Bitcoin payment services

The most famous cryptocurrency, Bitcoin, is considered one of the most secured money on the internet. Like any other money, you can use Bitcoin to buy and sell goods and services safely without releasing any private information about your account or wallet.

Transactions involving other cryptocurrencies such as Litecoin are also on the rise.

Many businesses are taking advantage of the rising acceptability and surge in the value of cryptocurrencies by accepting them as payments for their goods and services.

This means you can simply make payments for things like coffee by scanning the shop's QR code with your phone. You can also buy things like a high-end laptop from a company by using Bitcoin as payment.

Platforms such as Bitcoin Prime already allow trading of cryptocurrencies, so it's only normal that a system that allows you to make Bitcoin payments should arise.

This article aims to explain how you can make payments with Bitcoin and how the process works.

What Is a Bitcoin Payment Service?

This service allows businesses and other establishments to receive bitcoin payments for their goods and services.

It works in much the same way as regular making payments with your credit or debit card, although with some unique features to Bitcoin.

Just as with a credit or debit card, there is a payment service system working behind the scenes in Bitcoin payments, verifying and processing tour payments. The payment service makes sure the transaction is secure and recorded while transferring the essential details of the transaction. It authenticates your credentials to allow the transfer of your money to the correct entity and sending a confirmation alert to all parties involved.

Bitcoin payment service works in much the same way. It behaves as the middle man between the payer and receiver, processing payments by recording all transactions on the public ledger thanks to blockchain technology.

Merchants can therefore receive payments both physically at a location or online without the parties involved worrying about the process involved.

How Does Bitcoin Payment Service Work?

All known Bitcoin payment services provide platform merchants you can use to receive payments. These include services offered by working with e-commerce sites like Shopify, Magneto, and PrestaShop. There are also solutions for making payments via point-of-sale (POS) systems such as DC POS and Soft Touch. Individuals can also make direct payments via known billing platforms such as Invoice Ninja and Host Bill.

There are also solutions for receiving bitcoin donations via donor services such as Targeted Victory and NationBuilder. Developers can gain access to already written functions and code libraries in both iOS and Android SDKs. They can also get ready-made functions in programming languages such as PHP, Perl, and Java, allowing bitcoin payments through portals and applications.

Merchants can begin receiving bitcoin payments by signing up for Bitcoin merchant services through any transaction platform worldwide.

Bitcoin Payment steps

A customer can make Bitcoin payments by following the following steps

They can make bitcoin payments at the checkout point on a site, app, or in-store.

They pay the appropriate amount at the present exchange rate at the time of the transaction.

The Bitcoin payment service then converts the Bitcoin received into any currency of your choice to prevent any loss due to volatility.

The money is then added to your account. It is finally credited into your bank account depending on the frequency of your choosing at the assigned threshold limit.

The payment service also sends all the essential details securely to the blockchain network so that the transaction can be verified and added to the public ledger.

With cryptocurrencies becoming more popular, making a payment with bitcoin and other cryptocurrencies will become even more accessible. The world is seeing a dramatic change where digital currencies will soon become the order of the day.

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