Why Should My Business Accept Bitcoin?
- First and foremost, to attract business from Bitcoiners
- Bitcoiners are highly motivated and loyal and seek out businesses which accept Bitcoin
- We will, free of charge, promote you to the Bitcoin community by adding your business to this UK map, and this global map, and talking about your business on social media
- We will promote your business to your local Bitcoin meet up group
- Immediate final settlement. Accept and receive payment 24h a day, 7 days a week, 365 days a year. There’s no such thing as a “business day”!
- No chargebacks
- Very low to near zero transaction fees.
What is Bitcoin?
Here’s a short film that lays out the basics. For more information look here
Isn’t Bitcoin Illegal?
Absolutely not. In fact, the UK government has committed to becoming a global hub for digital assets.
Do I have to pay tax on Bitcoin income?
There are solutions to accepting Bitcoin which will have no tax or accounting implications for your business, talk to us and we can demo them to you. We’re not tax advisors, but we can speak with you and your accountant regarding how best to handle Bitcoin for your business; you can rest assured that multiple businesses throughout the UK are accepting Bitcoin payments with ease and without issue.
Aren’t there many “cryptocurrencies”?
There are several off-shoot digital cash systems, some even use the word “Bitcoin” in their names. For ethical and potential future regulatory reasons we do not promote or recommend using any of these except for Bitcoin. We can explain our reasons in more detail on a call.
Bitcoin itself is the original peer-to-peer digital cash system invented in 2008. It is the safest, most used, most decentralised, hard money we’ve ever had
What about all these hacks and exchanges going bust?
One of Bitcoin’s innovations was to remove the need for a bank, you can securley hold your own Bitcoin. However, if you do leave your Bitcoin on an exchange or leave it with any 3rd party you are taking a risk which, for small amounts, may be a reasonable trade off for convenience. If you self-custody your own Bitcoin in your own Bitcoin wallet your funds are much safer.
How Bitcoin stacks up against the competition
The chart below shows the costs and benefits of receiving payments via the Bitcoin Lightning Network or the Boltcard. For a low fee, Boltcard over the Lightning Network offers the conveniences of tap and pay, and with Coincorner you can receive GBP directly.
What is Bitcoin?
Bitcoin is a commodity money, a digital version of gold, launched in 2009. It is native to the internet and, like gold, does not require 3rd parties to transact.
No banks, no governments, no owners and also no borders. Bitcoin is a global, decentralised and censorship-resistant payments network. It has a fixed supply which means the end of monetary inflation.
When you receive Bitcoin you are receiving an asset, not someone else’s liability, aka debt.
RELIABLE Money
Bitcoin is a currency that gives you complete ownership. Everyone can own and accumulate this asset.
Bitcoin can be sent anywhere in the world, quickly and cheaply. It has no need for a 3rd party like a bank or payments provider to be involved. A true financial revolution enabled by technology.
What do I need to do?
To explore and choose the best option for your business, send us an email at bridge2bitcoin@gmail.com. We have someone local to you who can provide advice and support. Your business will also benefit from UK and global publicity as one that accepts Bitcoin. The Bitcoin community are active and loyal – this will generate additional revenue for your business.
Volatility
In the short term, the value of Bitcoin can fluctuate a lot, but over time its price trends upwards.
Furthermore, the short-term volatility of the Bitcoin price has been falling over time as more people are using it.
Bitcoin is scarce
Bitcoin’s code locks in a rule that there can only ever be 21 million Bitcoin. Each Bitcoin is divisible into 100 million subunits called ‘Satoshis’. This scarcity underpins Bitcoin’s value and makes it the first ultra-hard money that is inherently globally transactable.
GB Pounds, on the other hand, can be created out of thin air by the central bank and retail banks and there is no upper limit on the amount in circulation. This allows governments and banks to extract value through inflation, to the cost of everyone else.
The more pounds in circulation, the less purchasing power each pound has. Printing money does not magically create more goods and services.
How to get started Accepting Bitcoin
1. Download an app
Bitcoin is an open network and there are many applications (aka “wallets”) that allow you to receive, send and store bitcoin.
To get started, the Wallet of Satoshi app is recommended.
2. Create and backup wallet
Follow the instructions to backup your wallet to your email (red question mark on the top right). You will receive 2 words to your email to confirm the backup. If you lose access to the device, you can restore your wallet with your email again to recover the funds.
3. Create an invoice
Press the Receive button to generate a new invoice, or set the amount to receive by pressing ‘Add Custom Amount’.
You can define the amount in Pounds or Sats and get price conversions in real-time.
4. Receive bitcoin
Show the generated QR code for the customer to scan.
Once paid by the customer, your wallet will notify you that the payment has been received.
Payment for Lightning is immediate.
Contact us for more information on how to get your business ready for bitcoin.