Ready, Set, Bitcoin

Are you ready to give your customers more options for payment? Are you looking to ease the costs of your credit card and point of sale fees? Are you looking to store value in an appreciating asset?

Bitcoin is here, and it is ready for you and your business! Bitcoin is a free and open protocol for anybody to utilize. Highlights of the network include:

-Truly decentralized (not just a buzzword)

-Always ready, 99.9% up time since inception

-Global acceptance

-Hard cap at 21 million coins, EVER.

-Divisible to 100,000,000 pieces (called satoshis) for accurate pricing

-Secure, encryption-based, and still easily transacted with no third party trust or permission

Put your business in the front of the pack by offering a unique payment option built for the 21st century.

Please contact us to discuss how your business can start accepting Bitcoin for goods and services TODAY! email admin@hoosierhodl.com to setup your consultation.

If you would like to do your own research and start exploring on your own, some of our favorite mobile apps include BlueWallet, Muun, and Breez. Our favorite exchanges to buy or sell Bitcoin is CashApp and Strike. For a more sturdy business and point of sale application, we like to recommend BTC Pay Server and Zaprite.

There are a few ways in which you can start accepting Bitcoin for your goods and services:

On chain

Transactions can be sent and received on the base layer of the Bitcoin protocol, otherwise known as “on chain”. This layer of Bitcoin can be related to the way the Federal Reserve and banks send money to and from each other. This is where the meat of financial activity in the back-end of our society moves.

Benefits to accepting on chain transactions:

-Direct to cold-storage wallet

-No further transactions required

-Privacy

-Easily audit for accounting purposes

Drawbacks to on chain transactions:

-Transaction time can vary between momentarily to multiple hours, depending on network activity and selected transaction fee.

Lightning Network

Transactions can also be conducted on Bitcoins second-layer protocol, the Lightning Network. Think of the Lightning Network as Visa, Master Card, Discover, PayPal, Venmo, etc. Lightning transactions happen in less than a second for fractions of a cent!

Benefits of accepting Lightning Network payments:

-Instant, do not have to hold your customer for 10 minute confirmation

-Almost 0 fees (most transactions are fractions of a penny)

-Easily audit for accounting purposes

-Hundreds of developers working daily on developing Lightning-enabled apps and payments

Drawbacks to Lightning Network:

-Network is young. Does require monthly research and updates to software to keep security and compatibility

-Does require closing Lightning channels periodically to move funds to cold storage (i.e. moving funds to on chain, long term storage)