Most of the individuals or businesses avoid accepting bitcoin payments because of the volatility in price.
Even I had volatility related issues when I accepted bitcoin as payments for flybit which were received in an electrum wallet and then forwarded manually to some exchange. Holding BTC as an investor or someone who prefers censorship resistant money for long term is different from managing a business where a big loss can have a big impact.
Below I will share how I configured it for my business which accepts bitcoin payments using BTCPay. Blockonomics Payment Forwarding and Uphold are involved in the process and makes it easy for instant fiat conversion.
Click on “Configure Uphold Wallet”
If you select the other option “Bitcoin Address” instead of “uphold”, Blockonomics can automatically send BTC to specified exchange deposit address or any other address. However, you need to manually trigger sell on the exchange. With uphold option, received BTC is automatically converted to fiat. There is no need to trigger a sell.
Once you have registered on uphold which takes less than 2 minutes, click on “Connect with uphold” and authorize blockonomics.
Select “USD card” as the destination
Change the minimum batch size for forwarding as per requirements and click on “Save”
Copy the “xpub” value from blockonomics forwarding setup page and save in BTCPay server settings.
You can convert received funds to USD value and hold the USD value. This is to protect against BTC volatility. Later you can withdraw the USD value again in BTC / any other cryptocurrency without using a bank account or do KYC and transfer money to bank account.
This makes life easier for people to accept BTC payments! I really like this service by blockonomics and hope uphold also adds the option to withdraw funds as USDT/USDC/Other stablecoins in future.
