Here’s the scoop on how to get started and become a common day crusader.
Let’s start with the basics. -What is Bitcoin?
Bitcoin is a decentralized financial currency that circumvents the hurdles of trading fiat or
commodities. It provides an alternative to government flat currencies like the U.S. dollar or the
euro or pure commodity currencies like gold or silver coins. Decentralized money exchanges
offer a transparency of exchange records that traditional exchanges and financial systems have
never provided their customers. It’s an exchange, by the people, for the people.
Now let’s talk about how to get started.
The first step is having a place to store the Bitcoin you are going to purchase. This is called a
wallet. There are digital wallets called hot-wallets (online), and hardware wallets called cold-
wallets (offline). Selecting the right wallet comes down to determining the security of the wallet.
Look for reputable providers that have been in business for longer than a year or two and have
a spotless track record of security.
Once you select your wallet, set up should only take a matter of minutes.
You’re ready to buy Bitcoin.
In the early days of Bitcoin, you could venture into Union Square of lower Manhattan and hear
Bitcoin sellers loudly proclaiming, shouting through the square, that they were offering the
coveted digital coins. These were called Buttonwood meet-ups, after the buttonweed tree under
which 24 stockbrokers met in 1792 to found what became the New York Stock Exchange.
It’s become considerably easier to access Bitcoin since these wild-west (east) days. Bitcoin now
trades on liquid exchanges 24 hours a day, seven days a week. Smartphone apps give users
one-touch access. Demand for Bitcoin is shooting higher along with the price, which has more
than tripled this year to a recent $23,000.
Today, commonly used apps to buy and sell Bitcoin are apps like Venmo, Robinhood, and
Square’s Cash App are available in select European countries and the USA. Canadian access
differs. Companies like Vancouver Bitcoin offers a secure way to buy and sell Bitcoin in Canada.
Other leading services available include WealthSimple, NDAX, and Coinsmart. This list is
continuing to grow and it’s best to do your homework and review the security of the platforms.
As for being able to trade Bitcoin on these platforms, there are no special requirements. Users
simply sign up for the service and begin trading. Fast and easy to access Bitcoin is now a
reality. It’s a far cry from literally crying out in the streets of Manhattan hoping to do business
with a trader.
Seamless integration that has businesses scrambling to get their horse in the race.
Now that you know how easy it is to access Bitcoin, you may be ready to start incorporating it
into your business model. The current-day-crusaders of cyber currencies are taking over the
mainstream. Now, major players of the financial world, such as Visa and central banks, are
moving towards incorporating Bitcoin into their business plans and tools.
This changing of the tides tells savvy business owners that they should get ahead of this
change and accept Bitcoin as currency for their products and services. Setting up Bitcoin as a
currency option in your business is more straightforward than it sounds.
When your customers come to checkout on your e-commerce website, you can give them the
option to pay with Bitcoin. This is done using a Bitcoin Cash payment gateway which you’ll add
to your website, letting you accept Bitcoin payments from customers. The payment gateway will
automatically calculate how much Bitcoin is owed for the items in your customer’s basket. Then,
instead of being asked to enter credit card details for the payment, they’ll see a QR code
(generated by the payment gateway) which they simply scan with their own digital wallet app.
There are some variations depending on the payment gateway you choose to work with, but it
all rolls out pretty much the same way. Why wouldn’t you add a currency option that has steadily
grown and hit all-time highs in 2021?
The future of currency is very much here, and your business can easily participate.
Bitcoin has proved that it’s here to stay, and yet you’re not too-late-to-the-game. This digital
currency is breaking new barriers with each month that passes—time to get on the horse and be
a part of this currency crusade.