- 1 Bitcoin is growing, and so is the online market. For instance, we have seen selling and buying of products online.
- 2 We will be providing guides on how individuals can sell their products online and accept bitcoin as payment method.
The online market is growing rapidly, and so is Bitcoin. Sellers and buyers are taking over the online market with different types of storms. As the online market grows, sellers can now sell their products and accept bitcoin as a payment method.
Selling Of Your Products
Certain procedures must be met for individuals to sell their products online. One is by acquiring a Bitcoin wallet since payment will be made through Bitcoin. There are a number of exchange wallets that support cryptocurrencies.
For instance, on Binance, the largest cryptocurrency wallet, users will be required to advertise their products.
Finding A Wallet
Before doing anything, you need to have a cryptocurrency wallet. Bitcoin is the medium of exchange in this wallet; the wallet should be supporting Bitcoin. For instance, there are a number of wallets where you can sell your stuff: BitMarket, CryptoExchange, and Bitify. You need to find yourself a suitable wallet.
Accepting Bitcoin as Payment Method
Bitcoin’s future is clear as crystal, and the financial industry is accepting that. Organizations are accepting bitcoin as a means of payment. For instance, a number of big institutions are supporting Bitcoin.
You will then be required to advertise the products you are selling. Transactions will be made here, and the medium of exchange will be Bitcoin. These digital coins are also volatile; before deciding to use Bitcoin as a means of payment, you should take this into consideration.
Advertising Your Products
Like any other institution, you should advertise the products that you sell. You should modify your shop, for instance, by putting pictures of what you are selling and the price that comes with each product. These will draw attention from buyers, and they will engage in buying your products. The process of advertising your product will reach a number of people using that wallet.
You can also promote your product in the bigwigs wallets. For instance, you can put your product on Coinbase for them to advertise it; we all know how Coinbase has high engagement. Therefore, by advertising your products there, you are certain that they will be bought.
Involving Third Parties
When conducting transactions in cryptocurrencies, be certain to use a trusted third party like Escrow. Escrow is the most trusted third party in cryptocurrency. The fact that it charges low fees also guarantees a secure transaction. Cryptocurrency is a growing technology, and scammers are everywhere. They will try to scam you and leave you in the dark. But by using the escrow service, the scammers are eliminated. How does Escrow provide its service?
During transactions, the buyer sends the bitcoin to Escrow (the third party), and then the seller is notified that the buyer has already sent the required bitcoin. The deposit of money into an escrow service ensures that the seller will not be scammed. The seller then releases the product to the buyer; at this point, the buyer checks whether the products are there and notifies Escrow to release the bitcoin to the seller. Escrow fee charges can be paid by either the buyer or the seller, or they can be divided by both.
Why Buy Products Using Bitcoin?
Bitcoin is a growing means of payment that is used by merchants to purchase products online. Its decentralized nature enables users to do their transactions whenever and wherever they are. For instance, you can send Bitcoin to someone in Hong Kong while you are in India. It does not require centralized authorities.
Why should online sellers accept Bitcoin as a payment method? Bitcoin is a digital coin that is not easily corrupted. For instance, it is not easy for intermediaries to acquire your profits. Its decentralized nature eliminates third parties and intermediaries when transactions are made. It reduces theft, and it also provides a secure way of transacting.
However, transactions using Bitcoin are fast,secure and convenient. Without the need for an intermediary, it enables buyers and sellers to interact one on one. This makes transactions fast and cheap. Since you will not be required to pay intermediary fees.
Bitcoin’s value is not fixed, unlike other currencies. Bitcoin is volatile, and volatility works either way. Its volatility may propel its value, but at the same time, it can decrease it.
We have learned that Bitcoin can be used by buyers to acquire products online. And sellers can accept this digital coin as a means of payment. Therefore, investors should not only sell their products in the market when they can use these technologies to earn money at home and wherever they are since Bitcoin is a decentralized coin. Investors should be encouraged to do their sales online. In this way, we will be encouraging the world to accept Bitcoin.
We recently saw Blackrock trying to be accepted as a Bitcoin exchange by the SEC. This shows that institutions are accepting Bitcoin. We should therefore embrace these moves that financial organizations are making.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.