SlideShare ist ein Scribd-Unternehmen logo
1 von 26
Downloaden Sie, um offline zu lesen
How to Accept
Bitcoin
Payments
Why should you
consider adding BitCoin
as a payment option?
According to Coinbase, a US based
bitcoin payment processor, more than
25,000 merchants are using their platform
to attract new customers. BitPay, another
Bitcoin Payment Service Provider, has over
20,000 merchants currently accepting bitcoins
with their payment interface. Two years ago this
number stood at few hundred.
Why are so many merchants interested in
bitcoin lately?
According to Coinbase, on 27th of February 2014, the company has hit one
million Coinbase consumer wallets. At the start of 2013 that figure was
under 13,000. That is an astounding growth rate of 7,592.31%. As more
people start using the upcoming virtual currency, more merchants are
bound to follow suit and adopt it into their payment systems.
Lower Fees
With Visa and MasterCard estimated to take
a 2 to 3 percent cut out of every card
transaction, by using bitcoin instead,
merchants stand to improve their bottom
line instantly by at least 2 percent.
there is no possibility for chargebacks and other payment related fraud. This
reduces the costs of operation by another several percentage points. This
coupled with the very low fees charged by bitcoin payment processors
should make any business consider adding bitcoin to their checkout process.
In addition, because bitcoin transactions are irreversible
Several major payment processors have their own turnkey solutions that
make bitcoin payment integration a breeze. Let’s start with US based
Coinbase.
Adding bitcoin to your payment
options today is easier than ever.
In addition, this fee only applies if you choose to convert bitcoin into your
local currency, US Dollars for example. There is no fee if you decide to keep
your funds in bitcoins and you just withdraw them to your local bitcoin wallet.
!
Furthermore, the firm offers custom solutions for merchants who already
process over $1 Million in sales per month. (for more info click here).
!
• Pay/Donate/Subscribe Buttons.
• Hosted Checkout Pages.
• Email Invoices.
• Shopping Cart Plugins.
• Point Of Sale.
• Custom Integrations.
• Recurring billing.
• Free micro-transactions.
Here are some of Coinbase’s professional
merchant tools.
the company also allows you to buy and sell bitcoins for US Dollars.
The fee for this is 1%. If you live in the States, you can also link your
bank account to Coinbase to facilitate quick and easy transactions.
In addition to being a payments processor,
How to accept bitcoins
with Coinbase if you own a brick and
mortar business?
You can accept bitcoin at your brick and mortar shop by using a mobile
device. Currently, due to restrictions by Apple, Coinbase’s app cannot be
used with an iPhone/iPad. Luckily, the app works on android and android
phones/tablets are much cheaper than their Apple equivalents.
The picture below shows the simple few step process.
!
1. Enter the details of the sale
2. Tap “Request payment” to display the QR code
3. The customer scans the QR code with their own phone and taps to pay
4. The customer receives payment confirmation, so do you — sale
complete!
!
You can read more about Coinbase’s POS solution here. You can download
the android app on Google Play.
BitPay is another popular choice for online
and offline bitcoin businesses.
The company has several payment plans and boast to have ‘’the
world’s first All-Inclusive Processing with Zero Transaction Fees, and
Zero Hidden Charges.’’
Payments to bank accounts are made every business day.
While payments in bitcoins are sent to your btc address at least once per
calendar day. The company has daily direct deposits to 33 countries
(Click here for more info).
Coinkite.com
Similarly to BitPay, Coinkite has a tiered payment plans system. The
options start at the starter pack that is free but carries a charge of
1% on withdrawals and 1% charge on POS (Point of Sale)
transactions. By paying $29.46 per month you can cut those fees
down to 0% (Check their pricing table).
Coinkite has two
distinctive features that
are better suited for
offline shops, a dedicated
Bitcoin Payment Terminal
and a Bitcoin Debit Card.
Here’s what the terminal
looks like.
A Retail Payment Terminal that is WiFi
only and costs $491. The option with
the QR code scanner (the Exchange
Payment Terminal) will set you back
$819. Both terminals allow you to
take Bitcoin and Litecoin payments.
There are two terminal
versions to choose from
You can learn more about Coinkite’s
products here.
How to Accept Bitcoin
Payments on Your Own
Any two individuals that have access to the internet are free to
engage in commerce. While the three options outlined above make
the whole process much easier, if you own a very small business
and you’re not yet sure if the bitcoin ‘’gamble’’ will pay off, you
can try taking bitcoin payments on your own.
Bitcoin is a completely
decentralized currency that
doesn’t rely on any third parties.
MultiBit is an easy to use bitcoin client that allows you to send or receive
bitcoin payments. One of the major advantages of MultiBit over the traditional
Bitcoin-qt client is that you can use MultiBit without having to download the
entire bitcoin blockchain (which is over 5 GB in size at this point).
There are a lot of ways you can do this
but in this example I will use MultiBit
You can download MultiBit by going here, the options on offer are Windows,
Linux or Mac based clients. After installing the client you will be presented with
a screen that looks something like this:
Check an easy step by step process on how to
accept a payment by checkin our main article.
Click Here
Confirmation and Fees
This translates into a charge of around 5.5 US cents at current prices.
Due to Bitcoin’s persistently high exchange rate, the minimum fee will be
cut tenfold to 0.00001 BTC or 0.55 of a US cent soon.
As of March 1 2014, the minimum
bitcoin fee is 0.0001.
All Bitcoin transactions need to be included in a public ledger
known as the blockchain.
Because of this, btc transactions need a certain amount of time to both be
included in the blockchain and then to propagate around the network. This
time is measured in ‘’confirmations’’. This is a somewhat complicated
subject, you can learn more about this process by going here.
How many confirmations should you wait for?
Taking into account the fact that a transaction with 6 confirmations can take
up to an hour to propagate around the network, for smaller amounts it is
recommended to use 1 or even 0 confirmations. For very small bitcoin
payments, like purchasing a cup of coffee for example, a payment can be
considered as confirmed as soon as it is seen on the network.
Take your time and download MultiBit or
one of the other bitcoin clients here.
All of this probably seems
complicated and a bit
overwhelming to someone who
is new to bitcoin.
Click here to tweet
this presentation.
Join The Community:
www.FitSmallBusiness.com
See the full article here

Weitere ähnliche Inhalte

Mehr von Fit Small Business

Who’s the best online legal service
Who’s the best online legal service Who’s the best online legal service
Who’s the best online legal service Fit Small Business
 
25 real estate lead generators
25 real estate lead generators 25 real estate lead generators
25 real estate lead generators Fit Small Business
 
How To Get A Loan To Start A Franchise
How To Get A Loan To Start A FranchiseHow To Get A Loan To Start A Franchise
How To Get A Loan To Start A FranchiseFit Small Business
 
What Is CRM Software? An Introduction For Small Businesses
What Is CRM Software? An Introduction For Small BusinessesWhat Is CRM Software? An Introduction For Small Businesses
What Is CRM Software? An Introduction For Small BusinessesFit Small Business
 
How To Raise Money From Family And Friends The Right Way
How To Raise Money From Family And Friends The Right WayHow To Raise Money From Family And Friends The Right Way
How To Raise Money From Family And Friends The Right WayFit Small Business
 
PCI Compliance - How To Keep Your Business Safe From Credit Card Criminals
PCI Compliance - How To Keep Your Business Safe From Credit Card CriminalsPCI Compliance - How To Keep Your Business Safe From Credit Card Criminals
PCI Compliance - How To Keep Your Business Safe From Credit Card CriminalsFit Small Business
 
Insightly vs. Salesforce: How To Choose The Right CRM
Insightly vs. Salesforce: How To Choose The Right CRMInsightly vs. Salesforce: How To Choose The Right CRM
Insightly vs. Salesforce: How To Choose The Right CRMFit Small Business
 
How To Advertise Using Bing Ads & FREE $50 Coupon
How To Advertise Using Bing Ads & FREE $50 CouponHow To Advertise Using Bing Ads & FREE $50 Coupon
How To Advertise Using Bing Ads & FREE $50 CouponFit Small Business
 
How to Market a Dental Practice
How to Market a Dental PracticeHow to Market a Dental Practice
How to Market a Dental PracticeFit Small Business
 

Mehr von Fit Small Business (20)

Sap sales funnel examples
Sap sales funnel examplesSap sales funnel examples
Sap sales funnel examples
 
Xero Multi Currency
Xero Multi CurrencyXero Multi Currency
Xero Multi Currency
 
Who’s the best online legal service
Who’s the best online legal service Who’s the best online legal service
Who’s the best online legal service
 
25 real estate lead generators
25 real estate lead generators 25 real estate lead generators
25 real estate lead generators
 
Salesforce CRM Review
Salesforce CRM ReviewSalesforce CRM Review
Salesforce CRM Review
 
Nimble CRM Review
Nimble CRM ReviewNimble CRM Review
Nimble CRM Review
 
Microsoft Dynamics CRM Review
Microsoft Dynamics CRM ReviewMicrosoft Dynamics CRM Review
Microsoft Dynamics CRM Review
 
Insightly Review
Insightly ReviewInsightly Review
Insightly Review
 
Hatchbuck CRM Reviefw
Hatchbuck CRM ReviefwHatchbuck CRM Reviefw
Hatchbuck CRM Reviefw
 
Best VoIP
Best VoIPBest VoIP
Best VoIP
 
Bitrix24 crm review
Bitrix24 crm reviewBitrix24 crm review
Bitrix24 crm review
 
How To Set Up Insightly CRM
How To Set Up Insightly CRMHow To Set Up Insightly CRM
How To Set Up Insightly CRM
 
How To Get A Loan To Start A Franchise
How To Get A Loan To Start A FranchiseHow To Get A Loan To Start A Franchise
How To Get A Loan To Start A Franchise
 
What Is CRM Software? An Introduction For Small Businesses
What Is CRM Software? An Introduction For Small BusinessesWhat Is CRM Software? An Introduction For Small Businesses
What Is CRM Software? An Introduction For Small Businesses
 
How To Raise Money From Family And Friends The Right Way
How To Raise Money From Family And Friends The Right WayHow To Raise Money From Family And Friends The Right Way
How To Raise Money From Family And Friends The Right Way
 
PCI Compliance - How To Keep Your Business Safe From Credit Card Criminals
PCI Compliance - How To Keep Your Business Safe From Credit Card CriminalsPCI Compliance - How To Keep Your Business Safe From Credit Card Criminals
PCI Compliance - How To Keep Your Business Safe From Credit Card Criminals
 
Insightly vs. Salesforce: How To Choose The Right CRM
Insightly vs. Salesforce: How To Choose The Right CRMInsightly vs. Salesforce: How To Choose The Right CRM
Insightly vs. Salesforce: How To Choose The Right CRM
 
How To Advertise Using Bing Ads & FREE $50 Coupon
How To Advertise Using Bing Ads & FREE $50 CouponHow To Advertise Using Bing Ads & FREE $50 Coupon
How To Advertise Using Bing Ads & FREE $50 Coupon
 
25 Hotel Marketing Ideas
25 Hotel Marketing Ideas 25 Hotel Marketing Ideas
25 Hotel Marketing Ideas
 
How to Market a Dental Practice
How to Market a Dental PracticeHow to Market a Dental Practice
How to Market a Dental Practice
 

Kürzlich hochgeladen

MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
CLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfCLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfSCBEICSCB
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTindexPub
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 

Kürzlich hochgeladen (20)

MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
E-levy and Merchant Payment Exemption in Ghana
E-levy and Merchant Payment Exemption in GhanaE-levy and Merchant Payment Exemption in Ghana
E-levy and Merchant Payment Exemption in Ghana
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
CLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdfCLMV-Outlook-March-2024-ENG-20240327.pdf
CLMV-Outlook-March-2024-ENG-20240327.pdf
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of GhanaMobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
Mobile Money Taxes: Knowledge, Perceptions and Politics: The Case of Ghana
 
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINTACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
ACADEMIC BANK OF CREDIT: A WORLDWIDE VIEWPOINT
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 

How To Accept Bitcoin At Your Business

  • 2. Why should you consider adding BitCoin as a payment option? According to Coinbase, a US based bitcoin payment processor, more than 25,000 merchants are using their platform to attract new customers. BitPay, another Bitcoin Payment Service Provider, has over 20,000 merchants currently accepting bitcoins with their payment interface. Two years ago this number stood at few hundred.
  • 3. Why are so many merchants interested in bitcoin lately? According to Coinbase, on 27th of February 2014, the company has hit one million Coinbase consumer wallets. At the start of 2013 that figure was under 13,000. That is an astounding growth rate of 7,592.31%. As more people start using the upcoming virtual currency, more merchants are bound to follow suit and adopt it into their payment systems.
  • 4. Lower Fees With Visa and MasterCard estimated to take a 2 to 3 percent cut out of every card transaction, by using bitcoin instead, merchants stand to improve their bottom line instantly by at least 2 percent.
  • 5. there is no possibility for chargebacks and other payment related fraud. This reduces the costs of operation by another several percentage points. This coupled with the very low fees charged by bitcoin payment processors should make any business consider adding bitcoin to their checkout process. In addition, because bitcoin transactions are irreversible
  • 6. Several major payment processors have their own turnkey solutions that make bitcoin payment integration a breeze. Let’s start with US based Coinbase. Adding bitcoin to your payment options today is easier than ever.
  • 7. In addition, this fee only applies if you choose to convert bitcoin into your local currency, US Dollars for example. There is no fee if you decide to keep your funds in bitcoins and you just withdraw them to your local bitcoin wallet. ! Furthermore, the firm offers custom solutions for merchants who already process over $1 Million in sales per month. (for more info click here).
  • 8. ! • Pay/Donate/Subscribe Buttons. • Hosted Checkout Pages. • Email Invoices. • Shopping Cart Plugins. • Point Of Sale. • Custom Integrations. • Recurring billing. • Free micro-transactions. Here are some of Coinbase’s professional merchant tools.
  • 9. the company also allows you to buy and sell bitcoins for US Dollars. The fee for this is 1%. If you live in the States, you can also link your bank account to Coinbase to facilitate quick and easy transactions. In addition to being a payments processor,
  • 10. How to accept bitcoins with Coinbase if you own a brick and mortar business? You can accept bitcoin at your brick and mortar shop by using a mobile device. Currently, due to restrictions by Apple, Coinbase’s app cannot be used with an iPhone/iPad. Luckily, the app works on android and android phones/tablets are much cheaper than their Apple equivalents.
  • 11. The picture below shows the simple few step process. ! 1. Enter the details of the sale 2. Tap “Request payment” to display the QR code 3. The customer scans the QR code with their own phone and taps to pay 4. The customer receives payment confirmation, so do you — sale complete! ! You can read more about Coinbase’s POS solution here. You can download the android app on Google Play.
  • 12. BitPay is another popular choice for online and offline bitcoin businesses. The company has several payment plans and boast to have ‘’the world’s first All-Inclusive Processing with Zero Transaction Fees, and Zero Hidden Charges.’’
  • 13. Payments to bank accounts are made every business day. While payments in bitcoins are sent to your btc address at least once per calendar day. The company has daily direct deposits to 33 countries (Click here for more info).
  • 14. Coinkite.com Similarly to BitPay, Coinkite has a tiered payment plans system. The options start at the starter pack that is free but carries a charge of 1% on withdrawals and 1% charge on POS (Point of Sale) transactions. By paying $29.46 per month you can cut those fees down to 0% (Check their pricing table).
  • 15. Coinkite has two distinctive features that are better suited for offline shops, a dedicated Bitcoin Payment Terminal and a Bitcoin Debit Card. Here’s what the terminal looks like.
  • 16. A Retail Payment Terminal that is WiFi only and costs $491. The option with the QR code scanner (the Exchange Payment Terminal) will set you back $819. Both terminals allow you to take Bitcoin and Litecoin payments. There are two terminal versions to choose from You can learn more about Coinkite’s products here.
  • 17. How to Accept Bitcoin Payments on Your Own
  • 18. Any two individuals that have access to the internet are free to engage in commerce. While the three options outlined above make the whole process much easier, if you own a very small business and you’re not yet sure if the bitcoin ‘’gamble’’ will pay off, you can try taking bitcoin payments on your own. Bitcoin is a completely decentralized currency that doesn’t rely on any third parties.
  • 19. MultiBit is an easy to use bitcoin client that allows you to send or receive bitcoin payments. One of the major advantages of MultiBit over the traditional Bitcoin-qt client is that you can use MultiBit without having to download the entire bitcoin blockchain (which is over 5 GB in size at this point). There are a lot of ways you can do this but in this example I will use MultiBit
  • 20. You can download MultiBit by going here, the options on offer are Windows, Linux or Mac based clients. After installing the client you will be presented with a screen that looks something like this:
  • 21. Check an easy step by step process on how to accept a payment by checkin our main article. Click Here
  • 22. Confirmation and Fees This translates into a charge of around 5.5 US cents at current prices. Due to Bitcoin’s persistently high exchange rate, the minimum fee will be cut tenfold to 0.00001 BTC or 0.55 of a US cent soon. As of March 1 2014, the minimum bitcoin fee is 0.0001.
  • 23. All Bitcoin transactions need to be included in a public ledger known as the blockchain. Because of this, btc transactions need a certain amount of time to both be included in the blockchain and then to propagate around the network. This time is measured in ‘’confirmations’’. This is a somewhat complicated subject, you can learn more about this process by going here.
  • 24. How many confirmations should you wait for? Taking into account the fact that a transaction with 6 confirmations can take up to an hour to propagate around the network, for smaller amounts it is recommended to use 1 or even 0 confirmations. For very small bitcoin payments, like purchasing a cup of coffee for example, a payment can be considered as confirmed as soon as it is seen on the network.
  • 25. Take your time and download MultiBit or one of the other bitcoin clients here. All of this probably seems complicated and a bit overwhelming to someone who is new to bitcoin.
  • 26. Click here to tweet this presentation. Join The Community: www.FitSmallBusiness.com See the full article here