How to Accept Bitcoin with Shopify: The Best New Shopify Payment Gateway | Coinbase Cryptocurrency
Published on: November 28 2022 by Rafael Cintron
How to Accept Bitcoin with Shopify: The Best New Shopify Payment Gateway | Coinbase Cryptocurrency
Table of Contents About How to Accept Bitcoin with Shopify: The Best New Shopify Payment Gateway | Coinbase Cryptocurrency
How to Accept Bitcoin with Shopify: The Best New Shopify Payment Gateway | Coinbase Cryptocurrency
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00:00:00 | 00:00:03 | in this video i'm going to show you how |
00:00:01 | 00:00:05 | to accept bitcoin |
00:00:03 | 00:00:08 | and other cryptokurrencies in your |
00:00:05 | 00:00:10 | shopify store cryptokurrencies bitcoin |
00:00:08 | 00:00:12 | and all these are in the media they're |
00:00:10 | 00:00:14 | famous they've been growing since |
00:00:12 | 00:00:15 | 10 years ago and now people are starting |
00:00:14 | 00:00:18 | to just do |
00:00:15 | 00:00:20 | regular transactions of thirty dollars |
00:00:18 | 00:00:22 | fifty dollars buying a sweater |
00:00:20 | 00:00:23 | t-shirt with bitcoin i'm gonna tell you |
00:00:22 | 00:00:25 | exactly |
00:00:23 | 00:00:26 | how to set up a merchant account to get |
00:00:25 | 00:00:28 | those payments how to keep |
00:00:26 | 00:00:30 | track of those payments and how |
00:00:28 | 00:00:32 | everything works so first of all how do |
00:00:30 | 00:00:33 | you set it up and where exactly are you |
00:00:32 | 00:00:34 | going to set up the merchant account in |
00:00:33 | 00:00:36 | your shopify store |
00:00:34 | 00:00:38 | so first up we have here our shopify |
00:00:36 | 00:00:39 | store we got a settings |
00:00:38 | 00:00:41 | first of all so you got to go to |
00:00:39 | 00:00:42 | settings then you go to payments right |
00:00:41 | 00:00:44 | here |
00:00:42 | 00:00:45 | and you'll have your shopify payments i |
00:00:44 | 00:00:47 | have it set up here if you don't know |
00:00:45 | 00:00:48 | where shopify payments is or you want to |
00:00:47 | 00:00:50 | set it up and you don't have setup |
00:00:48 | 00:00:52 | basically you can accept any type of |
00:00:50 | 00:00:54 | credit card or debit card |
00:00:52 | 00:00:56 | right here you can see the ones that you |
00:00:54 | 00:00:58 | can accept visa mastercard amex discover |
00:00:56 | 00:01:00 | apple pay shop pay google pay all of |
00:00:58 | 00:01:02 | these and they get sent straight to your |
00:01:00 | 00:01:03 | bank account through stripe so shopify |
00:01:02 | 00:01:05 | payments |
00:01:03 | 00:01:06 | connects to stripe if you are not from |
00:01:05 | 00:01:08 | one of the main countries that accept |
00:01:06 | 00:01:09 | shopify payments then you will need to |
00:01:08 | 00:01:11 | use stripe |
00:01:09 | 00:01:12 | and connect your stripe account to your |
00:01:11 | 00:01:14 | shopify account so |
00:01:12 | 00:01:15 | you can do it you can find out in the |
00:01:14 | 00:01:17 | link in the description |
00:01:15 | 00:01:19 | another video that i have on all the |
00:01:17 | 00:01:20 | payment methods available |
00:01:19 | 00:01:22 | regardless of where you come from in the |
00:01:20 | 00:01:24 | world so let's get back to |
00:01:22 | 00:01:26 | bitcoin you're gonna go to the |
00:01:24 | 00:01:27 | alternative payment methods right here |
00:01:26 | 00:01:29 | so you'll see |
00:01:27 | 00:01:31 | shopify payments paypal amazon pay third |
00:01:29 | 00:01:33 | party alternative payment methods |
00:01:31 | 00:01:35 | choose alternative payment and then |
00:01:33 | 00:01:37 | you're going to you have a ton of them |
00:01:35 | 00:01:38 | here like alipay for example a lot of |
00:01:37 | 00:01:41 | chinese people |
00:01:38 | 00:01:42 | love using alipay you have brazilian |
00:01:41 | 00:01:46 | cards right here |
00:01:42 | 00:01:46 | you have g2pay a bunch of other ones |
00:01:46 | 00:01:48 | korean |
00:01:46 | 00:01:50 | right here so the one that we're going |
00:01:48 | 00:01:51 | to choose if you don't you can't find it |
00:01:50 | 00:01:53 | you can put |
00:01:51 | 00:01:55 | coinbase and it's called coinbase |
00:01:53 | 00:01:56 | commerce coinbase is basically a |
00:01:55 | 00:01:58 | gigantik company |
00:01:56 | 00:02:00 | they allow you to transact bitcoin |
00:01:58 | 00:02:01 | ethereum and all the other |
00:02:00 | 00:02:03 | cryptokurrencies out there |
00:02:01 | 00:02:04 | you can buy them you can hold them you |
00:02:03 | 00:02:06 | can sell them and you can also make |
00:02:04 | 00:02:07 | money with them so if you click on |
00:02:06 | 00:02:08 | coinbase commerce |
00:02:07 | 00:02:10 | it's going to say learn more about |
00:02:08 | 00:02:12 | coinbase commerce here and then it's |
00:02:10 | 00:02:13 | going to say coinbase commerce email i |
00:02:12 | 00:02:15 | don't know why that populated there |
00:02:13 | 00:02:17 | because i haven't set it up yet |
00:02:15 | 00:02:19 | and then you have your api key this is |
00:02:17 | 00:02:21 | where you're actually going to set up |
00:02:19 | 00:02:22 | the coinbase commerce account that i'm |
00:02:21 | 00:02:25 | going to show you how to sign up for |
00:02:22 | 00:02:26 | and you can accept ethereum bitcoin |
00:02:25 | 00:02:28 | litecoin and bitcoin cash |
00:02:26 | 00:02:31 | the main two ones that people hold are |
00:02:28 | 00:02:33 | bitcoin which is like digital gold |
00:02:31 | 00:02:35 | like basically having a store of value |
00:02:33 | 00:02:36 | ethereum it's basically a cryptokurrency |
00:02:35 | 00:02:38 | where you can build |
00:02:36 | 00:02:40 | projects on top of it bitcoin cash |
00:02:38 | 00:02:42 | another form of value and then litecoin |
00:02:40 | 00:02:43 | another cryptokurrency so let's say that |
00:02:42 | 00:02:45 | we want to accept |
00:02:43 | 00:02:47 | bitcoin ethereum litecoin and bitcoin |
00:02:45 | 00:02:50 | cash all of them let's go over |
00:02:47 | 00:02:51 | to commerce.combase.com can find the |
00:02:50 | 00:02:54 | link |
00:02:51 | 00:02:57 | down in the description except usd coin |
00:02:54 | 00:02:58 | accept bitcoin accept die and you might |
00:02:57 | 00:03:00 | be thinking what are all these names |
00:02:58 | 00:03:02 | that i'm toking about well they're |
00:03:00 | 00:03:04 | different types of cryptokurrencies if |
00:03:02 | 00:03:06 | you go to coin gecko which basically |
00:03:04 | 00:03:07 | shows you all the market other |
00:03:06 | 00:03:08 | cryptokurrencies what they're worth what |
00:03:07 | 00:03:11 | their value is |
00:03:08 | 00:03:12 | you have bitcoin ethereum feather and |
00:03:11 | 00:03:14 | you basically also |
00:03:12 | 00:03:15 | don't just have cryptokurrencies that |
00:03:14 | 00:03:18 | grow in value |
00:03:15 | 00:03:20 | bitcoin 10 years ago was worth three |
00:03:18 | 00:03:23 | dollars two dollars now it's worth 32 |
00:03:20 | 00:03:25 | 000 so every year it keeps going up and |
00:03:23 | 00:03:28 | up and up and ethereum as well |
00:03:25 | 00:03:30 | and up and up and up but tether and |
00:03:28 | 00:03:32 | other stable coins they're called stable |
00:03:30 | 00:03:34 | coins you'll see them here except price |
00:03:32 | 00:03:36 | stable cryptokurrency they basically |
00:03:34 | 00:03:38 | don't change in price |
00:03:36 | 00:03:40 | maybe point three percent point two |
00:03:38 | 00:03:42 | percent to the us dollar so |
00:03:40 | 00:03:43 | tether is basically pegged to the u.s |
00:03:42 | 00:03:44 | dollar so if you want to accept |
00:03:43 | 00:03:46 | cryptokurrency |
00:03:44 | 00:03:48 | you want to have a little bit more |
00:03:46 | 00:03:50 | privacy more control you can accept |
00:03:48 | 00:03:52 | price stable cryptokurrencies like |
00:03:50 | 00:03:52 | tether you can also accept another one |
00:03:52 | 00:03:56 | called die |
00:03:52 | 00:03:59 | if we can find it right here 0.999 |
00:03:56 | 00:04:01 | dollars basically 99 cents or one dollar |
00:03:59 | 00:04:02 | and they're stable to the us dollar so |
00:04:01 | 00:04:04 | you don't lose |
00:04:02 | 00:04:06 | and you don't make any money with your |
00:04:04 | 00:04:06 | cryptokurrency transactions and you have |
00:04:06 | 00:04:08 | a ton |
00:04:06 | 00:04:09 | of other cryptokurrencies coinbase only |
00:04:08 | 00:04:11 | allows you to take |
00:04:09 | 00:04:14 | those main four so let's sign up right |
00:04:11 | 00:04:16 | now you can click the sign up button |
00:04:14 | 00:04:17 | right here you can put in your email |
00:04:16 | 00:04:20 | here so i'm gonna put |
00:04:17 | 00:04:21 | my email let's say we put the central |
00:04:20 | 00:04:24 | marketing |
00:04:21 | 00:04:26 | at gmail.com and then i'm gonna set up a |
00:04:24 | 00:04:29 | password you can set up some random |
00:04:26 | 00:04:31 | password |
00:04:29 | 00:04:33 | and then you can go to agree terms of |
00:04:31 | 00:04:34 | service create account |
00:04:33 | 00:04:37 | it's going to ask you if you're a robot |
00:04:34 | 00:04:38 | or not create the account |
00:04:37 | 00:04:40 | and now you're going to go to your email |
00:04:38 | 00:04:42 | and actually click the verification |
00:04:40 | 00:04:42 | email and the email is gonna look like |
00:04:42 | 00:04:44 | this |
00:04:42 | 00:04:45 | activate your coinbase commerce account |
00:04:44 | 00:04:46 | you're gonna verify your email address |
00:04:45 | 00:04:48 | click on that |
00:04:46 | 00:04:50 | then it's gonna take you to confirm your |
00:04:48 | 00:04:50 | email address now we are going to |
00:04:50 | 00:04:52 | actually |
00:04:50 | 00:04:54 | set up the account so first up you're |
00:04:52 | 00:04:55 | gonna click continue here |
00:04:54 | 00:04:58 | and now you need to set up google |
00:04:55 | 00:04:59 | authentikator it's two-step verification |
00:04:58 | 00:05:01 | i always recommend you do this if you |
00:04:59 | 00:05:03 | don't have google authentikator all you |
00:05:01 | 00:05:05 | got to do go to your app store whether |
00:05:03 | 00:05:06 | you have an iphone or whatever type of |
00:05:05 | 00:05:08 | phone you need to do it on the phone |
00:05:06 | 00:05:10 | you go to your app store or wherever you |
00:05:08 | 00:05:10 | can buy an app you go to google |
00:05:10 | 00:05:12 | authentikator |
00:05:10 | 00:05:14 | download that and then it's gonna ask |
00:05:12 | 00:05:15 | you to scan this qr code |
00:05:14 | 00:05:18 | you're gonna scan it and you're gonna |
00:05:15 | 00:05:21 | get six numbers in this case |
00:05:18 | 00:05:22 | six one three five four seven |
00:05:21 | 00:05:24 | don't share this number with anybody and |
00:05:22 | 00:05:25 | then it's gonna say set up two-step |
00:05:24 | 00:05:27 | verification |
00:05:25 | 00:05:28 | you can download your backup codes just |
00:05:27 | 00:05:30 | in case you |
00:05:28 | 00:05:32 | lose that number or you lose your phone |
00:05:30 | 00:05:33 | i would highly recommend you to download |
00:05:32 | 00:05:36 | backup codes and |
00:05:33 | 00:05:38 | also set up the crypto wallet right here |
00:05:36 | 00:05:39 | continue |
00:05:38 | 00:05:41 | set up your crypto wallet and then it's |
00:05:39 | 00:05:43 | going to ask you to set up a |
00:05:41 | 00:05:45 | seed phrase now a seed phrase is very |
00:05:43 | 00:05:47 | important because in cryptokurrency |
00:05:45 | 00:05:48 | if you don't have your seed phrase and |
00:05:47 | 00:05:50 | you can't |
00:05:48 | 00:05:51 | input that for verification then you |
00:05:50 | 00:05:53 | basically lost |
00:05:51 | 00:05:55 | all your cryptokurrencies all your |
00:05:53 | 00:05:56 | bitcoin let's say you have 10 bitcoin |
00:05:55 | 00:05:58 | worth 300 000 |
00:05:56 | 00:06:00 | and you don't know your seed phrase for |
00:05:58 | 00:06:01 | your coinbase commerce account you're |
00:06:00 | 00:06:03 | done there's no way you can access it |
00:06:01 | 00:06:05 | coinbase can't access it nobody can |
00:06:03 | 00:06:06 | access it so make sure that you click on |
00:06:05 | 00:06:09 | show my seed phrase |
00:06:06 | 00:06:09 | copy that paste it somewhere safe remind |
00:06:09 | 00:06:11 | it |
00:06:09 | 00:06:13 | write it down on paper put it somewhere |
00:06:11 | 00:06:15 | and then go ahead and |
00:06:13 | 00:06:16 | remind yourself about that seed phrase |
00:06:15 | 00:06:19 | after verifying and |
00:06:16 | 00:06:20 | actually going and typing in your seed |
00:06:19 | 00:06:22 | phrase you can |
00:06:20 | 00:06:23 | back up to google drive highly recommend |
00:06:22 | 00:06:25 | you're doing this this is not the main |
00:06:23 | 00:06:26 | account that we use to accept crypto |
00:06:25 | 00:06:28 | this is just a new account that i'm |
00:06:26 | 00:06:30 | doing so i'm not going to back it up to |
00:06:28 | 00:06:30 | google drive but you should do it just |
00:06:30 | 00:06:32 | for an |
00:06:30 | 00:06:34 | extra layer of verification verified |
00:06:32 | 00:06:36 | recovery phrase |
00:06:34 | 00:06:37 | go to dashboard and now we are in our |
00:06:36 | 00:06:38 | dashboard you have your support email |
00:06:37 | 00:06:40 | right here |
00:06:38 | 00:06:41 | you can create a checkout you can send |
00:06:40 | 00:06:44 | an invoice you can use our api |
00:06:41 | 00:06:45 | you can also create checkouts right here |
00:06:44 | 00:06:48 | if you go to the |
00:06:45 | 00:06:48 | left hand side dashboard balances |
00:06:48 | 00:06:50 | payments |
00:06:48 | 00:06:52 | checkouts invoices point of sale |
00:06:50 | 00:06:52 | settings and you can create a partikular |
00:06:52 | 00:06:54 | checkout |
00:06:52 | 00:06:56 | for a product let's say somebody is |
00:06:54 | 00:06:59 | asking to buy |
00:06:56 | 00:07:01 | 10 products or maybe they're asking to |
00:06:59 | 00:07:03 | buy a bundle of one partikular product |
00:07:01 | 00:07:05 | they can't do that in the shopify store |
00:07:03 | 00:07:07 | you can send them your own checkout link |
00:07:05 | 00:07:08 | so that they can pay in bitcoin or |
00:07:07 | 00:07:09 | ethereum |
00:07:08 | 00:07:11 | after you do that if you don't want to |
00:07:09 | 00:07:11 | set up a checkout that is completely |
00:07:11 | 00:07:13 | fine |
00:07:11 | 00:07:14 | you can go to settings and what we're |
00:07:13 | 00:07:16 | going to do now is we're going to |
00:07:14 | 00:07:19 | connect our comm base commerce account |
00:07:16 | 00:07:21 | to our shopify store so we go to the |
00:07:19 | 00:07:23 | bottom of the settings page right here |
00:07:21 | 00:07:26 | to the bottom bottom bottom and then |
00:07:23 | 00:07:28 | we're going to go to the api key section |
00:07:26 | 00:07:30 | api keys right over webhook we're going |
00:07:28 | 00:07:32 | to create an api key |
00:07:30 | 00:07:33 | and once it's created i'm not going to |
00:07:32 | 00:07:35 | reveal it to you because you can access |
00:07:33 | 00:07:38 | my crypto with it so i'm just going to |
00:07:35 | 00:07:39 | copy it right here copy the clipboard |
00:07:38 | 00:07:40 | and then you're going to post that right |
00:07:39 | 00:07:42 | there |
00:07:40 | 00:07:44 | make sure you post it and put in your |
00:07:42 | 00:07:46 | email for coinbase |
00:07:44 | 00:07:48 | so in this case cintronmarketing.com |
00:07:46 | 00:07:49 | central gmail.com |
00:07:48 | 00:07:51 | we have our api key accepted payments |
00:07:49 | 00:07:53 | ethereum bitcoin litecoin bitcoin cash |
00:07:51 | 00:07:56 | coinbase commerce |
00:07:53 | 00:07:58 | activate and boom |
00:07:56 | 00:08:00 | coinbase commerce activated so now you |
00:07:58 | 00:08:01 | can accept coinbase |
00:08:00 | 00:08:03 | payments you can accept bitcoin you can |
00:08:01 | 00:08:04 | accept ethereum you can also accept |
00:08:03 | 00:08:06 | stable coins |
00:08:04 | 00:08:08 | if somebody wants to pay you in usdc |
00:08:06 | 00:08:09 | which is basically usd coin |
00:08:08 | 00:08:11 | it's always equal to the us dollar so |
00:08:09 | 00:08:13 | you don't lose or risk |
00:08:11 | 00:08:14 | absolutely any money really quick before |
00:08:13 | 00:08:16 | you keep watching |
00:08:14 | 00:08:18 | if you're loving my videos and you want |
00:08:16 | 00:08:19 | to actually mentor with me get help from |
00:08:18 | 00:08:22 | me and my team |
00:08:19 | 00:08:22 | and solve problems in your business grow |
00:08:22 | 00:08:25 | it |
00:08:22 | 00:08:26 | scale it maybe start it the right way we |
00:08:25 | 00:08:28 | are actually offering |
00:08:26 | 00:08:30 | mentorship to help people as much as |
00:08:28 | 00:08:31 | possible you need to apply for it but |
00:08:30 | 00:08:34 | you can apply for it for free |
00:08:31 | 00:08:35 | and tok to one of my team members for |
00:08:34 | 00:08:37 | free in a one-on-one call |
00:08:35 | 00:08:39 | all you got to do go to the link down in |
00:08:37 | 00:08:41 | the description it'll say |
00:08:39 | 00:08:43 | call me raphael.com you'll be directed |
00:08:41 | 00:08:43 | to this page called exclusive mentorship |
00:08:43 | 00:08:45 | call |
00:08:43 | 00:08:47 | and all you got to do pick the best time |
00:08:45 | 00:08:49 | that fits you book a call with one of my |
00:08:47 | 00:08:50 | team members either my sixth grader |
00:08:49 | 00:08:52 | student or my partner |
00:08:50 | 00:08:54 | tok to them see if it's the right fit |
00:08:52 | 00:08:55 | to help you the call is for free no |
00:08:54 | 00:08:56 | strings attached and let's see if we can |
00:08:55 | 00:08:58 | help you |
00:08:56 | 00:09:00 | in this year and beyond now you might be |
00:08:58 | 00:09:01 | thinking how does this look like in the |
00:09:00 | 00:09:02 | checkout when somebody |
00:09:01 | 00:09:04 | is actually going to their website and |
00:09:02 | 00:09:05 | they want to pay with crypto |
00:09:04 | 00:09:07 | or maybe they have the option to pay |
00:09:05 | 00:09:08 | crypto you can put that in the product |
00:09:07 | 00:09:09 | page saying that they have an option to |
00:09:08 | 00:09:11 | pay |
00:09:09 | 00:09:13 | when they go to the actual checkout an |
00:09:11 | 00:09:14 | example here you have your paypal you |
00:09:13 | 00:09:15 | have you can pay with card |
00:09:14 | 00:09:17 | as well and then you can pay with |
00:09:15 | 00:09:19 | coinbase commerce right here |
00:09:17 | 00:09:21 | after clicking complete order you'll be |
00:09:19 | 00:09:22 | redirected to coinbase commerce to |
00:09:21 | 00:09:24 | complete your purchase securely |
00:09:22 | 00:09:26 | billing address complete order you can |
00:09:24 | 00:09:28 | also change the billing address here but |
00:09:26 | 00:09:29 | you can put the same as shipping address |
00:09:28 | 00:09:32 | complete order and then it's going to |
00:09:29 | 00:09:34 | redirect them to coinbase commerce |
00:09:32 | 00:09:35 | and it's going to look like this so you |
00:09:34 | 00:09:36 | can pay with coinbase if you have a |
00:09:35 | 00:09:39 | coinbase |
00:09:36 | 00:09:40 | account it is really the safest exchange |
00:09:39 | 00:09:42 | that you can buy and sell crypto |
00:09:40 | 00:09:44 | but if you don't have a coinbase account |
00:09:42 | 00:09:46 | fine you can pay with bitcoin and how it |
00:09:44 | 00:09:47 | works if you don't know anything about |
00:09:46 | 00:09:49 | cryptokurrencies |
00:09:47 | 00:09:52 | it works with different wallets so you |
00:09:49 | 00:09:52 | basically need to send |
00:09:53 | 00:09:57 | 0.00123374 |
00:09:54 | 00:09:58 | basically this is going to be the price |
00:09:57 | 00:10:00 | of bitcoin |
00:09:58 | 00:10:03 | right now so let's say your product in |
00:10:00 | 00:10:06 | this case my product is around 30 |
00:10:03 | 00:10:10 | and the price of bitcoin today is 32 386 |
00:10:06 | 00:10:11 | they can pay a fraction of a bitcoin so |
00:10:10 | 00:10:14 | your product doesn't need to be |
00:10:11 | 00:10:16 | 32 000 or 1 200 |
00:10:14 | 00:10:18 | it can be a fraction of a bitcoin in |
00:10:16 | 00:10:21 | this case very small fraction |
00:10:18 | 00:10:22 | and then the btc address is this one so |
00:10:21 | 00:10:24 | when the person is paying you |
00:10:22 | 00:10:25 | they need to go to whatever account |
00:10:24 | 00:10:28 | they're using to pay with crypto |
00:10:25 | 00:10:30 | copy this put it into their account send |
00:10:28 | 00:10:31 | you their crypto and then it's going to |
00:10:30 | 00:10:33 | send them to the thank you page and then |
00:10:31 | 00:10:35 | once you receive that crypto |
00:10:33 | 00:10:36 | then you can process that order and the |
00:10:35 | 00:10:37 | amount is here so they can pay in |
00:10:36 | 00:10:38 | whatever amount |
00:10:37 | 00:10:40 | maybe it's ten dollars maybe it's ten |
00:10:38 | 00:10:42 | thousand dollars they can pay it |
00:10:40 | 00:10:44 | depending on the price of bitcoin |
00:10:42 | 00:10:46 | in that partikular moment so the price |
00:10:44 | 00:10:48 | of bitcoin right now is 30 000 |
00:10:46 | 00:10:50 | it's a fraction of 30 000 maybe tomorrow |
00:10:48 | 00:10:52 | is 50 000 |
00:10:50 | 00:10:53 | doesn't matter it's on the moment that |
00:10:52 | 00:10:55 | they paid that fraction |
00:10:53 | 00:10:56 | now other things to keep in mind when |
00:10:55 | 00:10:57 | accepting cryptokurrency transactions |
00:10:56 | 00:10:59 | because |
00:10:57 | 00:11:01 | it's all nice to say yeah i can go and |
00:10:59 | 00:11:03 | get rich with bitcoin and accept a bunch |
00:11:01 | 00:11:04 | of bitcoin accept a bunch of ethereum |
00:11:03 | 00:11:06 | it's all well and good but there are |
00:11:04 | 00:11:07 | things to consider now the first one is |
00:11:06 | 00:11:09 | taxes |
00:11:07 | 00:11:11 | cryptokurrency income is not something |
00:11:09 | 00:11:12 | you can hide i would never recommend |
00:11:11 | 00:11:14 | somebody going and thinking |
00:11:12 | 00:11:16 | oh because it's bitcoin the government |
00:11:14 | 00:11:18 | can't track it |
00:11:16 | 00:11:20 | i don't need to pay tax on it it's all |
00:11:18 | 00:11:21 | good if you're in a taxable country or |
00:11:20 | 00:11:23 | you live in a country like the united |
00:11:21 | 00:11:25 | states or maybe you're a u.s citizen you |
00:11:23 | 00:11:28 | need to pay tax wherever you go |
00:11:25 | 00:11:30 | definitely report and pay taxes |
00:11:28 | 00:11:32 | on your cryptokurrency income if you |
00:11:30 | 00:11:33 | receive thirty thousand dollars in |
00:11:32 | 00:11:34 | bitcoin |
00:11:33 | 00:11:36 | from your customers that is thirty |
00:11:34 | 00:11:38 | thousand dollars in taxable |
00:11:36 | 00:11:40 | income after expenses it's considered |
00:11:38 | 00:11:42 | ordinary income tax at your regular |
00:11:40 | 00:11:43 | income rate or corporate tax rate so |
00:11:42 | 00:11:45 | don't just think that |
00:11:43 | 00:11:47 | because it's cryptokurrency it's not |
00:11:45 | 00:11:49 | going to be taxable it is and the irs |
00:11:47 | 00:11:51 | and all these different taxable |
00:11:49 | 00:11:52 | companies or tax agencies around the |
00:11:51 | 00:11:53 | world |
00:11:52 | 00:11:55 | are going after people that are hiding |
00:11:53 | 00:11:56 | their cryptokurrency so i always |
00:11:55 | 00:11:58 | recommend |
00:11:56 | 00:11:59 | be honest pay your taxes report your |
00:11:58 | 00:12:00 | taxes and definitely consider |
00:11:59 | 00:12:02 | cryptokurrency |
00:12:00 | 00:12:04 | in there and the next one is harder to |
00:12:02 | 00:12:05 | keep track of all these payments because |
00:12:04 | 00:12:08 | they're so |
00:12:05 | 00:12:09 | fluctuating prices bitcoin today can be |
00:12:08 | 00:12:11 | 32 000 |
00:12:09 | 00:12:13 | tomorrow can be 35 day after can be 40 |
00:12:11 | 00:12:16 | the after can be 31 |
00:12:13 | 00:12:18 | it's massively volatile every single day |
00:12:16 | 00:12:20 | it's harder to keep track so i would |
00:12:18 | 00:12:21 | recommend whenever you get a payment in |
00:12:20 | 00:12:24 | bitcoin |
00:12:21 | 00:12:26 | record what price was that day |
00:12:24 | 00:12:28 | a bitcoin or ethereum or whatever other |
00:12:26 | 00:12:29 | cryptokurrency you get |
00:12:28 | 00:12:32 | so if you get a payment of a hundred |
00:12:29 | 00:12:32 | dollars and today bitcoin is worth 32 |
00:12:32 | 00:12:35 | 000 |
00:12:32 | 00:12:36 | then you record okay today january |
00:12:35 | 00:12:38 | whatever |
00:12:36 | 00:12:40 | bitcoin is worth this or bitcoin is |
00:12:38 | 00:12:41 | worth that so you know exactly how much |
00:12:40 | 00:12:43 | it was worth on that partikular day |
00:12:41 | 00:12:45 | this will also help you with taxes |
00:12:43 | 00:12:46 | because you know exactly how much it was |
00:12:45 | 00:12:47 | worth in that day |
00:12:46 | 00:12:49 | not the day when you need to pay your |
00:12:47 | 00:12:52 | taxes so definitely keep a good track |
00:12:49 | 00:12:53 | of all this because it can get extremely |
00:12:52 | 00:12:55 | messy now that you know more ways of |
00:12:53 | 00:12:56 | accepting money on your shopify store |
00:12:55 | 00:12:58 | what are the best |
00:12:56 | 00:13:00 | products that you can sell on your |
00:12:58 | 00:13:02 | shopify store to scale it up |
00:13:00 | 00:13:04 | make more money get more income i |
00:13:02 | 00:13:07 | actually put together a list of the top |
00:13:04 | 00:13:09 | 50 winning products that you can sell |
00:13:07 | 00:13:11 | all of this year and in the next coming |
00:13:09 | 00:13:13 | years to celebrate our 50 000 |
00:13:11 | 00:13:14 | subscribers if you want to watch that |
00:13:13 | 00:13:17 | video and get the 50 top products |
00:13:14 | 00:13:18 | you can check it out right here top 50 |
00:13:17 | 00:13:19 | products to sell |
00:13:18 | 00:13:21 | on your shopify store make sure to |
00:13:19 | 00:13:23 | subscribe subscribe to the channel |
00:13:21 | 00:13:24 | hit that notification bell and that like |
00:13:23 | 00:13:28 | button down below |
00:13:24 | 00:13:28 | and i will see you on the next training |
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