No doubt Bitcoin (BTC) has exploded onto the world stage and arguments for its worldwide acceptance is increasingly legitimate. Bitcoin is becoming a powerful tool for business transactions and a lot of people have been asking How to accept Bitcoin payments? or How to get paid in Bitcoins?
Integrating Bitcoin payments into your business can open up a world of compelling possibilities. This blog will guide you through the process of how to accept Bitcoin as payment, the Pros and Cons of getting paid in Bitcoins, and how to manage it.
Nevertheless, the importance of fiat currencies remains ever-present in your financial landscape. Therefore It also raises a question: Can you manage both cryptocurrencies and fiat currencies from a single platform? Let’s find out!
TL;DR: The Best Way to Get Paid in Crypto and Fiat!
A Crypto Neo Bank let’s you to manage both crypto and fiat funds in one platform.
CryptoWallet.com allows you to accept crypto payments and fiat payments from a single account. You can store, manage, and spend more than 800+ cryptocurrencies on various blockchain networks. While the vIBAN (virtual IBAN account) allows you to manage and spend fiat currency (EUR).
CW Crypto Card allows you to spend more than 800+ cryptos directly from your crypto wallet. You can also spend the fiat balance that you hold on vIBAN account. You also get crypto cashback up to 3% on every card purchase.Join the Whitelist!
The Advantages of Getting Paid in Crypto
Getting paid in Bitcoin offers a wide range of advantages for users worldwide.
One of the most prevalent advantages is Bitcoin’s worldwide accessibility. There are no borders with Bitcoin, you can pay a client on the other side of the world within minutes with minimal transaction fees and token third-party involvement.
Using the traditional banking system to send money around the world is time-consuming and expensive, traditional banks are simply unable to compete with this efficiency in global payment techniques.
Lower Transaction Fees
Bitcoin has highly competitive transaction fees that can usually outperform traditional bank transaction fees.
Bitcoin is a blockchain cryptocurrency which means it is impossible to forge or duplicate. All transactions are final so there will be no chargeback fees.
Long-term Appreciation of Value
Although Bitcoin has a highly volatile day-to-day price, the overall value of Bitcoin has increased dramatically since its creation. Long-term holding of Bitcoin has the potential to benefit from the overall price increase.
Disadvantages of Getting Paid in Crypto
If you are integrating Bitcoin payments into your business and asking how to accept Bitcoin payments, you should consider looking into both, the positive side and the downside.
While getting paid in Cryptocurrencies such as Bitcoin can be very convenient it does come with certain drawbacks.
Although Bitcoin generally appreciates in value, over time, the day-to-day price can fluctuate wildly, resulting in substantial gains or losses. Businesses accepting crypto payments should take this fluctuation into account.
As cryptocurrencies are a relatively new concept, financial lawmakers are trying to catch up. So depending on where your business is situated, new regulatory laws can be introduced and implemented relatively quickly. It is important to keep abreast of these new regulations, you can see the current regulations for your country.
While Bitcoin is gaining popularity, as it stands, only a limited number of businesses will accept Bitcoin as payment. There are also limited numbers of clients willing to pay in crypto. This should change over time as Bitcoin gains more acceptance worldwide, but in the meantime operating solely in cryptocurrency may prove detrimental to your business.
Fraud is a big risk in the crypto community, while the technical side of Bitcoin transactions is secure there are possibilities of third-party cyber attacks, so you should always store your crypto safely and securely in a reputable BTC wallet such as CryptoWallet.com
How To Accept Bitcoin Payments in 5 Steps
Understand Taxes if You Accept Bitcoin Payments
Taxes on cryptocurrency will vary from country to country, and regulations can change quickly. If you are considering integrating Bitcoin payments into your business then it is important to talk to an accountant who deals with cryptocurrency regulations. You can get a brief rundown of your country’s regulations here.
Set up a Crypto Wallet or Crypto Neo Bank
So the next step in how to accept Bitcoin payments is to set up a crypto wallet or a crypto neo bank. You can manage all Bitcoin transactions from your crypto wallet.
If you are asking How to get paid in Bitcoin and Fiat using the same account?
Crypto Neo Banks allows you to accept Bitcoin payments and fiat payments from a single account. Neo bank accounts are more streamlined when dealing with both fiat and crypto and usually come with a Crypto Debit Card to spend your cryptos directly.
CryptoWallet.com is a crypto neo-bank that supports 800+ cryptocurrencies. You can hold, manage, and spend both cryptos and fiat currencies. CryptoWallet.com card allows you to spend cryptos directly from your crypto wallet or fiat funds from vIBAN (virtual IBAN account).
Add Bitcoin Payments on Checkout (for Stores)
If you are wondering how to get paid in crypto and have an E-commerce store then it is generally possible to integrate cryptocurrency payments by installing a plugin or downloading an app. Platforms such as CoinGate offer APIs that will permit cryptocurrency payments on your website.
Use Crypto Invoicing Platforms (for Contractors or Freelancers)
If you are wondering how to get paid in Bitcoin as a contractor or freelancer then you can use crypto invoicing platforms such as Request to create invoices payable in Bitcoin.
Spend Your Crypto Earnings Like Traditional Cash!
So now that you know how to get paid with cryptocurrency, you will want to be able to spend it. A Crypto Card makes you want your crypto earning to be just like a regular income.
You can spend your cryptos practically anywhere where card payments are accepted. You convert cryptos quickly to cash at any ATM.
CW Crypto Card lets you spend 800+ cryptos directly from your wallet at zero conversion fee. You also earn crypto cashback of up to 3%.
Read more: How to Spend Bitcoin?
Accepting Bitcoin Payments Vs Credit Card Payments.
There are many factors to consider when comparing Bitcoin payments to credit card payments, such as:
Transaction Fees: Bitcoin transaction fees are much cheaper than credit card transaction fees. Credit card fees can be up to 4%, whereas Bitcoin fees usually sit around 1% depending on what platform you choose to use. This significant reduction would be attractive to any business with a high volume of credit card transactions.
Security: Bitcoin is a decentralized payment method, whereas credit cards are attached to a bank. If there is an error with a Bitcoin transaction there is no one to call to fix it, however, with a credit card it is possible to call a bank and get the issue resolved.
Transaction Speed: Depending on how busy the Bitcoin network is it can take up to ten minutes to process a transaction. It will take the same amount of time to transfer Bitcoin locally or internationally. While Credit cards can be instantaneous, if you are transferring money internationally there can be significant delays.
Privacy: Bitcoin is an anonymous form of currency, generally when paying with Bitcoin no personal information is required, however, depending on the trading platform you may have to provide personal details. Credit card necessitates the provision of your personal information.
Currency: Credit card companies can charge high conversion rates when dealing with different currencies. Bitcoin is a global currency so there will be no currency conversion rates. However, in the course of running a business, there will likely be a necessity to convert Bitcoin to fiat. So while it is possible to ignore international currency conversions, there may be some conversion fees when transferring Bitcoin to fiat. These fees will vary depending on the trading platform being used.
Is Getting Paid in Cryptocurrency Legal?
The legality of getting paid in Cryptocurrency changes from country to country. Some countries have embraced the crypto market and provided their citizens with clear rules to follow for how to accept Bitcoin as payment.
Other countries have not set up a framework for getting paid in crypto and yet others have even imposed restrictions on all cryptocurrencies. If you are not planning to move and still want to know how to get paid in cryptocurrency you can check out your country’s crypto regulations.
Countries with Restrictive Regulations for Accepting Bitcoin Payments?
There are a few countries that have imposed strict regulations and even outright bans on Bitcoin and other cryptocurrency transactions. These countries include but are not limited to, India, China, and Nigeria.
Often countries with highly unstable national fiat currencies will outlaw the use of Bitcoin and other cryptocurrencies so the population doesn’t switch to crypto and devalue the national currency even further.
On the other hand, some developing countries have embraced the crypto revolution and welcome the possibility of a global currency being available to their population. You can read about the most (and least) crypto-friendly countries in the world here.
Who Should Get Paid in Bitcoin?
Bitcoin may be a volatile currency yet its use case is compelling, here are some examples of individuals who may benefit from receiving payment in Bitcoin.
Freelancers and Contractors
Freelancers and Contractors who have business dealings outside their country of origin may want to consider accepting payment in crypto. As Bitcoin offers a hugely advantageous form of payment rather than relying on banks and money conversions.
For example, if someone in Germany writes an article for an Argentinian paper, the Argentinian paper must pay the writer in Germany. Sending Argentinian pesos to a European bank will incur a large transaction fee, plus a poor conversion rate offered by the banks, as well as a long wait time for the transaction to be processed.
However, if the Argentinian paper pays the German writer in Bitcoin there are no large fees and the German writer has his pay ten minutes after the Argentinian paper sent it.
Remember regulations differ from country to country so it’s important to do your own research before starting to accept crypto as payment.
Cryptocurrency investors who get income from trading, mining, or staking should consider getting paid in Bitcoin or converting part of their income into Bitcoin. As it is one of the most stable long-term coins available, it is a great opportunity to grow their holdings. Also, should they want to reinvest in the crypto market, Bitcoin is the ideal currency for that purpose.
Blockchain employees are the ideal candidates to be paid in Bitcoin. By their nature, blockchain companies are often decentralized over many countries so Bitcoin is an obvious choice of payment. Furthermore, as blockchain employees, they should be familiar with how cryptocurrency trading works so it would be challenging for them to engage in financial activities with their pay.
Some companies already offer a portion of their worker’s salaries as cryptocurrency. The next logical step in the worldwide acceptance of cryptocurrencies is for regular employees to get paid in crypto.
This holds many advantages for workers in underdeveloped countries which have national currencies that are prone to inflation. Also, should anyone feel that bitcoin is too volatile a currency to be paid in then there is a vast number of stablecoins to choose from, such as Tether (USDT) or Binance USD (BUSD) these cryptocurrencies are tethered to the dollar and so will not fluctuate in value more than the dollar would.
Bottom Line: Accepting and Managing Bitcoin Payments
If you are asking how to accept Bitcoin payments and how to get paid in Bitcoin? CryptoWallet.com is the ideal platform to accept Bitcoin payments and manage fiat payments, and spend them seamlessly.
CryptoWallet.com is a Crypto Neo Bank that allows you to manage both crypto and fiat funds from a single account. You can store, manage, and spend more than 800+ cryptocurrencies, While the vIBAN (virtual IBAN account) allows you to hold and manage fiat currency (EUR).
Additionally, the CW Crypto Card allows you to spend more than 800+ cryptos directly from your crypto wallet. You can also spend the fiat balance that you hold on vIBAN. You also get crypto cashback up to 3% on every card purchase.
You can use CryptoWallet.com account to start accepting Bitcoin as payment. Simply add your wallet address to your invoice and when the invoice is paid you will receive the funds directly into your BTC wallet. You can also use the IBAN to manage and transfer fiat funds
Open an account with CryptoWallet.com now!
Get Paid In Bitcoin FAQs
Can I accept Bitcoin at my business?
Depending on which country your business is registered in you may be able to receive Bitcoin as payment. Remember even if you can receive Bitcoin as payment there are tax rates, that vary from country to country, on crypto transactions so be sure to talk to an accountant who specializes in cryptocurrency.
How to get paid in Bitcoin as a freelancer?
As a freelancer, you may wish to explore the possibility of receiving part or all of your income in Bitcoin.
The simplest way to get paid in Bitcoin is to create a crypto wallet or a Crypto Neo Bank. Simply put your crypto wallet address on your invoice in place of your IBAN.
Crypto Neo Bank allows you to accept crypto payments and fiat payments from a single account. You can store, manage, and spend more than 800+ cryptocurrencies on various blockchain networks. While the vIBAN (virtual IBAN account) allows you to manage and spend fiat currency (EUR).
Crypto Neo Banks usually come with a Crypto Card that allows you to spend cryptos directly from your crypto wallet. You can also spend the fiat balance (EUR) that you hold on vIBAN account.
What are the advantages of accepting Bitcoin payments?
If you do choose to accept payment in Bitcoin there are numerous advantages. You will be able to receive payment from many places in the world where payment using traditional banking methods could have been time-consuming and complicated. You will be able to keep a portion of your pay as a long-term investment. The more methods you have to accept payment the more opportunity you will have to expand your clientele.
What are the disadvantages of accepting Bitcoin payments?
While accepting Bitcoin as payment has become generally more acceptable, there are still a few disadvantages associated with accepting Bitcoin. The high volatility price can make the day-to-day running of a business quite complicated.
The regulations of the cryptocurrency market are changing rapidly and sometimes unpredictably. Also, while Bitcoin is becoming more and more popular it is still not commonplace to accept Bitcoin as payment, an important fact to take into consideration when setting up your business.