You may have seen many memes related to Bitcoin and other digital currencies on the internet. While digital currencies are meme-worthy, they continue to be a great investment option given the security and high returns– especially Bitcoin, the first established cryptocurrency in the world.

Bitcoin is no longer a hype among tech-savvy millennials, but average consumers use it as a payment option. As an embodiment of the previous statement, here’s a stat: 15,174 businesses worldwide accept bitcoin. Whether you want to incorporate it into your online business is up to you. Doing so, however, will make your business more secure. It goes without saying that today's consumers prefer secure payment gateways more than ever.

For businesses already using Bitcoin as a payment option, kudos! For those that wish to, this article speaks to you. It talks about four ways to incorporate Bitcoin within your startup.

1. Know the user persona

Before integrating or implementing any new feature, you must create a user persona. Knowing your potential users is key to enhancing user experience. So, it is a given that you need to build a user persona to be more certain of the motivations behind incorporating the feature. It will give you a clear road map to implementing the feature.

Below listed are some simple ways to create a user persona:

Talk to at least five of your potential users to understand their expectations, frustrations, and needs.
Gather real data and perform qualitative analysis to conclude.
Cluster the feedback/data given by your potential users and think of ways to implement them.

Knowing your users will enable you to incorporate Bitcoin into your system in an effective way as you can now develop a user story map from the data.

2. Set up a Bitcoin wallet

Now that you have a list of user expectations, it is time to take action. The first step to implementing Bitcoins as a payment option is to set up a Bitcoin wallet. This wallet will help you accept payments from consumers. As a business, you need to create a business account and set up a bitcoin wallet.

Crypto wallets come in different categories, each with cons and pros.

Hot vs. Cold storage

Hot wallets are connected to the internet while cold is not connected to the internet. Hot wallets are more vulnerable to hacking than cold.

software Vs hardware wallets

As the name suggests, software wallets are digitally stored on your device, making it vulnerable to hacking. A hardware wallet is a physical device like a USB stick, hard disk, etc.

Custodial vs noncustodial wallets

Custodial wallets safeguard your private keys and your currency will be held by a third party. Noncustodial wallets, however, are held by the user, giving them full control over private keys.

Which type of wallet to choose depends on the size of your business and how often you will make transactions. Once you set up your wallet,

3. Integrate crypto payments

Now that you have your crypto wallet set up, it is time to enable crypto as a payment option on your website. However, ensure you speak to an accountant to understand the tax implications of accepting bitcoin. The regulations vary by state and country so it’s best to approach an accountant.

Setting up a bitcoin payment to your online store is as simple as downloading an app on your platform or a plug-in. Consumers today can easily buy Bitcoin with a debit card by using payment infrastructure such as MoonPay. Similarly, as a business, you can integrate third-party crypto payment infrastructures. If that’s not possible, integrate payments through HTML code from your wallet.

4. Plan to convert Bitcoin to cash

The price of bitcoin is always changing and is bound to be volatile even in the future. As a business, if you plan to accept bitcoin, you must plan for huge fluctuations in price value or plan to convert it to cash immediately after you receive a payment. This will help you from the potential sudden price drops.

If you plan well to deal with the volatility, you will already be in a unique position to reap the benefits. After all, cryptocurrency is becoming more widely accessible. So the earlier you plan and adopt, the better the chances of you staying ahead of the competition in the future.

5. Change is the only constant in Digital land

As cliche as this phrase may sound, it cannot be more accurate. Cryptocurrency is a volatile market. What applies today may be irrelevant a year or even a few months down the lane. Keeping a tab on the market and keeping yourself updated with current news is essential. This doesn’t just stand true for people investing in cryptocurrency but for businesses.

As stated at the beginning of this article, using Bitcoin as a payment option for your business is entirely your call. While it is a safe way to accept payment, it may not be suitable for small business owners whose consumers may need to be more knowledgeable about it. Think thoroughly about your business needs before taking a call.

Miscellaneous

What Your Startup Needs To Get Involved With Bitcoin