Accept Bitcoin Payments

Bitcoin (BTC)

Accept Bitcoin Payments

How to accept Bitcoin payments?

Bitcoin is the oldest digital currency. It was created in 2009 and there is a lot of mystery surrounding its creation. The digital currency was created by Satoshi Nakamoto who is also the inventor of Blockchain technology. However, Satoshi has never been known. The process of developing Bitcoin started in 2008 when a domain name by the name Bitcoin.Org was registered online. Shortly after a paper called Bitcoin; Peer-to-peer Electronic Cash System came into existence. Now, many companies accept bitcoin payments and this shows how fast the bitcoin and blockchain is growing. Even some altcoins became very popular for companies as accepted coinpayments.

The first Bitcoins were mined in 2009 by Satoshi before making the software available for the public. Mining is the process of generating new Bitcoins. In its lifetime Bitcoin was developed to produce only 21 million coins. The process of mining and transaction approval is entirely done on Blockchain technology.

The aim of developing Bitcoin was to do away with centralized financial institutions. Bitcoin is fully decentralized and does not have a central governing body.

When the mining of Bitcoin started it was not possible to assign the value of the coins since only mining was taking place. Trading of Bitcoin became famous in 2010 after a person decided to exchange all his 10,000 Bitcoins for pizza. The move popularized Bitcoin trading and soon people started taking and searching more about Bitcoin.

The popularity of Bitcoin gave birth to other digital coins. However, Bitcoin has remained to be the most popular digital currency controlling more than half of the coin market cap. The growth of the currency was faced by many challenged. As the value of Bitcoin went up it became a target of hackers and other cybercriminals. Since Bitcoin itself has proven to be impossible to hack they started targeting exchange companies and people’s wallets.

Wallets are where Bitcoin is stored. Wallets can either be kept online or offline. Online wallets require a lot to be done to ensure that they are safe from hackers. Cold storage or offline storage is safe, however, once the storage device is lost Bitcoins cannot be recovered because of their decentralized nature.

Since the creation of Bitcoin is currency is said to have lost more than $1 billion in the hands of hackers. Most of these funds have been lost through exchanges.

Benefits of Bitcoin as compared to traditional payment systems

  • Lower transaction fees- Bitcoin transaction fees are very low as compared to fees charged by Paypal and credit cards.
  • Faster and borderless payments – Bitcoin transactions are instant when compared to Bank transfers which must go through a lot of approvals. More to that Bitcoin Payments are borderless and therefore can be sent to any part of the world without any restrictions.
  • Chargebacks – Once Bitcoin is sent that’s final. This eliminates the chances of chargebacks which are common among other online payment systems.
  • Total control over your finances – With Bitcoin you have total control over your money since the system is fully decentralized. This is unlike banks where you have to seek permission to spend your own money. 

The Future of Bitcoin

Bitcoin has continued to gain a lot of attention from individuals and institutional investors and many companies started accepting bitcoin payments lately. The future of the digital currency is certainly very bright. There are many brands which are continuously accepting bitcoin payments for goods and services sales. This dominance is expected to grow in the future since universities and other learning institutions have started offering courses related to cryptocurrencies and Blockchain technology. More to that Bitcoin is also attracting some of the best brains in the Wall Street.

The current price of Bitcoin

Bitcoin remains to be the most dominant digital currency in the market. The digital currency is currently having 17,243,237 coins in circulation. Its current trading price is $7,059 with a market cap of $121,735,732,413. It is a massive drop when compared to the price of Bitcoin in December when n its price was $20,000. Expert has however predicted that the price of Bitcoin is likely to hit the $50,000 mark before the end of 2018. There are a lot of developments happening in the Bitcoin sector which are likely to ensure its growth.

How to accept Bitcoin payments on your website

ExagonPay is an online platform that makes it easy for businesses to accept crypto payments. The platform is designed to convert all the payments into either the Euro, USD or even Bitcoin depending on the preference of the customer. This is mainly meant to avoid the volatile nature of the digital currency market which has kept many institutional investors away.

To be able to accept Bitcoin payments as well as Ethereum, Bitcoin Cash, Ethereum Classic, Ripple, Aragon, EOS and all the other digital currencies signup with ExagonPay. If you want to use the platform for e-commerce simply create API credentials. However, if you want to use the platform for normal payments or donations simply create a payment button. It’s important to note that clients who would like to convert their payments to either the USD or Euro are required to verify their identity. On the other hand, clients who would like to keep their payments in digital currencies are not required to do any verification.

Get access to the ExagonPay platform.