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Bitcoin Payments Brokers 2021 - Which Brokers Accept Bitcoin Payments?
Bitcoin is a decentralised payment network of digital money, powered by users. Bitcoin provides crypto payments to businesses to integrate via an API plugin so they can receive transfers across the globe regardless of market size and volume. Our review looks at Bitcoin payments as a deposit and withdrawal method for traders. We explain how to make a transfer request, how long payments take and the top brokers accepting Bitcoin deposits.
Bitcoin Payments Overview
Bitcoin was the first provider of the cryptocurrency payments gateway developed in 2009. It is still a relatively new transfer system for businesses and individuals to accept, however, it’s forecast that the Bitcoin payments market will see growth of over 20% by 2025 due to the increased flexibility of B2B transfers.
Pros Of Trading With Bitcoin Payments
One of the key benefits of making Bitcoin payments is the anonymity and security offered to traders, based on the crypto’s underlying blockchain technology. No sensitive data needs to be shared on the internet when making transactions. There is no requirement to share credit card information, for example.
It is easy to send and receive Bitcoin cross border international payments, at any time and volume per day, as users are in full control of transactions. As long as you have a crypto wallet and a forex broker that accepts BTC deposits, you can simply fund your trading account as you would with any other payment method, such as bank transfer.
Cons Of Trading With Bitcoin Payments
Limited Broker Availability
While many brokers allow trading in cryptocurrencies on their websites and platforms, Bitcoin is not yet widely accepted as an online deposit and withdrawal payment method due to the volatility and anonymity of the currency. Traders are restricted in their choice of brokers until Bitcoin payments are widely adopted.
Bitcoin is not recognised as a currency in every global market and is subject to review by regulators. Countries such as Canada and South Africa, for example, do not recognise or verify Bitcoin payments as legal tender while Australia and the Philippines do. As a result, we’re likely to see more countries and regulators take a stance on Bitcoin which may impact your ability to make crypto deposits.
The number of businesses accepting cryptocurrency as a recurring method is still small. Its developmental nature and relatively unknown price reactions to market factors have been influences for companies such as Steam and Amazon not to accept Bitcoin payments. And because the price of Bitcoin can fluctuate hugely, the value of your crypto when you deposit vs withdraw can change substantially.
Bitcoin payments are fast, with consensus settlement averaging 10 minutes for confirmation, while micropayments via the Lightning Network can settle in under one minute. Payments via Bitcoin are not subject to pending delays such as currency conversion or bank holidays, allowing users to make payments anywhere and anytime. Check your broker’s website for individual time constraints on deposits and withdrawals.
Bitcoin payments are encrypted through the Blockchain ecosystem and each transaction is unique. The payment gateway provides high levels of security, though there is limited password recovery so it is the user’s responsibility to protect funds.
Bitcoin suggests using the following security protocols:
- Back up wallets regularly
- Add two-factor authentication to wallets
- Use the latest versions of market software
- Don’t hold large amounts in Bitcoin accounts
- Encrypt wallets with passwords for withdrawals
- Don’t send payments to unconfirmed and unverified accounts
Deposits & Withdrawals
Bitcoin accepts various deposit methods including credit cards, USD bank transfers and other cryptocurrencies via payment portals such as Binance and Coinbase. It is best to check the offering of each cryptocurrency exchange and choose which one suits your trading needs, whether that be accepting mobile app payments or favourable foreign conversion fees. In some cases, it is also possible to split Bitcoin payments across digital wallets and fiat currency.
Crypto attributes make Bitcoin payments challenging for both ecommerce and clients, all deposit transactions must be made manually by the trader. Log in to your trading account and follow your broker’s process to make a Bitcoin payment.
Bitcoin payments can be free. However, many wallets charge default fees, such as Electrum, though higher charges can result in faster confirmation times. Fees are not generally related to the number of Bitcoins being sent and can be reviewed before sending the transaction.
Are Bitcoin Payments A Good Choice For Traders?
Bitcoin offers a relatively new digital payment method as a cryptocurrency gateway, with flexibility and few requirements to send transactions globally. However, there is limited acceptance of Bitcoin payments across merchants, including brokers, due to its volatile nature.
Find out about day trading Bitcoin here.
Can my Bitcoin payments be traced?
While Bitcoin payments are generally secure and do offer a certain degree of anonymity, Bitcoin addresses are permanently stored in the network as proof of transactions.
Are Bitcoin payments taxable in the UK?
While Bitcoin payments themselves are not generally taxable, if transfers are used for trading or investing activity, then you may owe taxes in the UK. Whether Bitcoin activity will be subject to income tax or capital gains tax varies. Find out more.
How do Bitcoin payments work?
Bitcoin payments are stored and executed via a decentralised blockchain network, which is essentially a digital ledger built and run by users. Nodes verify transactions and get paid in Bitcoin. The Bitcoin payment infrastructure means it is harder for governments to control vs fiat currency.
Are Bitcoin payments safe?
Bitcoin payment gateways have high levels of transaction security, though it is always the user’s responsibility to protect funds. If your account is hacked or you forget your password, you may lose your Bitcoin. Using escrow payments and new Bitcoin addresses may help protect against scams.
What is Bitcoin payments app Fold?
Crypto payments startup Fold gives Bitcoin rewards on everyday purchases. Visa recently joined Fold to offer a card that earns cryptocurrency with purchases.
How do businesses accept Bitcoin payments on a website?
API integration is used for fast international Bitcoin payments with no PCI compliance required. You can accept Bitcoin payments for business in your Shopify account and integrate with QuickBooks software, for example.
The recipient is saying my Bitcoin payment has not been received, what should I do?
Check the receiving address is correct, noting Bitcoin payments are irreversible. See if the Bitcoin payment is showing a confirmation in the Blockchain tracker, if so, the payment has been received. If not, speak to the recipient to confirm the transaction details are correct.