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Why would merchants want to accept Bitcoin as payment?

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Are you a merchant or do you own an online shop? Then, this article if for you. We are sure you have posed this question several times: why would I negotiate with Bitcoins and how can I do it?

Well, first of all, let’s answer to the “why”. There aren’t many businesses (online and in the real world) accepting Bitcoin, so you can be a pioneer and attract the thousands of users who buy with digital currency, before all other companies surrender to the hot “coin”.

And don’t worry: Bitcoin transactions are usually considered safe, since each transaction is publicly verified by the network of Bitcoin users.

Now, let’s move on to the “how” and we’ll explain you how to receive Bitcoins as payment. The first step is to create an account with a Bitcoin merchant solution, which will allow you to accept Bitcoins. You can use a platform like Mt. Gox, the most popular one, or another one like BitPay or BitMerch.

These exchange platforms will convert Bitcoins to US dollars or other currencies for a nominal fee (Mt. Gox charges up to 0.6% of each payment and from each party). Next, post an image on your website or online store that informs your customers about the new Bitcoin option.

If you have a real business and want to accept Bitcoins there, besides using them in the virtual world, your clients can pay with digital currency by using a mobile phone app such as Blockchain or Paytunia Bitcoin Wallet, tools that work with QR codes.

Any doubts? Send us a comment and we will try to help!


Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

View all Posts by Maria Santos

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