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cryptocurrency news: What are the ways to include bitcoin in businesses

 

With bitcoin coming into the mainstream without any corporate and government backing, it has shaped into a decentralised asset with high returns, according to Cointelegraph. This change is expected to attract all kinds of investors to own and use bitcoin as a source of payment.


According to the publication, global businesses intend to use bitcoin to reach out to those customers who are inaccessible due to geographical limitations but a knowledge gap on how to convert bitcoin into a payment mechanism still exists. Pointers to adopt bitcoin for payment of goods and services have been mentioned below:

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Law of the land

Many governments are yet to allow bitcoin based transactions due to its lack of compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, which makes it difficult for authorities to keep track. If an entity intends to add bitcoin to their business, then it should follow local laws and regulations. Many businesses have moved to places which are liberal with their cryptocurrency laws.



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Choosing the right platform


Entities must decide on appropriate ways to transact bitcoin, both for themselves and their clients. Bitcoin based transactions have been made possible through BTC addresses, Quick Response (QR) codes, point-of-sale (POS) systems, and online payment gateways.

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Telling your customers the “B” word

According to reports, bitcoin has helped with the marketing of many businesses. The “Bitcoin accepted here” stickers can help develop businesses, both online and offline. While fiat currency has the inability to fulfill cross-border payments, bitcoin can play that part even at such a nascent stage of blockchain’s lifecycle. Bitcoin can make it easy for merchants to sell their products abroad. Moreover, bitcoin store aggregators can allow businesses to be found by potential buyers and sellers. Early bitcoin adapters can get an advantage in a world where people look forward to stores which accept bitcoin oriented payments. 

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