Bitcoin recently has become huge. With a surge of growth and hype behind the digital currency, we have seen recently Bitcoin go from $4000 AUD to $7000 AUD in the period of a month.
We have recently been asked by many businesses how they can started accepting Bitcoin as a form of payment and how to do so safely. We ourselves can accept Bitcoin for our digital web services that we provide for all of our clients. Its quick, safe and relatively easy to do.
Setting Up Accounts
The first step of the process is to set up accounts. Just like you would setup a PayPal account and prove that you are how you say you are, you have to open accounts with various digital exchanges that will allow you to convert fiat currency, e.g. Australian dollars, to digital currencies such as Bitcoin.
We use Coinspot as it allows us to exchange out all the major crypto currencies to Australian dollars very quickly and easily.
Coinbase is used for invoicing and accepting the Bitcoin to our Bitcoin wallet, where we can store Bitcoin. As Coinbase is a great development platform, developers from around the world have created an extensive array of addons and plugins to it makes it as easy as possible to work with Bitcoin and accept payments.
Signin up on both platforms is easy with a standard verification process that checks to see how you are.
Once you are setup you can start accepting and converting Bitcoin to Australian dollars or even other currencies.
Online Contribution Widgets
Full Bitcoin API Integrations
Declaring for Tax
Bitcoin is anonymous with no to little regulation behind it, but it is important to note that you still need to declare the money that you have made from either trading Bitcoin or accepting it as income. You may face legal consequences if you do not.
If you want to start accepting Bitcoin in your business, please don't hesitate to contact the team and we'll help you get started.