As cryptocurrency becomes more widespread today, more adoptions are a significant mode of payment. Cryptocurrencies are digital currencies that operate through a decentralized system of networks. As of today, Bitcoin(BTC) is the largest cryptocurrency by market volume, according to 2022 reports of CoinMarketCap. Bitcoin is not only the largest cryptocurrency, but it is also the one with the highest market value, and its price will surge as high as hundreds of thousands of dollars, according to crypto analysts.
This is why many businesses, small-scale and large-scale alike, are now adopting Bitcoin as a means of payment – they do not want to miss out on the huge investment potential of this cryptocurrency. More so, cryptocurrency offers better secure payments. The COVID-19 pandemic has influenced the high surge in credit and debit card frauds, and as such, all businesses are trying to adopt the most secure payment methods. Since bitcoin and other crypto payments do not require third-party verification, they are more secure. Also, to keep each customer’s identity unique, there is a blockchain verification process to verify every crypto transaction. This way, no user can mask another’s identity.
Cryptocurrency adoption is becoming more widespread than ever. According to Statista, as of March 2021, about 5,968 companies and businesses either have a cryptocurrency ATM or offer crypto as an in-store payment. That is massive, and the adoption of crypto will get more widespread with time as many multinational companies like Apple are starting to make plans for Bitcoin payment adoption. For example, apple’s CEO, Tim Cook, stated, «it’s something that we’re looking at».
Artyom Kosmarski, in his academic paper, Blockchain Adoption in Academia: Promises and Challenges, stated that «due to the verifiable, permanent, and decentralized data handling of the crypto blockchain, numerous research works are ongoing to adopt blockchain-driven innovations in various fields such as transport, finance, and education.» All these point to the fact that sooner or later, cryptocurrency will be mainstream in the human world. That being said, it will be a good thing to jump on the train now. Adopting cryptocurrency as a means of payment for your business would afford you this opportunity, either to invest in it long-term or to trade it for more profit.
How then can you accept bitcoin payments securely? Adopting bitcoin payments for your business is not superficial or super technical; you have to put some things in place to ensure you are doing so securely.
The first step to accepting bitcoin securely is choosing a secure cryptocurrency transaction platform. Unfortunately, this is where many get it wrong and fall into the hands of fraudsters. Many crypto platforms on the web today claim to deal in cryptocurrency transactions, but they are fake and end up ripping people off their money. So, you want to be careful to choose a legit and secure crypto platform. Advisably, you should go for a multi-purpose cryptocurrency platform. What are we saying here? It would be best if you went for a platform that allows you to exchange bitcoin and other cryptos for fiat currency and also allows you to store crypto in a wallet you create on its platform. These digital wallets have very user-friendly interfaces that enable you to trade securely. Coingate is one digital wallet that offers secure crypto transactions and storage. You could visit the website to see the different wallet options suitable for you.
The next step is to decide on your wallet type. Many might feel that this is trivial, but it is not. The truth is that there are different mobile and soft cryptocurrency wallets out there, but what wallet type would work best for you. Honestly, if you want to accept bitcoin on a large scale, you should consider a hard wallet. Not many know what a hard wallet is, but it is the most secure type of crypto wallet. Hard wallets are crypto wallets that come in the form of hardware – like a hard disk drive(HDD) or a solid-state drive (SSD). They are not connected to the internet and work with personalized codes or tokens. Small-scale and large-scale businesses are advised to use hardware crypto wallets to store their crypto because they are more secure and can store way more crypto than digital wallets.
The superior security of hardware wallets is evident in the personalized codes you have to generate per transaction. As a result, you reduce the risk of hackers and delayed confirmations.
Having made sure of those mentioned above, you are now set to securely accept bitcoin and other crypto payments for your payments. You do not want to miss out on the numerous benefits of crypto adoption. Adopting bitcoin and other cryptocurrencies increases your international reach, gives you better payment security, fosters faster payments, and eliminates excessive charges on fiat payments.