Start Accepting Bitcoin Now
In Hong Kong it can be incredibly difficult for a company to start accepting credit cards, and services like Paypal quickly charge between 4 and 8% of your revenue. Bitcoin can be a great alternative for those with international customers, especially since it has become easy to acquire bitcoins in the United States, China and Europe. Even in Taiwan you can now buy bitcoin at every Family Mart store.
To accept Bitcoins, you will just need a wallet. A payment processor makes the process easier for you, and if you can’t pay salaries or suppliers in Bitcoin you will need to exchange them for HKD. This guide explains how to do this in Hong Kong. Bitcoin is great for you because it gives you back the control you deserve over your money, but it also means you will need to be able to handle the responsbility of storing and backing up your keys securel and reliably. Be careful, but don’t miss the opportunity!
This can be an app on your phone or computer. Of course you will need to think about computer security and backups. But any computer that is up to date with good passwords and anti virus will be okay. I recommend Electrum. When you set it up there will be a backup phrase. Don’t store this phrase on any computer, rather write it down on a piece of paper and put it in a safe place. You only need to do it once. Alternatives: Bitcoin Core, Multibit. Theoretically that’s all you need to set yourself up.
To make receiving payments easier, use a processor. They sort of work like Paypal, except that they are much much cheaper (or even free) and easier to sign up. Make sure that the payment processor sends the Bitcoin into your own wallet, because why trust someone else with your money? I recommend Coinpayments, because its easy to sign up for it and easy to integrate. Check out this article on our website for how we integrated the buttons. Bitpay is also pretty good, but signup isn’t as fast (they want to do some KYC).
In the end you need to turn your Bitcoins into cash (of course its easier if you find a way to spend them for products and services). You can check out localbitcoins to quickly find somebody to send you a wire transfer. As long as that wire is being processed localbitcoins will hold your bitcoins in escrow. You can also get an account with local exchange Gatecoin. You can sell your Bitcoins there and request a wire transfer to withdraw your HKD into your bank account. You can also get yourself an account with Hong Kong Bitcoin exchange ANX, who have neat HKD debit cards, you load them up with Bitcoin and take out cash at any Union Pay ATM. This comes at a cost of about 1.5 to 3%. Convenience and speed has a price, but it still beats Paypal by a huge margin.