How do crypto wallets work?
A crypto wallet is software storing your private keys and enabling you to accept payments in cryptocurrency, including further transactions with these funds.
Why can't you use a private crypto wallet for a business needs? It's because of the automatization required by a crypto wallet for business.
Accepting crypto currency for business
First of all, a crypto wallet for business can automatically create a unique payment crypto address for each transaction. This allows for tracking revenues from different clients.
Cryptocurrency gateway which is cover all bussines needs
Second, crypto wallets for business often allow for auto-withdrawals, balance sheet generation, and feature other functionality required by companies.
Anonymous crypto wallet
Moreover, crypto wallets for businesses need to support the anonymity of your account structure to keep your wallet active regardless of the riskiness of transactions it serves.
Once you decide your business wants to accept cryptocurrencies, your next step is to choose an appropriate crypto wallet accepting cryptocurrency for business.
How do I choose the right crypto wallet for my business?
While comparing different crypto wallets, the essential things you might pay attention to are anonymity, security, control, and convenience. So let's investigate what this means for your business and how BitHide copes with these challenges.
Unfortunately, not all crypto wallets are anonymous, although most claim they are. This means that third parties can trace specific transactions transferred through your wallet and detect the wallet structure to identify even all your clients if required.
BitHide is the best crypto wallet for business in terms of anonymity. Why? Being installed on your private servers, BitHide assures that all the data processed by this software belongs only to you, and only you decide whether your transactions must be up to KYC and AML compliance. Furthermore, to protect your real IP address and thus your wallet from tracing by third parties, BitHide uses the two-stage Dark Wing technology, the simultaneous usage of TOR and VPN. The combination of these technologies allows your account to be accepted by blockchain nodes all over the world and still remain protected from tracing.
Install BitHide
Security of the crypto wallet for business is connected with the security of a set of private keys required to access your account. This means that a secure crypto wallet keeps all the data thoroughly (both private keys and transaction data) but still have a backup option in case of emergency.
BitHide stores your private key on your private servers. Since your IP address is protected with VPN and TOR, it becomes almost impossible to hack your wallet. In addition, with a backup option, you can restore all the data stored in your crypto wallet.
Install BitHide
A good crypto wallet for business allows for manageable control over transactions and appropriate accounting.
BitHide allows to verify the transaction riskiness and distinguish the suspicious transactions to separate them from other funds. This way, your wallet structure will remain impeccable, and you won't need to worry when you make further transactions or withdraw money. Second, BitHide features reports and balance sheet generation, which considerably simplifies the management of your turnover. Third, auto-withdrawal functionality and multi-level access rights guarantee the next stage of control over your funds.
Install BitHide
How can I keep track of my crypto wallets and transactions?
To manage all the transactions, regardless of the merchant they came from, in one place, you need to use a crypto wallet for business that can accept multiple merchants and enable creating timely reports by your records.
Meet BitHide that:
- Enables adding multiple merchants to one account
- Enables creating pivot balance sheets by merchants, periods, or other characteristics
- Backups all the stored data, including private keys
- Allows withdrawing funds with an API and auto-withdrawal functionality
- Distinguishes user's access rights
FAQ
What is the safest crypto wallet?
The safest crypto wallet is an anonymous one like BitHide. This means it can hide your IP address from third parties but at the same time will let your account work legally, with no suspensions. For this, BitHide, for example, requires to be installed on your private servers but still hides the IP address with VPN and TOR.
Does your business need a crypto wallet?
If you plan to accept cryptocurrency as a payment mean, definitely, you need a crypto wallet for a business.
Can a business hold a crypto wallet?
TBusinesses that want to accept cryptocurrencies need to use a crypto wallet. Generally, any company can hold as many crypto wallets as it requires.
How do small businesses accept crypto?
Small businesses get started accepting the cryptocurrency for business by using crypto wallets like BitHide.
What are the main advantages of a crypto wallet for business?
The main advantages of the crypto wallet for business are that they can be legally used for venture activities and still combine administrative, management, and safety functionality. Get started accepting cryptocurrency for business with BitHide, as it encompasses all the features required.
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