcoin and other virtual currencies as a method of payment for small and medium enterprises.

The forms of accepting Bitcoin as a valid method of payment differ greatly depending on whether it is a physical or online store or if you intend to have absolute control over the funds or if you plan to leave an external manager who can help you with everything. Be that as it may, after configuring the first steps, accepting Bitcoins are three more buttons to press and many advantages to receive.

Fortunately, with the evolution of Bitcoin, alternatives have been created that facilitate payment and avoid all the previous inconveniences to businesses, creating a new possibility for the use of cryptocurrencies.

These new alternatives are the payment processors that work with Bitcoin and other cryptocurrencies. In this way the businesses will have the opportunity to accept the payment method, receiving then fiduciary currency in their accounts as Dollars, Euros or any other according to their locality.

In addition to the immediate conversion to fiat currency offered by these tools, they also help not only businesses to have more projection, regardless of their size or industry, but also users who want to use their Bitcoins to acquire other types of assets. .

Some alternatives like use of payment processors that we can recommend

The payment processors with support for Bitcoin and other cryptocurrencies, are easy integration tools, in most cases, the developers have designed plugins for the most used CMS as well as guides for the integration of their API.

Bitpay
It is one of the most complete options in terms of payment processors, provides integration tools for a variety of shopping software such as Magenta, OpenCart, Zen Cart, X-Cart, Drupal Ubercart, WordPress platforms such as Woocommerce, E-Commerce among other.

It offers the possibility of making settlements in up to 33 countries and in eight types of fiduciary currencies or in Bitcoin itself, support for multiple users, billing in 40 languages, prices in 150 currencies, excellent speed in the execution of transactions, compatibility with standard wallets of Bitcoin and other great variety of utilities that can be used by businesses and their clients.

Coinbase
It is a simple and safe online wallet to buy, sell, receive and store Bitcoin, as well as other currencies such as: Etherum and Litecoin. This gives businesses an advantage in potential customers for the sale of their products or services.

Coinbase offers the payment processor for free in the first transactions valued at US $ 1,000,000, something that small businesses could use with the use of the platform. After that amount, a rate of 1% must be paid in the next conversions.

Blockchain Merchant
Blockchain has created a commercial application for Android devices. It provides fast transactions, 0% payment and is available in several languages.

CoinGate
It is another of the excellent options available. This platform, in addition to working with Bitcoin, offers the ability to receive payments in more than 50 Altcoins such as Ethereum, Litecoin, Dash, Dogecoin, among others.

In the same way that the previous ones also offer the conversion of the obtained by sales to fiat currency like dollars or euros, charging a fixed rate of 1%.

In addition, it provides a point-of-sale tool through application, as well as a variety of plugins for commerce software, an API for a more personalized integration and an immediate payment button in Bitcoin.

Other tools that you can look for and compare their use with the project you undertake, or if it fits the company you assume, can be:

Coinsbank
Coinkite
XB terminal
Coin of Sale
Paystand
Cryptopay
Blockchain API
Pay taxes on Bitcoin income

Tax compliance is a concern for small businesses. We are not accountants or lawyers, and we can not provide legal or accounting advice.

But in many ways, Bitcoin transactions work much like cash. Like Bitcoin, cash is anonymous and leaves no paper trail, however, it is widely used in daily trade.

Ask yourself how you would handle a cash transaction. Do you accept cash transactions? Do you usually pay taxes on cash transactions? The answer for Bitcoin should be the same.

As to how to decide what a Bitcoin transaction is worth: The IRS, as far as we know, has never issued a guide that mentions how to value Bitcoin transactions. But they have rules and guidelines on how to value transactions made in foreign currency or "cash equivalents". We imagine that the accounting would be similar.

Maybe you can talk to your accountant. You do not need to engage in a conversation with your accountant about block chains and private keys or about the philosophy behind a decentralized currency. By comparing the basics of Bitcoins with accounting concepts that the public already knows, you can probably get all the answers you need.

With these new platforms and applications, an expansion is expected in the use of cryptocurrencies and market growth by attracting new customers willing to take advantage of their dividends. In addition, as this method of payment is more commonly established, it will serve the concept of cryptocurrencies to maintain a longer term.