Join the Future: How to Get Paid in Bitcoin Today

Don’t get left behind, embrace Bitcoin and catch up with the future.
By Allan Diaz — Finance Director & Senior Copywriter at Masterpiece Web
By now you might be sick of hearing about Bitcoin this and Bitcoin that. The Bitcoin frenzy has got you up a wall. But don’t fret my friend, because we can use this obsession over cryptocurrency to our advantage. Let’s get down to business and jump on that Bitcoin bandwagon.
What is Bitcoin?
There’s all this buzz about Bitcoin, but most of us still don’t understand exactly what it is. According to Simple English Wikipedia, “Bitcoin is a digital and global money system.” It’s a form of currency that exist in our computers. What makes Bitcoin different from other forms of existing money though? Well for one, Bitcoin allows its users to remain anonymous. You’re able to exchange money with someone on the other side of the globe without a trace.
How is Bitcoin’s value and price determined?
Basic economics tells us that something becomes valuable if it’s both useful and rare. When something is useful, it gives us utility (benefits us). And when something is rare, it means it is scarce and a limited quantity exists.
Bitcoin is useful because it works as a medium of exchange for goods and services. Instead of trading our forklift for a ham, we can buy the ham with Bitcoin. All money works like this. Individuals are loading up on Bitcoin in parts of the world where hyperinflation is rampant. It’s more reliable than their printed fiat money.
New Bitcoin gets discovered through a process called ‘mining’. People search the internet for these hidden Bitcoin with advanced computer setups. Most of the Bitcoin is already discovered, but the greatest number of Bitcoin that will ever exist gets capped at 21 million. This of course, makes Bitcoin rare.
Because Bitcoin meets both these criteria, the forces of supply and demand determine its price. Similar with your own business, if people want more of your product, you’ll charge them more and they’ll pay more. If people want less of your product, you’ll charge them less and they’ll pay less. If you’ve ever dabbled in the stock market, it works the same way.
Why should I accept Bitcoin?
I’m sure you’re thinking, “All this sounds fine and dandy, but why should I accept payments in Bitcoin?” Well, for several reasons. Let’s take a look, shall we?
1. It’s quick and easy to get paid in Bitcoin. As a freelancer, sites like Fiverr allow you to easily accept Bitcoin. You set your rate and you’re done. If you don’t use a freelancing site and run your own rodeo … it’s just as easy. You can accept payments straight into your Bitcoin wallet without any fees. Alternatively, Bitcoin payment applications have small fees, but make the process even easier (more on this later).
2. It’s effortless to spend your Bitcoin. Some time ago you would’ve had to sell your Bitcoin for dollars to be able to use it. Today, tons of places accept Bitcoin as a form of payment. Overstock.com, Expedia, Newegg, Shopify stores, and eGifter are a few examples.
3. You might be able to give yourself a nontraditional bonus. Holding on to your Bitcoin for a while before selling it for dollars might be able to get you some extra money. If the price of Bitcoin rose from the time you received it to the time you sold it, you’ve earned more than the original payment. It’s kind of like waiting for a stock to climb. As great as this sounds, it could be risky since the price of Bitcoin can fall as well. Taking that chance is up to you.
4. You don’t have to file any paperwork. Forget about dealing with bureaucracies. Drop all the paperwork that comes with traditional currency exchanges by using Bitcoin. No limits, no signed documents, and no dealing with the bank. Easy as pie.
5. It’s a massive marketing tactic. You want your business to be hip, modern, and technologically inclined. Bitcoin is all these things. A “We Accept Bitcoin” button on your website’s homepage will have those techies drooling. It’s genius marketing for that startup culture you’re trying to go for.
Cool. Now how do I accept Bitcoin?
So you’ve learned a bit about Bitcoin and why it’s so wonderful. Great! Now let’s get into how to accept the digital currency. For this guide, I’ll be elaborating on some of the information found on the BitcoinWiki.
How do I let people know we accept Bitcoin?
As mentioned earlier, a button or sticker works as a well thought out marketing tactic. You want those hipsters thinking, “Man, these guys are cool and up to date. I don’t have any Bitcoin, but I definitely need to buy from them.” Images like those seen below can be useful if placed in a visible part of your homepage. It might make sense to have one in the quote request page as well.
A traditional brick-and-mortar store works the same way. Instead of placing a sticker on the homepage of your website, you’d place a sign in the store. The sign might even have a QR code for Bitcoin wallets (where you keep your Bitcoin) on it as well.

How do I receive the Bitcoin payments?
Countless platforms for accepting Bitcoin for your eCommerce store have begun to pop up. Examples include: Bitpay, Stripe, GoCoin, and Cryptopay. Set up an account with one of these sites and things will be straightforward from there. They’ll allow you to accept Bitcoin and directly deposit them in your own currency for a 1% fee or less. Chargeback fraud and identity theft are relics of the past while using these.
Accepting Bitcoin at your in-person store is similar to your usual transaction. The customer scans the store’s QR code and sends them the proper amount of Bitcoin. This transaction takes place between the buyer’s Bitcoin wallet app and the sellers Bitcoin wallet app. Some platforms like Coinify and CoinKite streamline the process and are geared for in-person Bitcoin transactions.
Does my eCommerce platform have integrated support for these tools?
Here at Masterpiece Web, we use Shopify when designing eCommerce sites. Shopify has Coinbase, Dwolla, BitPay, and GoCoin already built into their payment gateway. This makes things even easier. eCommerce platforms understand the rising popularity of Bitcoin, so they’ve already gone through with the integration.
How do my taxes work with Bitcoin?
This question might be a bit tricky, so I recommend you ask your accountant about it. Generally, you’ll want to treat Bitcoin like your usual cash transaction. Cash payments aren’t traceable, but you still account for them, don’t you (hopefully)? Treat Bitcoin the same way.
What about the Bitcoins value? It’s constantly changing! Well yes, but so do foreign currency exchanges and gold payments. It’s the same concept. You’ll most likely want to book the dollar value of the Bitcoin received at the time of payment. Once you exchange for dollars, you’ll book any difference in the value as well (if any).
How do I handle refunds?
If a client wasn’t happy with their buy, they’ll want a refund. Paying in Bitcoin might leave you with some thinking to do. You can return their money in the form of Bitcoin, dollars, or store gift cards. That’s policy you must decide on your own. I recommend refunds in store gift cards. The customer can make other purchases on your site this way.
Anything else I should know?
Bitcoin may be booming, but it’s still in its infancy. You could come up with some new uses or forms of accepting it. Bitcoin contests? Discounts? The possibilities are endless. Make sure you become a part of history. Get listed on Bitcoin directories like Bitscan and Coinmap to get your name out there. Embrace the future and your business will thank you for it.
While this article focuses on Bitcoin, other cryptocurrencies have risen as well. Similar concepts discussed above apply to digital currencies like Ethereum and Litecoin as well. Use this to your advantage and beat the competition to it.
I hope you’ve learned a thing or two about Bitcoin and decide to implement it into your business. Fiat money is a thing of the past. Let Bitcoin guide you to the future.
Liked this? Follow Masterpiece Web for similar articles.


