Considering Accepting Cryptocurrencies at Your Business in Malta?
We make it easy. Fear not.
We share our experience and the experience of other businesses in Malta to take the fear out of accepting, storing, and using cryptocurrency.
Learn how to accept cryptocurrency in Malta
– Educational resources, tips, and alerts.
Scroll to bottom of page for resources.
– One-time on-site consultation.
We’ll schedule one of our crypto experts to visit your business place. We’ll share the best practices for accepting crypto for your particular business. “If I was you, I’d do this…”
– Host MaltaMap Meetups.
Drive crypto paying customers to your business by hosting one of our Monthly MaltaMap Meetups. We promote to the Island’s crypto community we have a new place to spend our preferred money.
– List your business on the MaltaMap.org website.
Crypto enthusiasts use Maltamap to decide where to spend their money. Why not at your business?
– Invitations to exclusive crypto merchant conferences.
Discuss with your fellow businessmen best practices and challenges.
– Employee Training.
Once we have your process in place (i.e you’ve been certified) our experts will make sure your employees and managers understand how it works. (€100 in Dash or BTC)
If business doesn’t pass first free certification (€25 in Dash or BTC)
– Help Desk.
Having a problem? No problem, give us a call or email. We’ll answer. (€5/month in Dash or BTC)
– Dedicated support consultant.
Have a specific Maltamap employee to call, email, or have visit for help and assistance. (€10/month in Dash or BTC)
– Crypto-buy back brokerage service.
Concerned about price fluctuations? We’ll connect you with local crypto businesses that are looking to buy your crypto. (introductory promotion: free)
*Prices subject to change.
Free Educational Resources
Everything you need to know about accepting cryptocurrency at your business
What is cryptocurrency?
There are lots of resources for learning about cryptocurency. Here are some of our favorites;
- High level explanation of cryptocurrency: https://www.youtube.com/watch?v=n76Mx8Hbb_Y
- Favorite lecturer and advocate: Andreas Antonopoulos
- Locally produced Frequently Asked Questions(FAQ): https://www.facebook.com/notes/bitcoin-malta/frequently-asked-questions/805667072967468/
What are the best cryptocurrencies to accept for payment?
This can be a controversial topic. You will soon come to find that cryptocurrency enthusiasts are very tribal. Cryptocurrencies are very easy to trade for one another. For this reason your best bet may be to accept all cryptos and then trade them for the ones you like the most later on.
Cryptocurrencies come in many flavors. Some are designed to be spent as digital cash. These are generally the best suited for use in businesses because of their greater ease of use and speed. Among these are Dash and Bitcoin Cash. Bitcoin (different than Bitcoin Cash) is also the most widely held cryptocurrency so you may want to accept it as well even though its properties at the moment are not the most conducive to in-person transactions. The distinction between Bitcoin and Bitcoin Cash can cause confusion between customers and employees so keep this in mind.
What are the best POS systems?
A cryptocurrency point of sale system (POS) works in principle the same as fiat POS. They make it so you can accept payment and keep track of your revenue.
There are two categories of POS systems in crypto. Those that accept crypto directly from your customer and those that turn some or all of your payment into fiat for you. As crypto advocates, we think accepting fiat is lame but we understand why that might be beneficial at this time.
Bitpay, BTCpayserver, Coingate, Coinpayments are all popular POS systems that have fiat instant fiat conversion upon payment delivery. Paytomat and Salamantex are two other options that have teams present in Malta and are certainly worth considering as well.
Anypay.global is a very popular crypto only POS system because of its thorough ease of use and ability to easily choose which cryptocurrencies you want to accept. So are QR.CR, Spark and Pay.live.
What are the best exchanges to use in Malta?
There are a number of local exchanges and atms in Malta that accept cryptocurrency and will give you fiat. You can use maltamap.org to find them. If you’d like there is also the option to create an account with an exchange that you can connect with your bank account to sell and buy crypto for fiat. Exchanges are useful because if you accept more crypto than you were expecting using anypay POS you could choose to turn some of it into Euros. Which exchange is best largely is determined by which exchanges your bank plays well with. Generally these are considered good exchanges for those in Malta: Coinbase, GDax, Bitstamp, Kraken, Bitfinex, and Binance. There are many to choose from and you will need to do some research to determine which is the best for you based on fees, their website, whether your bank can send and receive funds from them, etc.
As you may have heard the banks in Malta at the moment are very hostile towards business accounts doing business with cryptocurrency. At this time it is not recommended to connect your business banking account with an exchange.
How do I protect myself against price fluctuations?
One of the biggest concerns about accepting cryptocurrency as a business is that price fluctuations can wipe out your profits. In the past this meant you needed to convert your crypto into fiat (Euros) immediately. Fortunately, today there are a number of stablecoins to choose from that offer price stability and don’t require you to have or use a bank. The oldest stablecoin is called tether but there are many others to choose from. As with all advice on this list, you need to do research to see which stablecoin you trust. Just because they claim to be stable does not mean they will be in the future. In general you don’t want to trust anyone in cryptocurrency which is why stable coins, while useful, are generally frowned upon because they generally expose you to greater counter party risk.
To use stablecoins you can accept them outright or exchange the crypto you do accept at your business for it at a later time on an exchange.
Maltamap is also providing a local brokerage service connecting local businesses looking to sell their crypto with businesses looking to buy.
What is the most secure way to store crypto?
The other biggest concern for business owners accepting crypto is the fear that they will be robbed or lose their crypto. If improper cared for, crypto can be at risk of theft or loss, so this is a real concern. Fortunately, the strongest way to secure your crypto is also one of the easiest to use properly. The solution to securely storing your crypto is in a hardware wallet. These are devices that you can’t hack, are easy to use, very hard to mess up, and are very very secure. The best known hardware wallet is the Trezor. We strongly recommend you buy a high quality hardware wallet and spend the time to learn how to use it properly (which again is not difficult and included in the instructions of the device itself).
Where do people meet to discuss cryptocurrency?
The best, most cost effective way to learn about cryptocurrency is by attending meetups of crypto enthusiasts on the island. Here you can ask questions and meet other cryptoaccepting business owners.
Our Facebook page organizes a once a month meetup: Malta Map Facebook Page and Events
Our sister organization Bitcoin Club Malta also organizes valuable events: Bitcoin Club Malta
Another group of interest may be the Dash Embassy Malta: Dash Embassy Malta
Have more questions?
Ask here, MaltaMap Subreddit
Need help getting your business set up with crypto?
Watch this video to get 90% of your questions answered and useful tips on accepting crypto at your business.
Hire one of our consultants to set up and/or review your process for accepting cryptocurrency. First consultation is free and should probably answer 90% of your questions.