Crypto Payments
Crypto Payments Guide
Cryptocurrency is not just for tech giants or global transactions—small businesses can also benefit from accepting digital assets like Bitcoin, Ethereum, or Litecoin. Here’s how to get started, stay compliant, and grow your local customer base using sound money principles.
Why Accept Crypto
Accepting cryptocurrencies comes with many advantages, listed below are just a few.
Save on credit card fees (2–3%) with crypto transactions that cost pennies.
No waiting days for bank deposits—crypto settles in minutes.
Attract privacy-focused or decentralized-economy shoppers.
Crypto resists inflation and central bank manipulation.
How to Accept Crypto Payments
01. Choose a Wallet
Custodial: Coinbase, Binance, or BitPay (easier to use, but you don’t hold private keys)
Non-Custodial: Electrum, Exodus, or mobile apps like Trust Wallet (more control, but requires more knowledge)
02. Select Crypto Currencies to Accept
Bitcoin (BTC): Widely recognized, slower to confirm
Ethereum (ETH): Fast, supports smart contracts
Litecoin (LTC): Cheap, fast alternative to BTC
Stablecoins (e.g., USDC): Pegged to USD, stable value
03. Set Prices
Price in USD or local currency, with real-time crypto conversion
Use tools like CoinMarketCap or Coingecko to check live rates
04. Display Accepted Cryptos
Use “Bitcoin Accepted Here” signage or QR codes at checkout
Online stores: Add crypto as a checkout option using plugins (e.g., WooCommerce with BitPay or CoinPayments)
05. Process the Payment
Display your wallet address or QR code
Confirm the transaction in your wallet
Send a confirmation email or receipt if desired
06. Stay Legal
Track income for tax purposes (crypto is taxable in most countries)
Consider using tools like CoinTracker or Koinly to simplify reporting
Tips for Success
- Start with one or two cryptocurrencies
- Train your staff on how to handle payments
- Encourage customers to try paying in crypto by offering discounts
- Promote your business on platforms like SoundMoneyEconomy.com as “crypto-friendly”
F. A. Q's
Accepting Cryptocurrency for Buying and Selling
To accept crypto payments, choose a wallet (e.g., custodial like Coinbase for ease or non-custodial like Exodus for control), select cryptocurrencies to accept (e.g., Bitcoin, Ethereum, or stablecoins like USDC), and set prices in USD with real-time crypto conversion using tools like CoinMarketCap. Display “Bitcoin Accepted Here” signage or QR codes at checkout, process payments by sharing your wallet address, and confirm transactions in your wallet. Promote your crypto-friendly business on platforms like SoundMoneyEconomy.com to attract customers.
Offer small discounts (e.g., 5% off) for crypto payments to incentivize customers buying with Bitcoin or Ethereum. Display clear signage (e.g., QR codes, “Crypto Accepted Here” stickers) and train staff to guide customers through the process. List your business on SoundMoneyEconomy.com as crypto-friendly and promote crypto payments via social media or local events to attract privacy-focused shoppers.
Track all crypto payments as taxable income, as cryptocurrency is taxable in most countries, including the U.S. Use accounting tools like CoinTracker or Koinly to record transactions and simplify tax reporting. Ensure you provide receipts or confirmation emails for customer purchases and consult a tax professional to stay compliant with local regulations.
Selling with cryptocurrency reduces transaction fees compared to credit cards (2–3% vs. pennies for crypto), offers faster settlements (minutes vs. days for banks), and attracts new customers who value privacy or decentralized economies. Crypto aligns with sound money principles, resisting inflation and central bank control, making it a strategic choice for businesses. Tools like BitPay or CoinPayments simplify integration for in-store or online sales.
Start with widely used cryptocurrencies like Bitcoin (BTC) for recognition, Ethereum (ETH) for fast smart contract transactions, or Litecoin (LTC) for low-cost, quick payments. Stablecoins like USDC, pegged to the USD, offer price stability, appealing to customers wary of crypto volatility. Limit to one or two coins initially, using wallets like Trust Wallet or plugins like CoinPayments to manage transactions.