Blog » Guide

Blog Guide

Oct 11, 2021

How Freelancers and Entrepreneurs can Start Accepting Cryptocurrencies like Bitcoin and Stellar Lumens

A small business owner, freelancer, or entrepreneur might consider accepting cryptocurrencies as payment for a variety of reasons.

One of the most notable reasons is access to millions of people who used bitcoin as payment - a growing number of people who want to pay with a decentralized digital currency. Many people are turning to cryptocurrencies because they believe they have more transparent policies than traditional banks, fewer hidden fees, and better protection against chargebacks.

More important than why (especially in determining whether it's worthwhile for you and your business), is how you can begin accepting bitcoin and other cryptocurrencies as payment for your product or service.

You'll need to integrate a crypto payment processor wherever you plan to accept payment, just like you would for PayPal or credit card payments. This could be from your phone, your Shopify website, or a custom-built website. It's crucial to understand the two types of cryptocurrency services available before choosing a processor (and there are plenty to choose from).

Custodial Wallets:

These wallets function similarly to banks in that they act as a third-party entity in charge of your assets. Custodial services keep track of your private keys, which are the secret alphanumeric codes you exchange for your public keys. When you receive crypto payments, they are placed in a wallet, from which you can request a withdrawal. These are popular among freelancers who want to convert cryptocurrency to traditional money. Another benefit of this type of wallet is that if you forget your password, you can contact your custodian's customer service for access to your account. The major disadvantage is that you don't have complete control over your funds; for example, your wallet could be frozen by the custodian during maintenance or stolen by hackers if they gain access to the processor.

Non-Custodial Wallets

Cold wallets are wallets that exist on paper, a computer, hardware, or a mobile device. It is defined as an offline wallet for storing bitcoins, regardless of where it is kept. Your data is typically stored on a platform that is not connected to the internet, providing an additional layer of protection against cyber hacks and other vulnerabilities that a system connected to the internet is susceptible to. You'll need to set up a cold wallet for a non-custodial processor if you don't already have one. However, unlike custodial processors, if you lose your private keys, you also lose your coin because there is no one to call and retrieve it.

t's easier to research and find processors that do exactly what you need once you know what type of processor is best for your business. As I previously stated, there are many different processors to choose from, but for this example, we'll use COINQVEST for the example.

Hosted Checkout by COINQVEST

The most straightforward method of integrating with the COINQVEST platform is through hosted checkouts. There are two methods for creating and sharing a hosted checkout page with customers. We've published guides that walk you through how to sell Bitcoin, Ethereum, Litecoin, XLM, or any other Stellar Network asset and settle in the merchant's preferred fiat currency (e.g. USD, EUR, NGN, or CAD).

For Non-Developers: This guide takes non-programmers through COINQVEST's browser-based ad-hoc cryptocurrency payments.

Developers and Enterprises: This guide will show you how to programmatically accept cryptocurrency payments with minimal overhead.

Either of these methods generates a charge and a unique "checkout URL" that the customer must share in order to complete payment. To enable compliant reporting for financial audits, taxation, and general accounting purposes, the charge is associated with a specific customer.

Customers can now pay in their preferred cryptocurrency through the hosted checkout. The COINQVEST checkout page calculates payment prices and provides all of the information a customer needs to complete a payment in Bitcoin, Ether, Litecoin, Lumens, or any other Stellar Network asset. COINQVEST's hosted checkout UI is mobile-friendly and works well on both small phones and tablets as well as large desktop monitors.

Get Started Accepting Cryptocurrencies Today

If you would like to start getting paid, please sign up for a merchant account and have a look out our guides for non-developers and programmers.

multi-currencyfiathosted checkoutecommerce paymentcoinqvest
Martin Dominic Banguis Head of Marketing