Bitcoin POS

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.

What is cryptocurrency?

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.

Where does bitcoin come from?

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.

Features of Bitcoin

  1. It is decentralized. This means that no one owns or controls Bitcoin. Thus, no one can manipulate or take control of the Bitcoin network.
  2. You can also make anonymous transactions. Your personal information cannot be linked to Bitcoin transactions. This helps users feel protected when making a payment.
  3. No transaction fees. There is no additional for businesses to accept Bitcoins as compared to the fees paid for credit/debit cards or Paypal whereas the fees is paid by the customer for the transactions
  4. It is permissionless. This means that there is no restriction on the number of people and who can use Bitcoin. All transactions just need to follow the rules of the protocol in order to be confirmed. Thus, you do not need to create a ‘Bitcoin account’ to make the transaction.
  5. It is transparent. All Bitcoin transactions are visible to the public. This lessens the possibility of fraudulent activities.
  6. It provides instant credit to your Bitcoin wallet for the payments from your customers and which can be further settled to your fiat currency at any point of time
  7. It provides reduced risk to merchants. This is why as a retailer you can opt for Bitcoin POS for your transactions.

Why is it important to have crypto payments POS integrated for your business?

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.

  1. Having a POS software that accepts cryptocurrency along with the additional features that come along with it, will help your business position itself as an emerging space for digital currencies.
  2. Bitcoin POS is versatile and can be used in all industries. It can be used in restaurants, small cafes, local businesses, bars, salons to accept payments. Merchants have the advantage of using a single terminal to accept cryptocurrencies, credit cards, debit cards, and QR codes.
  3. Businesses can provide options to their customers for spending their crypto money for their day to day purposes.  
  4. Businesses can remove the intermediaries by utilizing encryption along with the PCI DSS standards. This ensures that the payment goes directly to the owner’s account or wallet.
  5. With Bitcoin POS you can accept cryptocurrencies from around the world without worrying about the conversion of value.
  6. The merchant fees are lower when compared to traditional card payments. There are no compliance fees, no monthly service charges, or card scheme fees.
  7. The addition of a Bitcoin accepted POS will also help you access new demographics of customers. You can also increase your customer satisfaction by providing superior privacy.

Experience the Future: How to accept Bitcoin with Posbytz?

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.

So how do you accept Bitcoin Payments with Posbytz?

Take the example of a handheld device.

  1. Log in to the online store to add the product to your cart. You can do the same in your offline store thanks to Posbytz’s real-time inventory view.
  2. While checking out you will be prompted with a list of payment options. Simply choose Bitcoin.
  3. Next, confirm the transaction, go to the Bitcoin hot wallet and scan the QR code on the screen.
  4. Finally, you will see the transaction appearing on your mobile device and it is ready to send.

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.

Its excellent compatibility with most eCommerce platforms makes Posbytz the perfect partner for your business.
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