Currency of the 21st century. Merchant account for Bitcoin and other cryptocurrencies

What is "cryptocurrency"?

Cryptocurrency is a means of payment using cryptography to maintain transactions for various goods and services. Bitcoin is the first decentralized cryptocurrency that was created in 2009, and since then a lot of its types have appeared. The peculiarity of cryptocurrency is decentralized management, in contrast to centralized systems, such as PayPal. Cryptocurrency is a revolutionary technology that requires careful study and compliance with the rules of handling it. Cryptocurrency is innovative and intensive, as online commerce itself.

Cryptocurrency is already fully capable of replacing cash in your wallet or credit card, and it has long been used.

Our task is to introduce it as widely as possible. To do the foregoing, it is necessary that every online store or platform have the opportunity to accept bitcoin on its website (bitcoin processing). Stock exchanges and brokers should have the opportunity to open and use bank settlement accounts to ensure the exchange of client bitcoins into real (fiat) money and back. At the moment, this is one of the most difficult tasks that projects, which operate, in particular, applying bitcoin and other cryptocurrencies, face.

Leaders among cryptocurrencies

Now there are more than 100 types of cryptocurrency in the world. Let's consider the most widely known.

Bitcoin (BTC)

Bitcoin is the first cryptocurrency that has been put into circulation. For the first time it was described in 1998 by Wei Dai, and Satoshi Nakamoto gave its exact definition in 2009. Means of bitcoin are distinguished by the fact that their turnover occurs without the intervention of governments. These electronic money can be used to conduct various transactions through the Internet using a peer-to-peer (P2P) network.

High cryptographic protection of Bitcoin allows you to process transactions in a very efficient and inexpensive way. You can make and accept payments using the Bitcoin network with small fees and without a merchant account. Payments are made from the application to the wallet, either on your computer or smartphone by entering the payee's address and the payment amount. It is necessary just to press "send".

Bitcoin has recently shown very stable performance and significant growth in volumes. Money is formed and compiled according to a rigid formula and has a limit of 21 million bitcoins and they do not have the main (head) bank. Virtual "coins" can easily be transferred to any country with a small commission. Also they are very well protected by cryptographic encoding and almost always guarantee the anonymity of the transaction.

Litecoin (LTC)

Being based on the Bitcoin protocol, Litecoin is the second largest cryptocurrency in the world with a market capitalization of about 410 million US dollars.

Litecoin can be used for exchange into Bitcoin or ordinary money in exchangers, as well as for electronic payment of goods / services to sellers ready to accept them.

Litecoin provides faster transaction confirmation, and also provides a data mining algorithm that can work simultaneously on the same hardware that is used for Bitcoin.

Peercoin (PPC)

Peercoin was created on the basis of Bitcoin, but it has many differences. Today, this currency is gaining popularity and some analysts state that it can soon take a leading position.

Quarkcoin

Quarkcoin is a cryptocurrency that focuses on increased security using nine separate rounds of encryption and six different algorithms. Quarkcoin will continue to issue coins for an unlimited period at an inflation rate of 0.5% per year. Quarkcoin now ranks 4th among the world's cryptocurrencies.

Namecoin (NMC) is a unique cryptocurrency. Its uniqueness lies in the fact that, in addition to the standard cryptocurrency functions, it is also a system of alternative root DNS servers. Namecoin is based on Bitcoin and is not controlled by any organization. In the Namecoin system, you can register domain names in the .bit zone.

Worldcoin is a cryptocurrency created in the summer of 2013. Indeed, the rapid development of Worldcoin allows to suggest that this system bears its name justified. Since its creation in August 2013 and until December of the same year, Worldcoins have increased in price by 7500 percent.

Why should you accept a cryptocurrency on your website?

Below there are five main reasons why merchants should start accepting virtual currency now:

1. Reduction of the commission for transactions. Payment for acceptance of Bitcoin on transactions is usually much lower than the cost of purchasing according to credit and debit cards.
2. Preventing fraud. Since buyers can pay without disclosing personal information (names, billing addresses, etc.), they use additional data protection against theft. Payment cards simply can not offer this.
3. No refund of payments. Bitcoin-purchases are final, there is no refund, as for example it is widely spread in the practice of using payment cards. This is another way to trade in virtual currency, which saves money for merchants.
4. The ability to pay quickly.
5. Simplicity of acceptance of international payments. Small online shops and independent consultants often do not sell their goods and services at the international level due to expensive cross-border payments for the transaction. Bitcoin removes most of this cost and goes to the global level, making cross-border payments easier, faster and cheaper.

Bitcoin breaks all these invisible boundaries that previously existed. When you accept Bitcoin, you will be able to accept payment from anyone in the world with the speed of e-mail.

Merchant account for Bitcoin

Bitcoin is a relatively new technology with a high degree of risk, and finding a reliable partner bank for trading account (processing) in Bitcoin is a very difficult task. Our company has experience in this field. We will select a trading account for Bitcoin traders that will be of high reliability and security of payment with extremely low rates, using the main brands of payment cards, including Visa, MasterCard and American Express. We will also provide solutions for Bitcoin-merchants around the world and are proud to offer a number of benefits, including multi-currency processing and potential tax benefits. Through our reliable partners, we can help you open merchant account (processing) for Bitcoin payments.

Offshore trading account

Bitcoin-traders can open an offshore trading account for their business, if necessary. We work with a large group of offshore banking partners who can provide exclusive trading account solutions that are best suited for Bitcoin processing.

Why do You need Bitcoin processing?

In order to start accepting payments from around the world and (if you wish) to receive already converted funds to your account anywhere in the world, it's easiest to use cryptocurrency, because no authorizing and permitting documents and papers are required for payments using cryptocurrency. International payments by cryptocurrency are conducted within a few seconds, and the transfer fee equals to a part of one percent. At the same time, bankers can not affect your payments in any way - neither block your account nor transfer "by mistake" - because your cryptomoney is owned only by you and stored only on your computer, and not in the base of a bank.

Do You need merchant (trading account) for your project to accept Bitcoin? Our team has a lot of experience in this field. Contact us, we will gladly provide services for opening of the processing of Bitcoin-project or store, including accepting cryptocurrency.