How to Accept Payments in Bitcoin (& ETH too)

Accept Payments in Bitcoin and ETH

In an ideal world, small businesses would be able to tap into cryptocurrency’s unique benefits.

For example: 

  • Access to a high-growth asset
  • Ability to transact without a bank
  • A sizable crowd of enthusiastic supporters from whom you can accept payments
  • Greater privacy for consumers and owners

In the real world, however, cryptocurrency is confusing and counterintuitive for many. Long transaction times, high fees, and a decision paralysis-inducing array of exchanges, coins, wallets, and jargon—it’s not actually practical to use, in many cases. 

For many people, a bank account works just fine.

All that is about to change, though. Read on to learn how, with the app that makes investing in and paying with BTC and ETH as simple as a few taps.

The problems of paying with crypto

Why can’t I pay with bitcoin at most places? How long does a transaction take?

It may take as long as a minute, to even longer; an hour, or a day in some circumstances. Since the blockchain must record and approve each transaction, its leger is constantly growing, thus taking longer with each additional transaction. 

(To put that in context: imagine waiting a minute, or an hour, at the grocery store after you’ve swiped your card.)

You can have a transaction go through on the speedier end of that scale by optimizing to pay a more generous mining fee, but comes at a price. And a growing one, too, as this dynamic has caused both Bitcoin and Ethereum’s transaction fees to rise over time. (Not to mention the amount of energy this takes). 

After decades of Moore’s Law destroying our attention span, no one has that kind of time. Especially in the days of instant deposits.

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It’s important to separate your business and personal expenses

The problems of storing crypto

The process of obtaining and storing crypto is complex enough to severely limit its popularity.

Users must shop around the endless array of crypto exchanges—very few of which are user friendly—and go through a lengthy verification process before they’re able to purchase crypto. Then, you have to manage your own wallet passwords. (The bad thing about not using a third party is that if you lose your wallet address, your coins are gone forever.)

And it’s a shame, as cryptocurrency makes for stellar investments. They carry low inflation risk, reduce your overall taxable income, and are safe to store for the long term, as long as you remember your wallet keys! And, while more difficult to acquire than cash, it’s still a much simpler and more accessible investment vehicle than most stocks (think net worth requirements).

How to simplify paying with and investing in crypto

banq, our one-stop mobile wallet designed to make organizing your financial life simple, can now hold your cryptocurrency. What does that mean?

banq users can now:

  • Pay and receive payments in fiat currency, Bitcoin and Ethereum. 
  • Buy Bitcoin and Ethereum with a credit card, debit card, or bank account—all in a few taps
  • Pay any fellow banq user digitally in cryptocurrency (or fiat currency) free of expensive “gas” fees, with our off-chain network 
  • Skip lengthy account creation and identification processes—creating a new account in banq takes minutes
  • Use a single app to pay with crypto, manage your cryptocurrency investments, and organize your financial life
crypto treasury

Paying with crypto—easily

Get business-ready payments that are simple enough for your consumers. 

For businesses:

  • Get your customers signed up to banq—in just a few taps—and you can safely transact without fees in Bitcoin and Ethereum.
  • Open your doors to a sizable crowd of crypto enthusiasts.
  • Hold your company treasury in crypto (while still transacting in cash).

For investors:

  • Invest smarter by using unlimited accounts to sort investments by class, position, or purpose.
  • Use your investments as funds you can easily pay with
  • Total privacy. banq’ commitment to privacy rivals that of cryptocurrency’s founders; no newsfeeds, no broadcasting each transaction to all your phone contacts, so sharing data with third parties.
  • Get Organize features let you sort your payments by any way you see fit.

Everyone else:

  • Pay or request payments from anyone in either Bitcoin, Ethereum, or USD.
  • Invest simply, skip lengthy and buggy verification processes, confusing and dizzying array of “hot” and “cold” wallets.
  • Send crypto to friends on banq and enjoy fee-free transactions.

How the World banqs — Examples of Users Paying with Bitcoin via banq

pay with bitcoin

Just how can banqers make use of these thrilling new capabilities?

Crypto-owning Business OwnersBusiness owners can hold crypto in their treasury as a means of diversifying and maximizing returns. They can then also use crypto and crypto returns to pay.

That should thrill you, Bitcoin is going so strong that even 2020 couldn’t slow it down—growing a whopping 224 percent from the year’s beginning to its end. 

Crypto Investors: Long relegated to a patchwork of bookmarks, saved passwords, and freeware, crypto investors now have a proper tool dedicated to their investments. banq provides users endless accounts and spaces to bring order to their holdings—one account for short-term positions, another for long—analyze trends and uncover investment opportunities. What’s more, you can use whatever funds to pay for your Bitcoin investments. You can, for instance, get paid in dollars and automate a regular bitcoin purchase made with those dollars.

NFT Investors: banq makes purchasing, selling, and sharing NFTs easy as pie. Investors can get set up in minutes and organize their digital currency using as many accounts as they need. Provides a central location to purchase crypto and NFT investments, as well as manage NFTs, Bitcoin and Ethereum. You can pay with bitcoin to buy an NFT, or fiat. Payment options are flexible with banq.

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You’ll want disposable income, as well as enough of a margin to allow you to invest and build something of value

The Future Has Been Crypto-fied

We hope our humble app will inspire both crypto enthusiasts to organize their digital inventory, and for the world to take a second look at cryptocurrency, pick up a coin and learn the magic themselves. Its about time paying with Bitcoin became easy and unfragmented.