Do you want to start receiving Bitcoins? If so, here’s how you can accept Bitcoin as a present or payment for services or goods.
You’ve probably heard or read that Bitcoin is the largest and the leading cryptocurrency. If you’re unfamiliar with this digital currency, you may wonder why everybody wants to get it. Bitcoin hit an all-time high peak of $65,000 per coin in 2021. And this has prompted many people to believe that it’s the future of money and finance. However, some people see it as a volatile fad with an association with criminal activity history.
Nevertheless, skeptics have not hindered many people from embracing Bitcoin. Today, more people visit websites like TrustPedia to read about purchasing and selling this virtual currency. Others buy Bitcoin on the crypto exchange and use it for local, online, and international transactions. But, how do you receive Bitcoins?
Receiving Bitcoin from another user, whether individual or institution, you share your Bitcoin address with them. And you get a Bitcoin address in the crypto wallet. Ideally, you must set up a Bitcoin wallet to start receiving this cryptocurrency.
Bitcoin wallets may vary slightly. However, a Bitcoin wallet displays a Bitcoin wallet that you can use to receive this virtual currency. Bitcoin wallets are easy to set up and use. A Bitcoin wallet allows the user to copy the address to the clipboard and provide it to a sender via a messaging app or email.
Also, a Bitcoin wallet can provide a QR code version of the Bitcoin address. Therefore, a person can send Bitcoins to your crypto wallet by scanning this QR code and confirming the transaction.
A Step-by-Step Guide for Receiving Bitcoin Payments
If you run a business and want to receive payments in Bitcoin, you must set up a few things first.
- A business crypto wallet: Your business requires a crypto wallet for receiving and storing the coins. You can also use the same wallet to send the cryptocurrency. Select a secure business crypto wallet with affordable transaction fees.
- Get your Bitcoin address: The crypto wallet will have a Bitcoin address. But theoretically, you can have a new address for every transaction. Also, you can display the Bitcoin address or QR code where customers can quickly scan it to pay for services and goods.
- Get a private key: A public key is your Bitcoin address, like a bank account. That means anyone can access or know it when sending money to your crypto wallet. However, a private key should be accessible to you only and hidden. Losing the private key means forfeiting the Bitcoins in your crypto wallet.
- Integrate a Bitcoin payment processor: Integrating a third-party payment processor entails setting up a payment gateway on your site. However, this is optional because you can receive Bitcoins in your business crypto wallet without it. Nevertheless, a payment processor makes processing Bitcoin payments faster.
Bitcoin enables anybody to receive or transfer any amount of funds with any other user anywhere. That means you don’t require permission from any government or your bank to send, receive, o use Bitcoin. By accepting Bitcoin as a payment for products or services, you can seamlessly venture into the crypto world.
Many people want to receive Bitcoin after realizing its potential. This virtual currency enables people to transact anytime, anywhere. It’s also pseudonymous because you don’t disclose personal information when transacting. However, people can trace your Bitcoin wallet’s transactions in the blockchain. Nevertheless, more people and enterprises around the world now accept Bitcoin payments. Also, this virtual currency has become an investment and tradable commodity, with some people making good money from investing or trading it. Follow the above guidelines to start receiving Bitcoin if you’re getting started.