For those who don’t know what bitcoin is, this excellent and highly simplified analogy from coindesk should answer every question you have about it — except how to actually get your hands on some! No worries, we’re going to tell you how you can easily buy bitcoin, exchange bitcoin to USD, withdraw bitcoin to your bank, or accept it as a merchant with seamless exchanges directly into your SolidTrust Pay account!
Buying Bitcoin with SolidTrust Pay
Once you’ve set up an account and a bitcoin wallet, buying bitcoin with SolidTrust Pay is fast, easy, and highly secure. We’ve been around for over 10 years, and our dedicated support staff is always ready to lend a helping hand with any transaction or account issues, as well as to clarify anything you don’t quite understand. In order to buy bitcoin with a SolidTrust Pay account, simply follow these steps:
- Create an account at SolidTrustPay.com.
- Verify your account to the Standard Verified level.
- Set up two-factor authentication using your mobile device or desktop/laptop.
- Create a bitcoin wallet of your choice and connect it to your STP account.
- Deposit the amount you want to spend on bitcoin into your account via Bank, Credit Card, or transfer from another user.
- Go to the My Money –> Withdraw Funds section of your account and choose the Bitcoin option.
- Withdraw your desired amount and wait up to 24 hours for it to appear in your bitcoin wallet.
Steps 1 – 4 will only need to be completed once, of course, and then you will be able to easily buy bitcoin with steps 5 – 7. Once your account is Standard Verified and connected to a wallet, you may withdraw up to $2500 per 24 hours from your STP account to your BTC wallet (the Bank Verified limit is $5000 per 24 hours).
Selling Bitcoin with SolidTrust Pay
Selling bitcoin is even easier with SolidTrust Pay than buying it! You only need to have your account Card Verified in order to deposit up to $250 (automatically converted to USD) from your bitcoin wallet to your SolidTrust Pay account per 24 hours. This will allow you to spend or transfer your funds online as you see fit, or make a withdrawal to your credit card in USD. The deposit limit for a Standard Verified Account is $500 per 24 hours, and Bank Verified accounts are limited to $1000 per 24 hours.
Getting Bitcoin from your Wallet to your Bank
One of the biggest challenges people often have is how to withdraw bitcoin from your wallet to your bank. Using the same steps above to connect your wallet to your SolidTrust Pay account, you simply need to go a step further and connect your Bank account to your SolidTrust Pay account. From here, all you need to do is go to the My Money –> Deposit Funds area of your account and choose the Bitcoin option (bitcoin will be automatically converted into USD). Your funds may take up to 24 hours to appear in your account, at which time you will have the option to withdraw them directly into your bank.
Accepting Bitcoin as an Online Merchant
As an online merchant, likely chest-deep in all the responsibilities that come with running a business online, it can be hard to predict and adapt to trends in the market that aren’t currently affecting your business. Luckily, adding the bitcoin option to your SolidTrust Pay button will give your customers the option to pay with bitcoin, which is then automatically converted into USD and placed in your merchant account — no bitcoin wallet required!
With 2017 barreling in and 2016 a fading memory, we wanted to take one last look back at our year and share with our members some of the memories we have. We learned new ways to connect with you and celebrated our ten year anniversary, which coincided with our member appreciation week. We saw tremendous growth with our valued merchants and loyal members, and we finished the year strong thanks to our fantastic group of dedicated employees!
Our Facebook Christmas Contest was a great experience, and a great way to learn about some of our members. We connected with many of you, and were able to help out some great people along the way. We want to do more things like this in the future! Lets see what some of our winners had to say.
Wow ! What a pleasant surprise, and I can only say with a grateful heart that God is good all the time, and all the time God is good! Thank you SolidTrust Pay for your prompt and efficient service, and for your heart to help everyone in need. Thank you also for the prize!
Best wishes and God Bless,
Thank you very much, this is a really nice Christmas gift and a really good feeling to donate something to World Vision that will help a mother and a baby in need.Best regards, Marry Christmas and Happy New Year,
We gave $500 to 5 randomly chosen members who signed up for the contest, and then we gave them $500 to purchase donation packages from World Vision. With our added contribution, we were able to fully stock two medical clinics, build and properly install two latrines, and send much needed food, baby care and school supplies to communities affected by poverty and war. Click the World Vision logo if you’re able to help as well.
We Started Working With Transpay!
We made a significant decision to partner with Transpay to offer our members an option that’s cheaper than a traditional wire and faster than an ACH. We released an extensive guide with a video tutorial for this option so that everybody will be able to take advantage of this exciting new way to pay!
On June 15, 2016, SolidTrust Pay became ten years old! We celebrated with a contest similar to our Facebook contest, and had more great chances to connect with our members. This was during our Member Appreciation Week, and we’re excited to do it again this year!
SolidTrust Pay Growth in 2016
In the last quarter of 2016, we saw an explosion of payment button requests from merchants and entrepreneurs looking to find the best payment processor for 2017. With so many merchant service requests, we saw our daily user signups double in Q4! This is why we value our merchants so much; it’s also what keeps our customer support, payments and verification staff working so hard to stay on top of it all! That being said, it’s you, our members, who we owe everything to. Thank you all!
We Rode the Bitcoin Roller-Coaster
We continued to allow users to deposit from their bitcoin wallets into their STP wallets, having their BTC converted to USD automatically and then having the option to spend, exchange or withdraw it directly into their bank accounts. We also continued to offer our payment button services to merchants who want to accept bitcoin directly on their websites. All this, in spite of the volatility of BTC towards the end of 2016, made for some pretty trying times!
We look forward to growing with the blockchain over 2017 though. Many of our members love the option to buy, exchange and withdraw bitcoin, so it’s not going anywhere any time soon!
Looking Toward the Future and 2017
Looking back, we’re nothing but happy and grateful for the year that we had. Looking into the future, we want to make sure we continue to grow as a company, but also as a community. Many of our merchants bring entire communities to our doorstep, and we would be remiss if we did not take the opportunity to join those communities, and also to build our own. Follow us on Facebook and Twitter @solidtrustpay to keep up with us!
In addition to major site updates to SolidtrustPay.com, we aim to reach out and connect more with both our existing members, and the industry at large. We have more chances to win cash prizes through Facebook and social media contests planned, updates to the site that will bring you closer to your digital wallet, and a few other surprises to that will keep SolidTrust Pay on the cutting edge of the online payment processing industry, and the preferred eWallet of millions of users worldwide!
It was just over 10 years ago when online payment processors started popping up – SolidTrust Pay among the very first. In that time, we’ve watched online shopping and eCommerce go from boutique websites facilitating some small number of specialized or custom items, to a full-on emporium; the internet has rapidly become the world’s most popular bazaar. It’s important though to take a step back and realize that we are only right around the middle of this development, with plenty of change yet to come. It’s perfectly reasonable to predict that by the end of all this, the internet could be the only bazaar left.
Below we’re going to look at some of the trends and possible changes you can expect, whether you’re an online merchant or shopper. But first, we want to talk briefly about Bitcoin and where it fits into all of this. Many of our users will be familiar with Bitcoin, but for those who aren’t it’s simply a form of digital currency known as a cryptocurrency. Cryptocurrencies use cryptography to remain anonymous and secure; Bitcoin in particular uses a decentralized system to thwart corruption and certain types of fraud, as well as to maintain anonymity. The reason Bitcoin is important to this discussion is because it’s really the model for future digital currencies, or at least its model (the blockchain) will be the model for future digital currencies, having proven both secure and successful in most aspects. Future currencies will aim to operate like Bitcoin, using systems similar to the blockchain.
So, what constitutes Digital Currency?
Technically most money that is not physical is digital – so even the money stored on the computers at the bank is considered digital currency. However, that’s not quite what we mean when we talk about digital currency. A better example would be Russia’s Yandex.Money, a digital currency and payment processor which emerged in 2002, and has since been 75% purchased by Sberbank, which is in turn owned by Russia’s central bank. Yandex.Money is basically an eWallet where you can deposit funds and receive an amount of digital currency to spend online, and that’s basically what a digital currency is. The difference is that Yandex.Money is rapidly changing from a random digital currency to a national Russian currency, which leads us to our next point.
The Change is already here!
As noted recently by PayPal in their 10-year anniversary blog, “a couple of years ago, roughly 50% of money being exchanged was in the form of either cash or cheques. Today, that number has dropped to 40% and by the end of 2017, it’s predicted to drop even further to 25%. We are witnessing an obvious trend – physical money is digitizing.”
It’s not just online, but everywhere. People are using their debit/credit cards more than cash when they shop, and even Bitcoin is beginning to be accepted widely in ‘the real world’. Beyond 2017, there is no reason to assume this trend will slow down and by 2020 we might be operating almost entirely with digital currency instead of cash.
We mentioned above that Russia is already experimenting with their digital currency, Yandex.Money, but we didn’t mention that 24+ other governments around the world are doing the same thing. Canada, for example, ran simulations this year which explored the possibility of creating a version of its currency on the blockchain, and one third of Denmark already uses their smartphone to buy everything.
What does this mean for eCommerce?
As it’s getting easier to spend your digital currency in the real world, you might be wondering how this will affect eCommerce. You might even be worried that online shopping will decline in the face of Smart Cards and physical Amazon locations. In fact, many physical store locations are making great efforts to revitalize their models – doing things like offering yoga classes and wine menus to create a more fulfilling engagement and obviously increase their volume of customers. We’re here to tell you why, as an online merchant, you don’t need to worry about that – there is a reason they are making such an effort.
Causality is key. An important question to ask: is digital currency driving eCommerce, or is eCommerce driving digital currency? And the answer is undoubtedly neither/both. They are clearly evolving together, and in a non-zero-sum atmosphere, meaning that the success of one drives the success of the other, and vice-versa. We shop online more because it’s easier to do, but we’ve made it easier to do because of how much we love shopping online. It’s a two-way street, and with self-driving cars on the horizon we’re in for a much safer and more efficient experience on the road. Additionally, with new and exciting methods of delivery popping up in the form of drones and self-driving technology to accommodate the eCommerce trend, and to close the gap between purchase and delivery, we think it’s safe to say that the online shopping industry will not only continue to grow, but perhaps one day eclipse and even replace traditional purchase methods altogether.