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SMALL BUSINESS

Your small business can start accepting bitcoins today
by Rick Mandge
Friday, October 1, 2021

Bitcoin is a medium of exchange that uses a public ledger to keep track of each
transaction. Once users set up digital wallets, they can transfer bitcoins to
pay for goods and services. For small business owners, accepting bitcoin has the
added appeal of generating extra marketing buzz.

SHOW MORE

To get started, you need to set up your bitcoin wallet which is just like your
leather wallet where you store cash. Remember, this isn't physical currency so
you'll need an Internet connection at all times when running a business with
bitcoins. You can set up your own bitcoin wallet in minutes. The most popular
platforms for cryptocurrency wallets include Coinbase, PayPal and Cash App.

Before you put up a sign that says "Bitcoin accepted here", here are a few tips.

 * Know your local business regulations. It would be a good idea to check with
   the chamber of commerce or city hall for the rules in your county and state.
 * Print out your bitcoin address as a QR code so that it can be displayed at
   your shop and your customer can easily scan it. IMPORTANT: This is not the
   same as your private key which should never be shared.
 * If you decide to work with a bitcoin consultant, make sure that it's someone
   that you can trust. Anyone who has access to your password and private key
   will have access to your bitcoin wallet.
 * Keep good records. Businesses should maintain purchase receipts with the
   current price of bitcoin. This will help you keep track of your true income,
   no matter how volatile the price of bitcoin may be! Meet with your accountant
   to put together a checklist of the right information for your tax returns.
 * Besides bitcoin, there are many other types of digital currency. So you need
   to be careful. If you make a transaction using an unsupported currency or one
   that is incorrect for your wallet type, then there's not much of an
   opportunity to reverse it.
 * Finally, don't keep it a secret. Announce that you accept bitcoins on social
   media. Update your business profile on Google and Yelp to mention bitcoins.
   Join a local crypto club whose members will promote and support your
   business.



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