there's been a lot of bees buzzing around bitcoin over the last few weeks and you may be wondering
should you start accepting bitcoin for your brand of business I've always wondered how do you even
get started in this game well in this video i'm going to give you guys my take on why you should
start accepting bitcoin and show you how you can start accepting over 300 plus cryptocurrencies
that are currently on the market now as a huge disclaimer what i'm about to tell you is not
investment advice but my personal opinion so you should always consider consulting your cpa
or tax attorney before putting any money into any investment or risky asset all right now for those
of you who don't know what bitcoin is or how it works let's break it down into a super simple way
for you to understand bitcoin is a type of digital currency in which a record of transactions is
maintained and new units of currency are generated by computational solution of mathematical problems
and which operate independently of a central bank so unlike the us dollar which is run by a
central bank that dictates how often the money is printed with bitcoin there's only a certain
number of coins that are created and the user of those coins can decide the value based on
the trades and transactions now i know for real guys all jokes aside this isn't a video
explaining to you guys how cryptocurrency the technology or the mechanics of it works this isn't
that video but there is a video that's pretty cool and i highly recommend that you guys watch linus
and this team over at linus Media Group created it and they show you how bitcoin actually functions
so you can know all the technology and the mechanics that go behind it so now you may
be wondering why should you start accepting bitcoin now for one some of the biggest brands
in the world have adopted this currency to pay for products and services brands such as paypal stripe
and most recently tesla have publicly stated their investment and the support for bitcoin and payment
providers such as paypal and cash app have made it even easier for everyday people like you and i to
start buying bitcoin and if you're a subscriber to this channel you know that a platform that we use
to sell products is shopify and shopify since 2018 has allowed the use of bitcoin in exchange of your
products and services so the ability to easily buy and sell bitcoin today in addition to the market
acceptance of large brands and businesses gives credibility to bitcoin and cryptocurrency as a
method of payment and gives everyone including yourself a new way to start making money
so right now what i want to do is show you guys how you can start accepting bitcoin and
over 300 other cryptocurrencies through shopify and if you guys haven't already established your
shopify store make sure you get started with the free 14-day trial that's located right down below
and let's jump into this little mini tutorial to show you guys how this thing works so right now
we're in the backend of our streetwearapparel.com our ecommerce store where we sell quality face
masks and custom wholesale garments so if you're a new visitor looking for a way to support this
channel be sure to check out the site down below and also be sure to hit that like button
as it's free for you it helps us grow now that you have your shopify account set up
the first thing you're going to need to do is to create an account with either one of these
crypto payment processors there's coinbase commerce bitpay go coin or coinpayments.net
for the purpose of this video i will show you how the process for coinbase commerce works however
all four of these have a similar signup process and there are pros and cons to each one guys
if you think i should make a video comparing each one of these leave a comment down below
now once you create an account and finish registration the next thing you'll receive
is an api key you will then head back to your shopify and under the payment provider settings
scroll down to alternative payments go ahead and search coinbase commerce and insert your
email you used to create the account and that api key that you received once that's complete
you select activate coinbase commerce and you are all done pretty straightforward right now
you're able to receive bitcoin another all coins when selling your products now i highly suggest
that you guys read up on each of these payment providers that we talked about so you can make
a decision on which one works best for your site the catches are all free but each one differs in
what coins they can accept and the fees they charge to accept those coins so it's important
that you guys read up on that now one thing to consider when receiving crypto payments is that
you have the ability to hold on to the coin or transfer it immediately and create cash money
off of it again i'm not a cpa but what this means is that you have the ability to claim it as a loss
if the price of the coin drops below the price that you got it at or a profit if it rises above
that now this is actually something that tesla explained in their filing with the sec when they
announced that they would be investing 1.5 billion dollars into bitcoin having the ability to do such
a thing can be a win-win if you need to report a loss or if you need to inject the cash back into
the business for operations and growth now do you feel like you've missed out on the bitcoin ride to
the moon i know i was beating myself up when a neighbor told me about bitcoin 10 years ago he
actually offered to buy me some as he had access to people who sold it online and back then it
was a crazy system because it wasn't that easy to actually purchase or to mine or to get a hold of
it and i didn't understand how it worked or how it would actually grow into something in the future
but he told me dude this is the most secure investment you could ever make we can go 50
50 on it you give me the thousand bucks i'll make sure that we buy it and then we keep it
and within a few years it'll be worth millions of dollars i laughed at him and i said good luck man
that thousand dollar investment today would have been worth 288 million dollars i wouldn't
be making this youtube video if i had 288 million dollars but coulda shoulda woulda right but what
i'm trying to say here guys is don't just buy into it because of fear of missing out trust me i had
a chance to buy it again a few years after when it was valued at a couple hundred bucks and then
again when it was valued at around five thousand dollars at the time of this video bitcoin is
trading at around forty five thousand dollars and people are speculating it can go as high as five
hundred thousand if the right investment firms begin to expand their portfolio into it again this
is all speculation guys so the best thing you can do as a business owner is to begin to accept it
market that you accept it and gain some notoriety as a brand who is the first to the game and if
you decide to keep the bitcoin instead of cash out who knows what it can be worth five years from now
only time will tell but regardless of what happens with bitcoin the only true thing that
you can control is the way that you adapt to the times that continue to change as always continue
to grow on a personal level and your business will go to the moon i'll see you guys on the next one