How To Receive Bitcoin Payments: Step-by-Step Guide

Accepting payments in cryptocurrencies has become a popular alternative to traditional methods as it opens up access to a global customer base. Bitcoin, as the very first crypto asset and market leader, is the first to come to mind as a means of payment. If you are a business owner or are planning to open an online store, as well as if you accept crypto as a freelancer or for private sales, this guide is for you! Here, we detail the process of setting up and receiving payments in Bitcoin and share the algorithm on how you can transfer BTC to another wallet.

What Is A Bitcoin Payment?

A Bitcoin payment is the transfer of BTC from one digital wallet to another. This process occurs on the blockchain, verified by network nodes and protected by cryptography; such conditions make BTC transactions secure. They don't require the involvement of third parties, so payments are faster and cheaper than traditional wire transfers.

In business, Bitcoin, or parts of it are used to pay for goods or services. As we said, it offers an advantage such as low transaction costs, where fees are between $1 and $3 during periods of average network congestion. This is especially beneficial for cross-border payments, as these values are 10 times lower than traditional transfers. For private deals or for bloggers and freelancers, BTC is also an ideal choice, especially if your project is online; your audience from anywhere in the world will be able to use your services and support you.

Another good thing about BTC payments is the speed of transactions’ completion, which takes 10 minutes to 1 hour, whereas traditional ones can take up to several days. Thus, the financial flow of the company almost never stops and is also cost-effective for the business.

It cannot go unmentioned that accepting Bitcoin payments sets the business apart as innovative and attracts customers who prefer to use digital assets in their daily lives. The fact that the crypto market is evolving confirms that introducing BTC into your business or project is a forward-thinking move.

How To Receive Bitcoin On A Personal Wallet?

One of the ways to receive Bitcoin payments is to receive them in your personal wallet. This method is most often used by small businesses, private entrepreneurs, freelancers, or bloggers. You can use both digital wallet services and exchanges for this purpose. It is worth saying that the second option is the most popular due to the large functionality of the platforms and enhanced security measures such as AML and 2FA.

Here is a step-by-step process on how you can receive BTC payments to your wallet:

• Step 1: Sign up. Once you've chosen the platform you are planning to use for your wallet, you'll need to create an account there. This will require you to enter your name, phone number, or email.

• Step 2: Set up your wallet. Go to the “Wallet” section and select Bitcoin to create a wallet for BTC payments. Follow the instructions to set it up correctly.

• Step 3: Get a Bitcoin address. After configuring your wallet, go to “Receive” section, choose BTC as desired crypto and the appropriate network. Then you will get a unique BTC wallet address. Copy it and save it in a safe place, or take the QR code.

• Step 4: Share your Bitcoin address. When your customers are ready to make a purchase, send them the saved wallet address or QR code to it. They will send their BTC to this address.

• Step 5: Verify the payment. After a while, check your wallet balance to make sure the BTC has been deposited into your account. You will be able to see the transaction details, such as the amount and confirmation status.

How To Receive Bitcoin As A Business?

In addition to digital wallets, it is very common to accept Bitcoin payments using payment gateways. They make it easy to integrate BTC into the checkout process of an online store and automate the payment process. Moreover, some payment gateways offer tools for auto-converting Bitcoin to fiat currency, which helps avoid volatility.

Among payment gateways, Cryptomus has established itself as one of the most convenient and functional for ecommerce, so we'll walk you through the step-by-step process of setting up and accepting Bitcoin payments using its example. Here it is:

• Step 1: Sign in. Log in to your account on the payment gateway, or create a new one. For instance, on Cryptomus, you can log in using Facebook, Apple ID, or Telegram, or you can enter your phone number or email.

• Step 2: Secure your account. Make sure your password is strong before you begin and turn on two-factor authentication to avoid hacking. After that, complete the KYC procedure in “Settings” section to get your business wallet and verify your identity.

• Step 3: Create a merchant. Now you need to create your merchant account. To do it, click on “Business” on the menu and select the “Merchants” option. Then choose “Create merchant” on the right side of the page, enter the name, and confirm the action.

• Step 4: Integrate a payment option. Go to “Merchant settings” section and choose a payment integration method from the list of available variants. On Cryptomus, you can find a variety of ecommerce plugins and APIs from which you can select an appropriate one. Follow the instructions in your account to link them correctly.

• Step 5: Set the payment parameters. Specify Bitcoin as a crypto you intend to take as payment. Then you have to configure the invoice generation and payment confirmation form in the plugin or API integration. If required, enable payment notifications and auto-conversion function.

• Step 6: Check the payment system. Once all payment settings have been configured, make sure the service is functioning properly. Make a few simple transactions to determine whether the platform is easy to use and everything functions as it should.

• Step 7: Launch the system. After ensuring that everything is functioning smoothly, you may activate your website's crypto-payments feature and begin receiving Bitcoin. Since this option is new and can be difficult, be sure to write instructions for clients and be ready to respond to inquiries.

After you have set up and launched the payment acceptance system, you can receive them on your business wallet in the same way as your personal one. You can track all incoming funds in your profile.

How To Send Bitcoin To Another Wallet?

As a business owner, private entrepreneur, or blogger, you need to prepare instructions for your customers and audience on how to pay. Also, this information will be useful if you have multiple accounts and need to transfer your Bitcoins to another crypto wallet. Here's a detailed algorithm on how to do it using a private wallet:

1. Open your Bitcoin wallet in the app or in the “Wallet” section of the exchange you are using.

2. Make sure you have enough funds to send BTC, including fees. Refill your account, if necessary, by buying Bitcoin directly.

3. Go to the “Send” or “Transfer” section, and enter the recipient's Bitcoin wallet address; to do this, enter it manually or scan the QR code.

4. Specify the amount of BTC you plan to send. On some platforms, you can enter a fiat currency equivalent to the Bitcoins you are sending.

5. Check the transaction details, including the recipient's address, amount, and fees, to make sure everything is entered correctly.

6. Click on “Send” for the transaction to be completed; enter your PIN if this is required by the platform.

7. Wait for confirmation of funds received from the recipient, or check your account balance if it's your wallet.

As you can see, Bitcoin is a convenient and market-growing payment method for any business. This is not only a faster and cheaper option, but it also sets a company and project apart as innovative and growing. Bitcoin's status as the first and market-leading cryptocurrency will only strengthen your position in the market. Thanks for reading!