Accept Crypto Payments in Trinidad & Tobago
Let’s dive deeper into the exciting world of cryptocurrency and how it can revolutionize your business in Trinidad and Tobago. Today, we’ll explore the incredible potential of accepting cryptocurrencies like USDT and Bitcoin as payment methods, unlocking the power of an 8:1 conversion rate that can significantly boost your earnings. If you’re an Entrepreneur, Business Owner, or Self-Employed individual, this is a must-read guide for taking your profits to new heights!
The 8:1 Advantage
Are you charging in the local currency and feeling the pinch of a 1:1 ratio? It’s time to explore the game-changing power of cryptocurrencies. In Trinidad and Tobago, the peer-to-peer retail rate for cryptocurrencies stands at an amazing 8:1 ratio. For instance, 1 USDT sells for 8 TTD! Imagine the potential for your business when every dollar received in USDT can be converted into 8 TTD. It’s a whole new level of profitability that traditional payment methods can’t match.
Crypto vs. USD Transactions
As a business owner in Trinidad and Tobago, you’re likely familiar with the struggles of dealing with USD transactions. Buying USD from the bank comes at a steep cost, with the exchange rate often at 6.8 TTD to 1 USD. Additionally, limited access to US currency makes it challenging to conduct international transactions or source goods and services in USD. This is where crypto comes to the rescue! By accepting cryptocurrencies as payment, you enable your customers to bypass the expensive USD conversion and save money. Offering crypto payments can make your business more attractive and create a win-win situation for both you and your customers.
Additionally, many international suppliers accept cryptocurrencies for goods, adopting cryptocurrency as a payment method in your business, allows you to earn in a globally accepted currency and saves you the hassle of going to a local bank to obtain less than sufficient quantities of US currency.
Accept Crypto Payments Manually
If you have a small business without a website, you too can join the revolution and accept crypto payments! You will need to setup a non-custodial wallet that accepts bitcoin or the crypto of choice. All crypto wallets provide you with a receiving address (a 35 character string of letters and numbers) for the specific crypto. This address is then copied and sent to your client/customer for them to send over the total due. Alternatively, wallets also give you a QR code for each cryptocurrency that it supports, that can be easily be scanned by the customer for easy transfer of cryptocurrency. Scanning the QR code automatically inputs your receiving wallet address in the customer’s crypto app.
Please note, it is important as a business owner to have a NON-CUSTODIAL crypto wallet to receive funds and NOT an exchange address such as Binance, Kucoin or Bitget. A non-custodial wallet is one where you control your seedphrase (12- 24 words).
You can read more about Crypto Storage by clicking here.
Implementing Crypto Payments Online
You might wonder how to get started with accepting cryptocurrencies on your website. Fear not, we’ve got you covered! Using WordPress.org and the free Blokonomics plugin, along with WooCommerce, you can easily integrate crypto payments into your website. These plugins allow for seamless crypto transactions, alongside other popular payment options like credit/debit cards, PayPal, and cash on delivery. This website has two payment methods, credit/debit card as well as Bitcoin as seen at the checkout page.
What to do?
Here’s what you will need to accept crypto payments on your website:
- A domain name (example: www.leahclmoses.com)
- Web hosting services (Hostinger, Bluehost)
- A WordPress website (wordpress.org, not wordpress.com)
- Install the FREE Woocommerce plugin
- A crypto payment plugin (like Blokonomics)
- A Bitcoin wallet address
Your Crypto-Powered Future
By embracing cryptocurrencies like USDT and Bitcoin, you can break free from currency barriers, earn 8x more, and stay ahead in this ever-changing digital landscape. Skip the banks and the USD ‘shortage’ woes. Don’t miss this incredible opportunity to boost your profits and future-proof your business.
