In essence, the “Bitcoin eCommerce” trick involves accepting “crypto” money in an online store (for actual goods). You can exchange the “cost” of goods sold (COGS) out via an exchange and keep the profits as “crypto,” but the payment you receive will be 100% “crypto.”
The objective is to profit more by riding price increases in the underlying “crypto” assets. This obviously works the other way around, in that a drop in the price of the “crypto” tokens you were paid for could also result in a loss of profits. However, in general, this strategy should allow you to significantly increase your profits if you play the game correctly.
The various aspects of how this works will be briefly discussed in this tutorial. To do so implies that you need to guarantee that you see completely the thing you’re doing, and the way in which the cycle will develop…
Right off the bat, assuming that you run an “Web based business” store, you should acknowledge installments.
You can “receive” payments in a variety of ways today without having to set up a traditional “merchant account” thanks to the numerous online services available, such as Stripe and PayPal, among others.
A service known as BitGo is one of the more recent approaches. This is a crypto token “payment receipts” system. It basically enables businesses to accept “crypto” currency in exchange for goods or services, allowing users to fully benefit from Bitcoin, Ethereum, and other cryptocurrencies without worrying about security risks (BitGo places a significant emphasis on security implementation).
This indicates that even though the price of “crypto” tokens will typically be in line with the various “fiat” currencies, they will typically be quite volatile if you receive any money using them. As a result, many eCommerce store owners simply “exchange” their “crypto” tokens for 100 percent fiat currency at the end of the month or when an order is placed.
A lot of store owners actually use a “trick” to keep their profits in the “crypto” ecosystem. This means that they keep the pure profit in their exchange accounts while paying for everything else, like their COGS, warehousing, and administrative costs.
By doing this, they should just go for broke (and all that to acquire) by allowing their possessions to ride the value influxes of BTC and the other “crypto” tokens – increasing their property quicker than any bank account might at any point do.