Table of Contents
The world of cryptocurrency is expanding and gaining market value each year. As cryptocurrencies become more popular and more people trade them around the world, businesses are starting to take note. Investors and business leaders across the globe are increasingly adopting cryptocurrencies to take their brands to the next level. This should come as no surprise, as more and more people are looking for companies that accept cryptos as a valid form of payment.
Needless to say, now is the time to capitalize on revenue and traffic on your WP site by accepting cryptocurrencies. You might want to adopt cryptocurrencies into your business plan for many reasons. One solution is to take crypto transactions; the other is to expand your revenue stream by mining cryptos.
Combining the two can yield significant financial gain in the years to come. Here are why you should accept cryptocurrency payments and how to do it on your WP site.
Build a future-oriented brand
Technological innovation and digital transformation are key driving forces in the modern business world. Given the fact that the consumer market is driven by digital and tech innovation, it only stands to reason that companies need to keep up. If you don’t focus on digital transformation yourself, your brand can become stale and obsolete.
One of your priorities should be to build a strong brand identity for the future by adopting technological innovation and new consumer-oriented processes. This is where Bitcoin and other cryptos come into play.
If you adopt cryptocurrency payments into your business plan, you can start building a brand relevant to the modern consumer. After all, the global crypto community is growing daily, and consumers are looking for future-oriented brands to work with.
On the other hand, businesses that don’t keep pace with digital innovation can jeopardize their brands, especially in industries where cryptos are booming. For example, the hospitality industry is increasingly adopting Bitcoin as customers are looking to pay for goods in a new way.
Nowadays, coffee shops and restaurants worldwide should consider accepting crypto payments to stay relevant. However, this applies to almost any growth-oriented business in any industry, which is why it’s important for you to be an early adopter.
Capitalize on Bitcoin payments and mining
Aside from the obvious brand-building benefits, we mustn’t neglect the most important reason for accepting Bitcoin—revenue. Increasing business revenue is any company’s primary goal, which means nurturing existing revenue streams and investing in new ones. The more revenue streams you have, the higher the profit—but only if you maximize their potential.
As for cryptocurrencies, it’s important to start accepting Bitcoin and combine this revenue stream with income generated by Bitcoin mining hardware, which can yield significant returns over the long term. Businesses are increasingly mining Bitcoin and other cryptos to capitalize on their value and supplement the new revenue stream.
Investing in crypto payments and mining can help your company grow in the long run. Of course, to capitalize on this opportunity, you need to know how to set up Bitcoin payments on your WordPress site.
Create a Bitcoin wallet
First things first, start by creating your company’s Bitcoin wallet. This is a safe place to store the Bitcoins you earn through mining and transactions. Nowadays, you can find reliable business solutions with enterprise-level security for your peace of mind.
It’s important to do your research on wallet providers and find the one that fits your company’s needs. Some providers are more geared toward individuals, while others are geared toward growth-oriented companies.
Of course, if you don’t want to store Bitcoins, you can also transform them into traditional currency. You can use a dedicated platform such as Mollie for this. This and other platforms allow you to deposit Bitcoin in traditional currency directly into your bank account.
Install the right WordPress plugin
The WordPress platform relies on optimized, well-designed plugins to thrive, meaning you need the right plugin for Bitcoin payments. Depending on the purpose of your WordPress site and your niche, some plugins will prove better than others.
For example, WordPress sites running on the WooCommerce plugin would benefit most from a simple checkout plugin like Bitpay Checkout or Coingate.
On the other hand, Blockonomics is a good all-around solution for accepting Bitcoin, Litecoin, and Ethereum. One of the key benefits users point out is that the Blockonomics plugin sends payments directly to your wallet, which means safer and faster transactions.
Another fine choice, which is a premium service, is Digital Paybox. This plugin allows customers to decide how much to pay for digital products. Of course, you can set the minimum amount for each product. The plugin will send a temporary encrypted link to the customer upon payment so that they can access the digital product.
Integrate a digital payment processing service
Last but not least, signing up for a payment processing service is always a wise investment. This service allows you to accept Bitcoin and other altcoins on your site. However, it’s not mandatory. Signing up for a payment processing service is more of an ease-of-use investment. It allows you to process Bitcoin payments efficiently and effectively.
You can use the service to deposit Bitcoins into your wallet automatically, or you can transfer the payment into traditional currency. This allows you to store Bitcoins or gain access to usable cash immediately. Some popular payment processing services include Bitpay, CoinBase, and Coingate.
Wrapping up
Bitcoin is gaining in popularity worldwide, and businesses are taking note. The benefits of accepting Bitcoin and altcoins are numerous, and now is the time to invest in this revenue stream. With these insights and tips in mind, go ahead and capitalize on cryptocurrencies and take your brand forward.