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
