Bitcoin, Bitcoin Cash, Ethereum, Dash and other cryptocurrencies are set to completely change the method of online payment. Businesses that fail to accommodate this trend will take a big risk in losing a significant portion of their customer base.
At the same time, it can be difficult to wrap your head around cryptocurrency, blockchain, and other technologies that are re-shaping the world of online payment. What is bitcoin payment, where did the rise of cryptocurrency come from, and how do you find a reliable bitcoin payment processor? Let’s take each part of that question a step at a time.
What is Bitcoin Payment?
Bitcoin is what’s known as a cryptocurrency. These are currencies that exist digitally. There’s no physical currency that you put in a wallet. Transactions are simply recorded digitally in what’s known as a blockchain. The cryptocurrency does have worth. Because it’s such a new technology and rules of the market are volatile (and often easily manipulated), many cryptocurrencies can be invented, spike in value, and crash down to nothing in the space of weeks or even days.
More established cryptocurrencies such as bitcoin are safer than ones that don’t have a history of reliability and stability.
Rise of Cryptocurrency
Blockchain technology means cryptocurrency has accountability, but there’s no single institution that controls it. There’s no bank that manages it. It’s popular because it’s decentralized, it’s easy to set up, bitcoin payment transactions are transparent but accounts can stay anonymous, and transaction fees are small. It’s viewed as more agile than traditional currency, and a hedge against certain currencies that may depreciate.
How to Find a Bitcoin Payment Processor?
Many payment processors will be willing to deal in bitcoin and certain other cryptocurrencies. They won’t, however, all have the expertise to do so.
A reliable bitcoin payment processor should be able to explain bitcoin payment in a way you understand. They should be able to tell you which cryptocurrencies they accept, which they don’t, and why. This shows you how they’re judging which are established and stable, and which aren’t. They should have a plan for reporting the bitcoin payment segment of your transactions in a way you can analyze. This all shows that they don’t just provide the capability, but they also provide reporting, client service, and knowledge. That’s how you find a reliable bitcoin payment processor.
Contact Y2Payments today for your bitcoin payment processing.