Category Archives: Bitcoin
Cryptocurrencies fall as investors weigh the Fed’s latest rate decision, bitcoin slides toward $25,000 – CNBC
Ether has hugely outperformed bitcoin since both cryptocurrencies formed a bottom in June 2022. Ether's superior gains have come as investors anticipate a major upgrade to the ethereum blockchain called "the merge."
Yuriko Nakao | Getty Images
Cryptocurrencies fell on Wednesday as investors weighed the latest policy decision from the Federal Reserve.
Bitcoin slid 4.8% to $26,895.88, according to Coin Metrics. Ether fell 4.1% to $1,726.58, following a big move higher on Tuesday.
The Fed enacted a quarter percentage point interest rate increase at the conclusion of its latest policy meeting, expressing caution about the recent banking crisis and indicating that hikes are nearing an end. Fed projections call for just one more hike this year.
A 25 basis point increase was widely anticipated. The decision makes it the ninth consecutive interest rate hike and the second quarter-point increase in a row after a series of bigger rate hikes were implemented throughout 2022.
"The hope was that the long-awaited dovish tone from the Fed would finally arrive in the midst of this banking crisis. Those hopes were dashed by Powell's comments that rate hikes could continue as long as things continued to stabilize, weakening some of the momentum that has been leading crypto's rise in recent days," said Michael Safai at the crypto trading firm Dexterity Capital.
"A lot of what has driven the latest bitcoin rally the ongoing weakness in the banking system and the potential for increases in central bank balance sheets hasn't disappeared completely," he added. "This could provide a floor for cryptocurrencies once the broader institutional reaction to the Fed settles down."
See Chart...
Bitcoin (BTC) on Wednesday
Still, comments by Fed Chair Jerome Powell in the press conference following the meeting were more hawkish than the market expected, although he "poured cold water on fears over a credit crunch and deflation emanating from the banking crisis," according to Michael Rinko, venture associate at AscendEx.
Comments from U.S. Treasury Secretary Janet Yellen that she isn't considering expanding the FDIC's insurance limit of $250,000 also spooked investors, he added.
Bitcoin's volatility has come back this month, sending the cryptocurrency's price up more than 20% for the month and bringing its year-to-date gains to more than 70%. At the same time, its correlation with stocks has broken, after trading in lockstep with equities for about two years. Nevertheless, macroeconomic factors are still the biggest drivers of bitcoin's price.
"I think a lot of traders will be deflated by bitcoin's retreat towards $25,000, since the markets were really hoping to break past the symbolic $30,000 mark," said Safai. "This will probably sap some of the momentum behind crypto prices in the short term, but that could easily change if the banking sector continues to show weakness."
Chart analysts have been observing $25,200 as a key level for bitcoin, and looking for two consecutive weekly closes above that level to determine the strength of the recent rally.
"For now, volatility is spiking again, bringing some much-needed volume and energy to the markets," he added.
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Cryptocurrencies fall as investors weigh the Fed's latest rate decision, bitcoin slides toward $25,000 - CNBC
De-dollarization: Do all roads eventually lead to Bitcoin? – CryptoSlate
Introduction
The U.S. dollars reign as the reserve currency of the world could be coming to an end. CryptoSlates latest market report explores the de-dollarization of the world to find what role Bitcoin will play in the global economy.
The U.S. dollar has been the chosen medium for international trade and the global reserve currency for 79 years. The Bretton Woods Agreement of 1944 established gold as the basis for the U.S. dollar and pegged other currencies to the dollars value.
It was the first time in history that a group of nations negotiated a global monetary order, which proved successful in the years following World War II. The system was secured because the U.S. owned over half of the worlds gold reserves.
However, economic recovery in Europe and Japan decreased the U.S.s dominance in global trade. In addition, an overvalued dollar caused by inflation and growing public debt pushed the U.S. to suspend the dollars convertibility into gold in 1971.
As the dollars value was no longer tied to gold, the Federal Reserve was tasked with maintaining the currencys value. The central bank, however, failed to preserve the dollars value and began increasing the money supply, which caused the currency to lose two-thirds of its value in the following decade.
The devaluation of the dollar has continued well into the 21st century.
In 2023, the dollars position as the global reserve currency is in jeopardy, And while its dominance over the worldwide market has been shaken in the past, the danger has never been so great.
This report explores the macroeconomic events causing the dollars fragility, the consequences of a weak dollar, and Bitcoins place in a de-dollarizing global economy.
The global financial crisis in 2007 exacerbated the growing trend of de-dollarization. In 2007, China launched the China International Payment System (CIPS), which enabled cross-border payments to be settled in yuan. In 2010, China and Russia signed a bilateral currency swap agreement, allowing them to trade in their own currencies.
In 2014, BRICS countries, which include Brazil, Russia, India, China, and South Africa, created the New Development Bank. The novel financial institution was launched to provide alternative sources of financing for developing countries, reducing their dependence on the dollar. In addition, the E.U. created an SPV to facilitate trade with Iran in euros, bypassing U.S. sanctions on the country.
Last month, China and Russia reaffirmed their 2020 agreement to increase the use of the ruble and yuan for trade. The deal is set to increase the use of the ruble and yuan, which already account for two-thirds of the trade deal payments between the two countries.
Foreign trade isnt the only way countries are looking to ditch the dollar.
U.S. Treasury holdings once considered the safest and most liquid assets in the world, have become a geopolitical hot potato.
Last year, foreign demand for treasuries dropped by around 6%. This represents a notable decrease in demand following two years of aggressive buying after the COVID-19 pandemic.
However, rising interest rates have made these bonds less profitable. Almost every major country sold off its treasury holdings over the last year,
Data from the Federal Reserve showed that foreign holders sold off over $253 billion worth of treasuries in the past year.
While central banks worldwide have been increasing their balance sheets in response to the COVID-19 pandemic, nowhere was this as aggressive and dangerous as in the U.S.
In the four months since the beginning of the pandemic in March 2020, the Federal Reserve increased its balance sheet by over 72%, adding over $3 trillion to its assets.
The aggressive liquidity injection into the financial system proved to be unsuccessful. The quantitative easing spree took less than two years to turn into inflation, with goods and services in the U.S. seeing record growth into 2023. In a country with as much debt as the U.S., inflation can quickly erode the value of government bonds and cause interest rates to soar.
A declining value of government bonds pushes domestic and foreign bondholders to sell off their holdings and even suffer losses to place the capital into more profitable investments.
Foreign holders of U.S. treasuries have sold off their holdings to ditch their dependence on the dollar and turned to other currencies like the yuan and ruble. Domestic holders, on the other hand, moved away from long-term bonds into short-term treasuries, as they provide a better yield that outpaces the growing inflation.
Bitcoin has long been touted as a safe haven asset.
However, it wasnt until a full-blown banking crisis began looming over the U.S. that the global market began noticing.
Bitcoins fixed supply and decentralized infrastructure put its holders in control of their funds. With the ability to independently verify transactions, self-custody coins, and facilitate uncensorable, cross-border transactions, its slowly becoming an asset of choice for many looking to hedge against government interference.
Its volatility seems to be worth the cost for many investors. This is evident in its growing correlation with the markets liquidity. Data analyzed by CryptoSlate showed that Bitcoins price followed the rises and drops in the Federal Reserves net liquidity meaning that a significant chunk of the markets newly injected liquidity keeps flowing to Bitcoin.
Bitcoins role in the global economy will continue to increase as more weaknesses in traditional markets are revealed. However, while its use in developing countries has already been proven, developed markets like the U.S. are yet to see its value.
Continued dollar erosion will push many retail and institutional investors to Bitcoin. However, the assets dominance over the market will depend on the U.S. governments regulatory pressure, as many expect a fierce battle to stifle its spread.
When inflation points the way, all roads indeed lead to Bitcoin. The question is how long the market needs to reach the finish line.
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De-dollarization: Do all roads eventually lead to Bitcoin? - CryptoSlate
Ethereum faces 6-month lows versus Bitcoin Will ETH price rebound? – Cointelegraph
Ethereums native token, Ether (ETH), continues its multimonth downtrend against Bitcoin (BTC) in March, rising 5.5% versus the latters 19.5% gains on a month-to-date timeframe.
As of March 23, the ETH/BTC pair was down about 9% month-to-date to 0.0633 while staying on course to record its worst month since September 2022, when it fell 11.75%.
From a fundamental perspective, traders preferred Bitcoin over Ether, hoping it would protect them from the ongoing banking turmoil in the U.S. and other parts of the world. The narrative gained momentum in recent weeks as Wall Street investors like Cathie Wood see Bitcoin as a potential flight to safety asset.
As a result of the growing speculation, Bitcoin outperformed traditional assets after March 8, when signs of trouble appeared at Silicon Valley Bank. In doing so, BTC also fared better than the altcoin market combined, including Ethereum.
However, from a technical perspective, Ethereum is positioned for a comeback versus Bitcoin.
At least two technical indicators pose the possibility that ETH/BTC will rebound sharply in the coming weeks.
Related:Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step
First, the pairs three-day relative strength index has dropped below 30, which technical analysts consider an oversold area.
Second, Ethers drop versus Bitcoin has landed its price near its ascending support level (buy zone in the chart below).
A similar scenario in the JuneJuly 2022 session preceded an approximately 60% rally toward ETH/BTCs descending trendline resistance (sell zone in the chart above). If the fractal plays out, the pair could rally toward the same resistance level by June 2023.
In other words, Ether has a decent chance of rebounding by more than 15% to around 0.075 BTC. Conversely, a break below the ascending trendline support will invalidate the bullish fractal.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ethereum faces 6-month lows versus Bitcoin Will ETH price rebound? - Cointelegraph
Bitcoin likely to outperform all crypto assets following banking crisis, analyst explains – Cointelegraph
The banking crisis could be the spark that will kick off the next crypto bull run, in which Bitcoin (BTC) is likely to outperform all other cryptocurrencies according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Following the collapse of major banks such as Silicon Valley Bank and Credit Suisse, confidence in traditional financial institutions is being shaken and Bitcoin is becoming more attractive as a hedge against banking risk, thinks McGlone.
According to him, the United States Federal Reserves unwillingness to ease monetary policy despite the banking crisis is driving the U.S. economy into a recession.
He believes this macro environment will ultimately favor Bitcoin, which is going to outperform all other cryptocurrencies.
The more the Bitcoin can sustain above $25,000, then the more the S&P 500 potentially pressures below 4,000, youre going to have an indication that Bitcoin is going to take off," McGlone stated. I think Bitcoin will outperform virtually all cryptos, including Ethereum, he concluded.
To find out how the banking meltdown may spark the next Bitcoin bull market, watch the full interview on our YouTube channel, and dont forget to subscribe!
Bitcoin Mining Industry Is Well Positioned to Participate in a New Cycle: Bernstein – CoinDesk
The mining industry is well positioned to participate in a new bitcoin (BTC) cycle, Bernstein said in a research report Thursday.
The broker sees positive catalysts from the largest cryptocurrencys safe haven status, the reward halving due early 2024 and lower energy and equipment costs.
Rising bitcoin prices the largest cryptocurrency by market cap has climbed 70% this year and easing energy and equipment costs bode well for cash generation and the leverage position of miners, the report said. This should help improve gross margins in 2023.
If the bitcoin price continues to rally, Bernstein expects miners production in March and April to exceed their BTC liquidations, leading to a net increase in holdings of the cryptocurrency. This could help the companies debt repayment positions because bitcoin held as treasury assets can be liquidated at better prices to meet debt obligations.
In the medium to long term, the next main catalyst for miners is the halving, the note said. Roughly every four years, the total number of bitcoin that miners can potentially earn is cut by 50%.
Halvings make BTC more scarce by reducing supply, thus leading to prices rising, and this results in more miners joining the network, which increases the hashrate and the network security.
If the 2024 halving follows the same pattern as earlier ones, the BTC mining industry would see lower competitive intensity due to the sectors wipe-out in the bear market of 2022, and higher bitcoin prices, which would deliver improved profitability before additional mining capacity comes online, the report added.
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Bitcoin Mining Industry Is Well Positioned to Participate in a New Cycle: Bernstein - CoinDesk
Badass: Greenpeaces New Skull of Satoshi Artwork Is a Hit With Bitcoin Fans – Decrypt
As Greenpeace USA took to Twitter to proclaim the leading cryptocurrencys ravenous consumption of fossil fuels" and unveil a unique new artwork, die-hard Bitcoin supporters were unanimous in their criticism of the campaign.
The organization teamed up with Canadian art activist Benjamin Von Wong to unveil the "Skull of Satoshi"an 11-foot skull with red eyes, smoking stacks on its head, and an army of shadowy super-coders at its base.
Cant wait to buy this skull and plop it next to the nat gas generator powering one of my off-grid bitcoin mines, Marty Bent, founder of Bitcoin media company TFTC, commented on the video showing the process of how the installation was created.
Many have ironically embraced the installation, with some calling it badass and even using it as a new profile picture.
The primary art element, the actual skull, is made with electronic waste donated by Unirecycle, representing the millions of computers used to validate Bitcoin transactions, known as mining.
Even this aspect of the installation was mocked by crypto enthusiasts.
It appears Greenpeace was unable to source a single Bitcoin ASIC PCB for their propaganda. It's all general-purpose computer motherboards, some CPU heatsinks, a couple old af PCI Ethernet NICs, maybe some old af pre-Bitcoin GPUs? Hilarious, wrote notgrubles while asking whether Greenpeace is demonizing nuclear power now.
Though the installation is new, the "Change the Code, Not the Climate" initiative it represents was first floated a year ago.
The primary objective is to get Bitcoin to transition from its currency proof-of-pork (PoW) consensus algorithm to a more environmentally friendly proof-of-stake (Pos) mechanism.
The actual process to change Bitcoin is an open one as the code is also open-sourced. Individuals, including Green Peace, need only reach consensus among developers after filing a Bitcoin Improvement Proposal, or BIP. From there, the proposal would also need to win over the mining community, convincing them to operate using the newly-updated software.
But as the infamous block-size wars, a years-long battle to increase how much data could be stored in each of Bitcoin's blocks, changing the network's code is easier said than done.
Anyone can #ChangeTheCode. Just like anyone can change the rules of chess," responded one of the commentators. "Go ahead, good luck finding anyone to play with.
Von Wong also tweeted, "PoS will never work for Bitcoin. It goes against its decentralized ethos!"
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Badass: Greenpeaces New Skull of Satoshi Artwork Is a Hit With Bitcoin Fans - Decrypt
Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin | Bitcoinist.com – Bitcoinist
Following the implosion of Silicon Valley Bank, Bitcoin price has been surging and businesses across the globe are restrategizing their finances as a result.
Billionaire venture capitalist Tim Draper has published a list of recommendations for businesses in the new macro climate, in which he recommends companies keep a portion of cash in Bitcoin to cover payroll.
Things got complicated extremely quickly for business customers of Silicon Valley Bank. Big tech companies with millions and billions of dollars in the bank, are suddenly worried about their deposits.
Its caused a mad dash to diversify or move to bigger, perceived safer banks, and a huge rally in Bitcoin from $20,000 to $28,000 in two weeks. Businesses are feeling insecure about their money in an unfamiliar way, leading to uncertainty.
Billionaire investor Tim Draper has shared some strategies he recommends that could allow businesses to better position themselves amidst continued issues in the banking sector.
Among them, include keeping at least 6 months in short-term cash split across a local and regional bank, and at least two payrolls worth of cash in Bitcoin and other crypto currencies.
The idea behind the crypto-related recommendation is that even in the event a business cant access their money from a banking institution, theyll at least be able to cover payroll for two payroll cycles.
This is especially important for tech firms in the Silicon Valley area, where in the state of California company CEOs and other officials can be held personally liable for unpaid wages.
The costs of payroll can be considerable and require access to liquid funds. For example, Google in 2022 had over 190,000 employees, with an average salary of $133,000 per year according to data. Assuming no variation in these numbers, two weeks of payroll would be $971 million, while two months would be $4.12 billion.
Many employees get paid bi-weekly, which would be at least $1.9 billion per payroll cycle. And this is just one major tech company of size. If businesses actually listen to Draper, the amount of money that could flow into Bitcoin and crypto would be incredible.
And why wouldnt they listen? Draper is a venture capitalist thats made winning bets on Coinbase, Twitch, Tesla, Twitter, and Robinhood. Could this be why Draper expects Bitcoin to surpass $250,000 per coin?
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Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin | Bitcoinist.com - Bitcoinist
Still Not Ready to Buy Bitcoin? Invest in These Stocks Instead – The Motley Fool
Bitcoin (BTC 0.35%) has been on a remarkable run to start the year, up 65.93% year to date. But, as any crypto investor knows, investing in Bitcoin always comes with tremendous volatility and risk. Even the faintest hint of future Federal Reserve rate hikes can send the price of Bitcoin tumbling, and many investors are still hesitant about putting their funds in a crypto that collapsed by 65% last year.
So with that in mind, the goal is to find stocks that are correlated with the price of Bitcoin, but that may provide more safety and less risk than investing in crypto directly. These stocks are typically held by exchange-traded funds (ETFs) specializing in blockchain and crypto and thus are fairly easy to find and analyze.
With that in mind, here are three stocks that could benefit from the recent Bitcoin rally.
Image source: Getty Images.
What makes MicroStrategy (MSTR -2.53%) unique is the sheer amount of Bitcoin that it holds on its balance sheet. According to CoinGecko, MicroStrategy currently holds nearly 130,000 Bitcoins, worth an estimated $3.6 billion at today's prices.
That figure is significant, because it represents more than the entire market capitalization of MicroStrategy, which is $3 billion. Shares of MicroStrategy are up nearly 74% for the year, so investors clearly see MicroStrategy as a highly leveraged bet on the future price of Bitcoin.
But by investing in MicroStrategy, you get the extra margin of safety from investing in a publicly traded software company. In other words, there's more to MicroStrategy than just Bitcoin, and you get the peace of mind of knowing that you're getting audited financial statements every quarter.
The latest twist from MicroStrategy is the creation of a new business unit that will attempt to leverage some of the growth from Bitcoin being used as a payment option. The unit will focus on tech deployments related to the Lightning Network, a Layer 2 payment protocol for Bitcoin. This could help to assuage the concerns of some investors that MicroStrategy is not optimally deploying its capital.
Coinbase Global (COIN 2.31%) also holds a significant amount of Bitcoin. According to CoinGecko, Coinbase holds 9,000 Bitcoins worth $248 million at today's price.
That's because Coinbase, as the world's second-largest cryptocurrency exchange, has a core business activity that is highly leveraged to the price of Bitcoin. Trading volume spikes up when Bitcoin is in a bull market but trends down when Bitcoin is in a bear market. Thanks to the recent Bitcoin rally, Coinbase is now up more than 117% year to date.
So the core investment thesis for putting your money in Coinbase right now is the return of the retail investor to the crypto market. As long as Bitcoin retains its upward trajectory, investors should be willing to move their money over to Coinbase, and that will continue to boost Coinbase's stock price.
From a risk/reward perspective, Coinbase also gives you additional diversification beyond just Bitcoin. While Bitcoin represents 41.25% of all trading volume on Coinbase, the platform does offer trading access to nearly 250 different cryptos and digital assets such as non-fungible tokens (NFTs). Moreover, Coinbase is now active in over 100 nations, so there's geographical diversification as well.
PayPal(PYPL 1.82%) is increasingly focusing its attention on the world of crypto and digital currency transactions. In October 2020, the company began enabling users to buy, hold, and sell a handful of cryptos (including Bitcoin) directly via the PayPal platform. As of year-end 2022, PayPal held more than $600 million of customers' crypto, of which $291 million was in Bitcoin.
With PayPal, however, you are not getting nearly the same correlation with Bitcoin as you would with Coinbase or MicroStrategy. Bitcoin represents just a tiny fraction of PayPal's current business model, even if PayPal's holdings of Bitcoin are surprisingly massive.
So you really need to take a long-term approach here and understand that PayPal is much more interested in the future of payments. PayPal has been working on a number of interesting payment projects, such as the development of its own stablecoin.
And PayPal continues to invest in blockchain-related start-ups that focus on payments. According to PayPal, a lot of its future Bitcoin strategy will depend on the official regulatory stance on crypto.
As with any financial services stock, there is always the risk that PayPal could get caught up in the current banking mess. While PayPal has a proven track record as a fintech (or financial tech) innovator, it is also starting to look more and more like a traditional bank.
There's a good reason why I didn't include a single Bitcoin mining stock on this list -- all signs point to Bitcoin mining becoming an increasingly bad business, due to all the new rules and tax changes related to energy consumption and electricity usage. The government is making it very difficult for Bitcoin miners to be profitable. Yet, if you take a look at some popular Bitcoin ETFs, you'll see that they're filled with mining stocks.
For now, I'm watching companies that stand to benefit the most from the current Bitcoin rally. I'm particularly bullish on Coinbase right now, simply due to all the clever ways the company is finding to generate revenue and diversify internationally during a time of market uncertainty. That's exactly the type of company that can provide indirect access to the upside potential of Bitcoin, without all the risk of investing in Bitcoin directly.
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Still Not Ready to Buy Bitcoin? Invest in These Stocks Instead - The Motley Fool
German Dwpbank to offer Bitcoin trading to 1,200 affiliate banks on new platform – Cointelegraph
Deutsche WertpapierService Bank (Dwpbank), which offers securities processing to around 1,200 banks in Germany, is creating a new platform, wpNex, that will offer Bitcoin (BTC) to all of its affiliates retail customers in the second half of this year.
The new service will feature crypto accounts alongside bank customers other accounts and will not require additional Know Your Customer procedures, according to local media reports.
Wallet-as-a-service provider Tangany and Bankhaus Scheichs Tradias digital asset trading service will also participate in the new offering. Retail customers will not hold private keys. Dwpbank CEO Heiko Beck saidthe bank planned to add other cryptocurrencies, digital assets and tokenized securities to the service in the future.
MLB Banking was the first Dwpbank affiliate to sign on to the platform and has already performed a transaction on it. MLP Bankings account and securities processing head, Paul Utzat,said in a statement:
Crypto accounts are linked to euro cash accounts, so transactions can take place without going through a separate payments account.
Related: Almost half of Germans to invest in crypto: Report
Germany has been named one of the worlds most favorable countries for crypto. DZ Bank announced in February that it was adding crypto to its asset management service. DZ Bank is Germanys second-largest bank by assets and a central institution for a network of bank coops with 8,500 branch offices.
German crypto bank Nuri, however, shut down in November under stress of the crypto bear market. It had half a million customers. On the traditional finance side, Deutsche Bank shares plummeted on March 24 as instability spread among European banks. Deutsche Bank asset management division DWS was reportedly in talks with tradias on investment in the service.
Magazine: Best and worst countries for crypto taxes plus crypto tax tips
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German Dwpbank to offer Bitcoin trading to 1,200 affiliate banks on new platform - Cointelegraph
Accepting Payment in Bitcoins How to Accept Them and the Pros … – The Coin Republic
As bitcoins rise in popularity, companies have been considering the idea of including bitcoins as a valid payment option. While cryptocurrencies like Bitcoin are known for being volatile in nature, they can be a fairly safe option for payment if handled correctly. The features that make accepting Bitcoins as payments lucrative for companies include:
There are plenty of benefits that would drive a company or individual to accept bitcoin payments with open arms. One of the biggest benefits is the reduced payment processing fee. While other payment modes, especially using credit cards, incur a processing fee of 3-4%, payments using Bitcoins charge none. This may not seem like a big deal, but it is a huge benefit for merchants and companies.
While credit card companies mostly favor customers, Bitcoin is a decentralized platform. So once the payment is made, there is no question of disputes. They also present a good opportunity for companies that want to invest in cryptocurrencies. Additionally, they also make international transactions easy and thus open up businesses to new customers.
Despite the many benefits that bitcoins offer as a payment option, there are certain drawbacks too. One of them is that even though Bitcoins are quite popular, most people still prefer traditional payment methods. And even if there are customers interested in making payments through Bitcoins, there can be certain hiccups along the way and with bitcoins, payments sometimes can be delayed depending on the network. There is also no support available in case of any emergency or fraud.
Along with this, there is a constant fear of the crypto value dropping suddenly as they are known for their volatile nature. However, this can be avoided by immediately changing crypto into cash by using a payment gateway. It may charge 1% of the payment, but it is still preferable over the 3-4% processing fees or incurring losses because of Bitcoins volatility.
The processes companies and individuals need to take to enable Bitcoin payments are fairly simple. However, it is always recommended to weigh the pros and cons before venturing into the crypto world. The steps one needs to take to enable payments using bitcoins are:
Setting up a crypto wallet after getting acquainted with the rules and regulations, one needs to set up a crypto wallet in order to access the cryptocurrencies. Alternatively, setting up payment gateways is also a good idea.
Adding them to checkout processes after setting up the wallet, the website needs to be updated to include the option of using Bitcoins as a payment method.
Integrating it with accounting software this ensures that the Bitcoin transactions are recorded along with the rest of the business transactions.
Overall, accepting Bitcoin payments has its advantages and disadvantages. It is crucial for businesses to weigh the pros and cons and understand the risks involved before deciding to accept Bitcoins as a payment option.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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Accepting Payment in Bitcoins How to Accept Them and the Pros ... - The Coin Republic