Over the past few years, many have asked me how they can accept cryptocurrency as a form of payment for either the sale of a service, product or even used in ministry.
While their are countless ways to “accept” digital currencies in the way of a transaction from one peer (person or entity such as a corporation, LLC, business, etc) to another peer (person or entity such as a corporation, LLC, business, etc), the simplest and most effective process my digital currency partners and I have found to be the following procedure:
Step 1 – Create a Coinbase Account
Coinbase is a world leading digital currency exchange headquartered in San Francisco, California and remains to date the company that’s used most in my network. To accept digital currencies like Bitcoin, Ethereum or Litecoin, you’ll need a digital wallet, and you’ll get one of those for free with your free Coinbase account.
Step 2 – Promote Your BTC, ETH and LTC Wallet Addresses
Coinbase provides you with digital wallet addresses for various popular digital currencies, including Bitcoin (BTC), Ethereum (ETH) and Litcoin (LTC). Once you have completed the sign-up process on Coinbase, you will have access to your BTC, ETH and LTC wallet addresses you can place on your website, in your invoices and via QR codes in your print marketing pieces.
Step 3 – Connect Your Bank Account To Your Coinbase Account
As your inbound digital payments pile up, you can trade, leave it all in your Coinbase account to grow with the market or, withdraw your earnings via a bank wire in US Dollars or any other fiat currency, anywhere. :)
Step 4 – Withdraw Earnings To your Bank Account
A bank wire from Coinbase typically takes a few days depending on the amount and time of the request. Sadly, bank deposits to fund Coinbase accounts, for example, if you wanted to buy Bitcoin as part of an investment, such wire transfers do take quite a bit longer.
Since bank wires from Coinbase are free, and there are no transaction or infinitely minute charges accrued from payments received (completed transactions), this method is not only simple, I’m sure you’ll soon agree it’s very cost effective as well!
Need more help or do you have questions about this topic? Go HERE to book me.