Cryptocurrencies have revolutionized the financial world, and globally entrepreneurs are exploring the potential of this digital asset.
A burgeoning eagerness has emerged in the United Kingdom to accept cryptocurrencies as payment.
This guide examines the steps businesses can take to start accepting crypto payments in the UK and understand the interests that accompany it.
Whether it is a small or large firm, this article will provide an understanding of the concept of allowing cryptocurrency payments and the necessary measures to set in motion.
Is Crypto Legal In The United Kingdom
Though some banks have disallowed users from transferring money to and from crypto exchanges, procuring cryptocurrency via those platforms remain lawful.
These restrictions are because banking authorities strive to safeguard their clients against scams.
Moreover, there are concerns that the decentralized feature of cryptocurrencies can replace traditional financial establishments.
However, digital assets like Bitcoin are perfectly valid in England, and some companies accept cryptocurrency as a payment source for commodities and services.
To buy Bitcoin or other cryptos in the UK, you have to scout out an exchange that complies with UK rules.
The Financial Conduct Authority (FCA) requires these platforms to inspect the origination of funds and the identities of both buyers and sellers to absolve the opportunity of money laundering.
What Can You Buy With Cryptocurrency In The UK
Digital assets have become a popular alternative to state currency, with more and more merchants accepting cryptocurrency as a form of payment. Here are some things you can buy with crypto in the UK:
- Food and drink. Several restaurants and cafes in the UK now accept cryptocurrency payments, including Pizza Express, Wagamama, Brasserie Blanc, and Caffe Nero. Takeaway platforms Uber Eats, Eat, Deliveroo, Pizza Huts, and Domino’s Pizzas also accept Bitcoin.
- Travel. Some airlines, including Flight Center and airBaltic, accept crypto payments for flight bookings.
- Electronics. Many online retailers, including Microsoft and New Egg, accept crypto payments in the UK for electronics. You can also purchase gaming items using cryptocurrency on platforms such as Xbox.
- Charity donations. Some charitable organizations in the UK, such as The British Red Cross and Crisis UK, accept cryptocurrency donations.
- Art. Etsy has recently permitted its sellers to accept Bitcoin as a form of payment. Although Etsy itself does not directly accept crypto payments, independent vendors who use the platform can choose to incorporate it during checkout.
What Are The Benefits Of Crypto Payments
Crypto payments offer a variety of benefits that traditional payment methods cannot match:
- Decentralization and security. One of the most significant benefits of accepting crypto payments is the decentralization of the payment network. Instead of relying on a central authority to process transactions, crypto payments operate on a blockchain network, where users verify transactions. This means there is no single point of failure or vulnerability in the payment network, making it more secure and resilient to attacks.
- Faster transactions. With crypto payments, transactions can be processed in a matter of seconds, whereas traditional payment methods can take several days to clear. This is because crypto payments do not require intermediaries to verify and process transactions, which can slow down the process.
- Lower transaction fees. Another significant benefit of accepting cryptocurrency payments is lower transaction fees. Credit cards or bank transfers often charge high fees for processing transactions. On the other hand, crypto payments are a more cost-effective option for businesses and consumers.
- Global accessibility. Traditional payment methods often require users to have a bank account or credit card to make transactions, which can be a barrier for people in certain regions or countries. Crypto payments, on the contrary, can be made by anyone with an internet connection, making them more accessible worldwide.
- Privacy and anonymity. With crypto payments, users do not have to reveal their personal information, such as their name or address, when making transactions. This can be particularly important for people who value their privacy and want to secure their financial information.
Payment Security
As mentioned above, the decentralized nature of crypto payments means no central authority can freeze or block your transactions. You are always controlling your funds, and no one can take them away without your consent.
Another important feature of crypto payments is encryption. Every transaction on the blockchain is encrypted using complex algorithms that make it virtually impossible for anyone to tamper with or steal your funds. This is because multiple nodes on the network verify each payment, and any attempt to modify the transaction would require a consensus among these nodes.
How To Accept Crypto Payments In The UK
To accept crypto payments, you need to integrate a payment gateway such as Whitepay. This company provides POS terminals, a payment page on the website, and a plugin for WooCommerce.
To pay using digital assets, the buyer scans the QR code generated by the system with their cryptocurrency wallet.
The payment is then converted into the desired currency and transferred to the merchant’s wallet. This process takes no more than 2 minutes, and over 140 types of digital assets are available for payment.
The POS terminal provided by Whitepay has the following characteristics: it can work offline all day, allows for receipt printing customization, supports Wi-Fi and 3G/4G connections, and is ready for use immediately after purchase.
All you need to do to start accepting cryptocurrency payments is leave your contact details on the Whitepay website. After that, the company’s team will contact you and assist you at all stages of software integration. You will receive all the information on accepting crypto payments and learning how your customers can pay with crypto.
Conclusion About Accepting Crypto Payments in the UK
Since digital assets are becoming a familiar financial instrument worldwide, accepting payments in cryptocurrency is an affordable and secure way to grow your business. By implementing cryptos, such as Bitcoin and Ethereum, you can expand your client base, increasing your company’s profitability. With this payment method, you’ll be able to accept payments from customers worldwide and boost brand awareness by using cutting-edge technologies.
