Bitcoin, cryptocurrency, and blockchain are much in buzz these days. The growing popularity of bitcoin and cryptocurrency is due to the recent hype in the bitcoin price and its constant increment. Bitcoin is constantly surpassing its highs, and thus people are viewing bitcoin as a future currency. However, even after the immense popularity of bitcoin people are not much clear about bitcoin and its payments. People view bitcoin as an investment option only. But let me tell you that it’s huge. You can’t count on the applications of bitcoin that various businesses are adopting.
People think investing in bitcoin is very risky. But with the increasing stability and reliability in blockchain technology, there is a significant reduction in the fluctuations of bitcoin. The stability in bitcoin is gaining immense traction from people, and thus people are now more willing to invest in bitcoin more than ever before.
Apart from bitcoin investment, nowadays, people are using bitcoin as a payment option too. Instead of paying bills in any currency, people are preferring bitcoin payments. The growth in preference of bitcoin is attributed to a lucrative opportunity to make your money grow. When you receive payments in the form of bitcoin, you become the owner of bitcoin, and every week and month bitcoin price is constantly increasing. This means you are not only getting paid a specific amount as payments, and now you have an opportunity to grow your money as it now becomes an investment in bitcoin cryptocurrency.
If you are surfing to know what is bitcoin currency and want to understand how to accept bitcoin payments in India then you have stepped into the right place. Let’s swim deep to understand the concept.
What is Bitcoin Currency?
Bitcoin is the digital cryptocurrency that works on decentralized technology. Bitcoin payments are known to offer very low transactions as compared to traditional payment methods.
You will be surprised to know that there are no physical bitcoins. They all are virtual. Bitcoin is developed with the help of blockchain technology. The best thing about bitcoins is that they will never be hyperinflated like other fiat currencies.
Since it works on a decentralized system, no one can hack your currency. It is a completely safe and secure cryptocurrency. It works on two keys namely, private and public keys. The public key tells the virtual address for preceding transactions. It does not reveal your real identity. The private key is utilized to authorize the transactions after verifying it all across the system. This is how bitcoin works.
How to Accept Bitcoin Payments in India?
There is a surging question in the minds of the people about how to receive bitcoin payments in India. However, there are many platforms that have enabled the bitcoin merchant and individual bitcoin transfer services in India. Some of them are given below.
The applications allow both business and personal crypto payments. It facilitates the most convenient way to receive bitcoin payments. They enable you the transparency and trust with their open-source built wallet technology. You are required to have a wallet on Bitpay to manage, protect, track, spend, receive the bitcoins.
The unique feature about this platform is that they have an urgent bitcoin transfer facility with them.
The platform is specifically for the business merchant. It lets the business owners accept bitcoin payments. They offer you reliable and most cost-effective business services. It offers you pay out in your preferred currency. The best part is they provide you a helpline number to speak about your queries. You can conveniently open a merchant account with Instabill and carry on your transactions.
CoinGate also offers you the platform to accept cryptocurrency. They offer you a trial chance. If you are not sure of the services and want to explore full moves you can go for the trial version. They claim to have the least transaction fees, a quick registration process, and a user-friendly experience.
The platform claims to have no transaction fees for accepting bitcoin payments. You can even sell your crypto for cash or USD coins. They have instant payment options for the ones transferring receiving the bitcoin payments with Coinbase platforms. Setting up your account with them is the first step you need to take and the later process is the same as mentioned below.
The platforms enable you to send and receive bitcoin payments. You need to create the wallet with them by registering yourself. The platform is very organized in the way it works. They even offer you to exchange crypto if required instantly.
The platforms also facilities easy bitcoin payments. You need to signup and create an account with them. Once you have successfully registered yourself with them, you can log in to create projects to either accept and send the payments.
The registration and account creation process differs from one platform to another. But the once you successfully logged into the crypto platform you need to follow the following steps to accept the bitcoin payments.
The above-mentioned platforms have made the process of receiving bitcoin very much easier. They help you to receive and accept bitcoin easily with their advanced applications. Now, there is no waiting time for receiving your payments. Earlier, you needed banks to help you in receiving your payments but now your mobile phones can solve all your hustle for receiving payments.
Let’s find how to accept bitcoin as payment:
- You need to choose the platform where you want to receive the payments. Make sure you have a digital wallet to receive the bitcoin. However, the process differs from platform to platform. But having a digital wallet and an account on any platform to receive the payments is essential on every platform.
- Most platforms will ask you to choose the wallet to receive the payments and there you should be selecting BCH wallet if you are getting bitcoin cash payments and BTC wallet if you are getting bitcoin as payment.
- The chosen wallet will provide you an address to receive your payments. You need to copy the address by tapping or clicking on the QR code.
- You have to give this code to the sender of the payment or scan your QR code directly from his phone if possible.
- When a person pays, you will successfully receive the payment.
As a merchant, if you want to receive payments for your service you need to open a merchandise account with any bitcoin payments enabling platforms like the ones mentioned above. There you can receive payments from your customers. The selected application generates the invoice for you and gets paid by your customers directly.
Read Also: What are Security Flaws in Crypto Exchanges?
I hope the article helps you to receive your bitcoin payments easily. Please check out the transaction fees on every platform before initiating any account with them. You can receive both bitcoin and bitcoin cash as payments. People are viewing bitcoin as the future of financial transactions so why don’t you take a personal experience. Please let me know if the article was useful to you in receiving your payments.