In 2009, Satoshi Nakamoto created open-source software that changed how e-commerce works for good. Bitcoin is a digital, peer-to-peer currency that is “mined” (via a mathematical algorithm on personal computers), stored, sent, and received via e-wallets. The substantial advantages of Bitcoin for the world of e-commerce cannot be denied, however, the sheer power that digital, peer-to-peer transactions have makes many in the financial industry worried.
HOW IT WORKS
Traditionally, Bitcoin payment processing occurs via a group of powerful, private network computers. The transactions that occur are recorded in a “blockchain,” which is a form of public record. Bitcoins are used to pay “Bitcoin miners,” the people who use their computers to mine the bitcoin. Only the most tech-savvy individuals with the most powerful networks are able to successfully mine bitcoin, however, there is still the potential for bitcoin entrepreneurs to make some serious coins, by starting bitcoin merchant accounts.
BITCOIN MERCHANT ACCOUNT
The average consumer does not have the time or means to mine bitcoin, however, they still want to take advantage of the freedom that comes with using bitcoins as a currency on the internet. Bitcoin acts as a universal currency so that consumers can perform transactions without inputting all of their personal financial information, won’t have to use their credit card or debit card, nor will they have to deal with conversion fees. Also, bitcoin is conveniently stored on their computers.
A growing number of consumers download a bitcoin wallet onto their device of choice and trade actual currency for bitcoin to use on the internet. As this type of transaction increases in popularity, online businesses must keep pace with consumers and integrate bitcoin payment processing into their e-commerce strategy.
The simplest way for businesses to do this is by going through a third party like eMerchantBroker.com. Our bitcoin merchant accounts provide our clients with top-of-the-line internet merchant accounts that will save your company money on processing fees. eMerchantBroker offers:
- Fast approvals in 24 – 48 hours.
- Credit card processing for bitcoin
- The online payment gateway for bitcoin
- No setup fees for most merchants.
- High-Risk merchants approved.
- High volume solutions: load balancing gateways and multiple MIDS.
- Chargeback protection & chargeback prevention programs available.
Contact us at 1-800-621-4893 to get started.