PAYMENT INFOR

Is it safe to accept payment through Bitcoin.

Accepting payments through Bitcoin can is safe and descrit, but it's important to take precautions to protect your safety from state laws as we all know the laws governing drugs, firearms (Guns), etc.

It is easy to set up a bitcoin wallet. For those with Cash app, they already have a bitcoin wallet in their cash app. they can easily swap funds from their cash app balance and buy bitcoin in their cash app.

Bitcoin is fast and reliable and enables our organization to run 247 catching up with timing for fast delivery to our clients. you can sen any amount with bitcoin and you can receive any amount with bitcoin. bitcoin is LIMITLESS but other apps are payment limited.

Cryptocurrency offers better payment security

The pandemic led to a surge in credit card fraud, and since then, that type of fraud has continued to rise. Credit card fraud was the most common type of identity theft in 2022. And, unfortunately, small businesses are often the target of payment fraud and data breaches.

Cryptocurrency is considered more secure than credit and debit card payments. This is because cryptocurrencies do not need third-party verification. When a customer pays with cryptocurrency, their data isn’t stored in a centralized hub where data breaches commonly occur. Rather, their information is stored in their crypto wallet. Plus, the blockchain general ledger is used to verify and record every transaction, making it very difficult, if not impossible, to steal someone’s identity.

You may consider accepting cryptocurrency for items over a certain dollar value, rather than for daily sales.

Pay lower fees

Merchants are responsible for paying transaction fees, as well as setup fees for many payment processors. PayPal, for instance, charges close to 4% per transaction (and sometimes more). Cryptocurrencies charge much lower fees, if any. Some bitcoin exchanges offer fees under 1%.

Likewise, if your business serves customers overseas, cryptocurrencies can help avoid international currency payment fees. This is because cryptocurrencies aren’t tied to a country of origin or national bank. As a result, businesses don’t wait for payments to clear a foreign bank or pay the costs.

There are tax implications

The IRS considers cryptocurrency to be “property” for tax purposes. This means that if you accept cryptocurrency, you must report it as gross income based on its fair market value when it was received. “In other words, each time you sell, buy, or use Bitcoin, you're subject to a capital gains tax,” wrote Inc.

The IRS rules for accepting cryptocurrency also mean that you must keep track of the value for each cryptocurrency on the day it was received and the day it was sold. This can quickly get complicated, especially when you’re managing several transactions a day. You may consider accepting cryptocurrency for items over a certain dollar value, rather than for daily sales.

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