Bitcoin POS is the next innovation for Point of Sale infrastructure. This guide will help you understand the meaning of cryptocurrency, the features of bitcoin, and how to use Posbytz’s Bitcoin POS.
The market capitalization of Bitcoin payments on February 21st, 2021, was $1072.21 billion. You would have noticed the recent buzz around crypto payments and the advancement of blockchain technology. According to CNBC, 50% of the market capitalization is owned by Bitcoin when compared to other digital currencies.
A recent study from Deloitte found that more than 2300 US businesses currently accept Bitcoin. Should your business invest in a Bitcoin POS? Will Bitcoin payments help your business be more profitable?
Get your queries answered on crypto payments with this detailed foundation for digital currencies.
Cryptocurrency enables you to buy goods and services and can gain or lose value like stocks. Most companies have turned to accepting Bitcoin payments during the pandemic as it encouraged the idea of contactless payments and helped store the cash reserves securely.
The first cryptocurrency, Bitcoin was launched in 2008. It is by far the biggest and most popular cryptocurrency in the world. Since then, other cryptocurrencies like Etherieum, have grown as alternatives to the traditional money issued by the government.
Bitcoins come from a process called mining. Individual miners or groups utilize powerful computer processors to solve complex mathematical problems. This leads to the result of bitcoin. Bitcoins can then be stored in a digital wallet. This digital wallet might be stored on the cloud or on the user’s computer. The wallet acts like a bank account and helps users send or receive bitcoins.
The transaction details of each bitcoin exchanged in the world are collected into something called a block. The miners have the responsibility of confirming the transactions and writing them into a general ledger. This long list of blocks is what is called a blockchain.
Should your business invest in crypto payments POS? Let us first look at the features of bitcoin.
The use of Bitcoin POS is slowly gaining popularity. According to Fundera, about 15,174 businesses currently accept Bitcoin. Customers and businesses have realized the importance of owning digital assets. Let us look at the host of opportunities it would bring to your business by integrating Bitcoin into your POS software.
Bitcoin is slowly gaining recognition in the mainstream platform. You should ensure that your eCommerce platform and POS software are able to access and accept bitcoin and other major cryptocurrencies to stay ahead of your competitors.
A simple POS integration with Posbytz will help your customers have an easy way to spend their crypto money in your offline and online stores.
As you can see from the above steps, Bitcoin transactions are simple and fast.
Posbytz incorporates powerful features such as real-time inventory updates, employee management, and is a cloud-based platform. The addition of cryptocurrency helps you reach out to a new audience willing to invest in contactless payments.
PosBytz is your comprehensive platform to manage everything you need to sell and grow your business.
PosBytz is a product of Bytize, Inc.