Monday, June 25th, 2018
The U.S. Security Exchange Commission’s recent announcement that bitcoin and Ether, the digital currency that runs on the Ehtereum blockchain, are not securities have caused the crypto markets to surge. Worried that labeling cryptocurrency transactions as securities would mean they would undergo stricter scrutiny, digital currency owners breathed a sigh of relief after the news. As of the posting, cryptocurrency continued to rise even after it gained $13 billion in one hour on June 18.
Worldwide, more businesses are taking an interest in cryptocurrency and realizing how accepting this form of payment comes with many advantages. If you want to appeal to a wider client market, then consider accepting cryptocurrency transactions with one of the top three UK bitcoin merchant account providers.
What is Cryptocurrency?
Cryptocurrency is a type of digital money mostly used for online transactions. Often, the transactions are anonymous but designed to be secure. Bitcoin, which was created in 2009 by someone using the alias, Satoshi Nakamoto. As of this posting, one bitcoin was equal to £5101. Any form of cryptocurrency is generated through mining, and users spend it by using a cryptographic wallet.
Why Do Businesses and Customers Like Cryptocurrency?
Since it was designed to be a secure form of currency, it appeals to both businesses and their customers. The currency uses codes that are difficult to break, making it attractive to customers who want to make expensive or frequent transactions.
Customers also like that cryptocurrency can be done whenever since all transactions are done on the exchange and not connected to any bank or other regulatory agencies. Credit cards do offer similar instant transfers, but lower fees are charged with digital currency transactions. Unlike credit cards, digital currency is immune to chargebacks, too. There is no way to cancel a payment due to friendly fraud or any other type of fraud because transactions are anonymous and all funds are stored in the network.
When you are ready for your business to begin accepting digital currency payments, consider these three top UK bitcoin merchant account providers:
Founded in 2011, BitPay was created to help bitcoin revolutionize the financial industry. Currently, it is the largest bitcoin payment processor in the world, serving merchants on six continents. Hundreds of thousands of bitcoin users use BitPay every day.
BitPay is a good choice because it accepts accept bitcoins with a flat 1% settlement charge and you can receive payment amounts without any limits from anywhere in the world. It offers bank deposits in 38 countries, and the funds are settled in dollars, Euros, GBP.
Verotel is an Amsterdam-based Internet Payment Service Provider that has been enabled webmasters to build their online businesses since 1998. It works with high-risk businesses, including adult content providers. It began accepting bitcoin in 2014. Verotel offers 5% all-inclusive pricing on all bitcoin transactions. Also, bitcoin acceptance is already integrated into the Verotel platform.
Based in Lithuania, SpectroCoin is the go-to solution for buying and selling digital currency. It can help your business accept cryptocurrency online and at bricks-and-mortar stores. Its exchange allows you to buy and sell cryptocurrency within seconds, and, most importantly, it offers a fiat and virtual currency exchange with more than 20 currency options.
Selecting a Bitcoin Merchant Account Provider
When you are ready to choose a bitcoin merchant account, consider the features and benefits that will be most beneficial to your business and customers. Begin widening your customer base by exploring how accepting bitcoins can improve your business.
Topics discussed in this article:
- UK bitcoin merchant account providers