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How to Accept Bitcoin as Payment on Your Website

  • George Shnurenko
    ⭐ Features

    As the Bitcoin community expands, shop owners seek how to accept Bitcoin as payment. Learn more here


How to Accept Bitcoin as Payment on Your Website
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Financial analysts all over the world are talking about the revolutionary digital currency that is steadily changing our landscape. The question is no longer, “How to buy and sell Bitcoins.” It has become, “How to accept Bitcoin as payment for business.” Thankfully, developers have developed a myriad of options, providing you with alternatives to choose from.

This post will cover everything you need to accept payments in form of Bitcoin.


How to accept Bitcoin payments on your Shopify or eBay

As a seller, it is important to provide your buyers with a lot of options and variety, especially as regards payment options. But the most important part of this process is providing an easy method of paying. Usually, the conventional way of doing this is by creating an invoice.

But then, accepting Bitcoins means that you probably need to convert the value from a fiat currency to a digital one. The volatility of the currency means that it is impossible to keep up with the particular value. Hence, you should seek ways to be able to generate an invoice automatically without stress.

Thankfully, some systems available provide you with means of not only generating an invoice but recording and storing it for tax purposes. Also, a QR code can be generated so that the customer can easily scan and make payments.

Some platforms offering the service include:

  1. Invoiced

  2. CoinKite

  3. Coinify

  4. Blockonomics

  5. BitPay

Now, let’s go on to how to accept Bitcoin for payments on your e-commerce or Shopify store.

How to accept Bitcoin payments instead of cash

Remember, Bitcoin is global now. Developers are always on the lookout for ways to incorporate Bitcoin payment into their system. Now, there are manifold commerce-specific hardware POS services available to merchants. Some of them are Bitcoin-specific, while others are APIs that can be integrated into existing terminals.

Some of the services are mentioned below.

  1. Bitcoin Internet Payment System (BIPS)

The name is self-explanatory; it is a payment processor that allows merchants from all around to trade Bitcoin and also accept payments in Bitcoin. They also provide a POS app for Android users. To integrate BIPS into your website, you can use plugins available on some of the popular e-commerce websites. The system also gives you an avenue to store and archive invoices.

  1. Coinbase

Coinbase also provides a POS app for android users. But there’s a restriction to their service. Only bank accounts from the US are allowed. Nonetheless, they offer extensive support to e-commerce store owners. In addition to the HTML code segment they provide, they also have plugins available for WordPress, WooCommerce, Magento and ZenCart.

  1. Coin of Sale

The name sounds intuitive, right? Well, the company’s aim is to make Bitcoin payments easier for clients and sellers alike. It is the brainchild of a Singapore-based veteran, Thomas Forgac, and the service works with both Android and iOS devices. It works with Electrum so once a new user signs up to Coin of Sale, they set up an Electrum wallet.

For the merchant to receive money, he/she needs to put in the required amount of money expected and then the app generates a QR code. The customer then scans the QR code to complete the payment.

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  1. CoinKite

The conventional chip-and-pin terminals in use in stores today is being developed to allow Bitcoin. CoinKite just further clarified your doubts on how to accept Bitcoin as payment for your business. They also provide a Bitcoin-based debit card. Their system serves both Bitcoin and Litecoin and it also allows you to print QR codes which customers can use to make payments.

  1. BitPay

BitPay is recognized far and wide as a payment processor and they have a POS system that processes cryptocurrency payments. In addition to their existing system, they have an API that can be implemented into another POS system. For a token, users can also export their transactions to QuickBooks, or use it on a custom domain.

  1. Blockchain Merchant

This is good news to merchants all over the world, Android users more importantly. Blockchain Merchant aims to provide users with instant transactions and zero percent transaction fees. In addition to this, they have several versions which support users from different parts of the world.

E-Commerce platform accepting Bitcoin

In case you’re looking for other websites already allowing Bitcoin transactions, you don’t need to look any further. Here are some:

  1. Overstock.com

Overstock, as the name implies, is one of the largest online merchant allowing Bitcoin at the moment. They sell almost any product you can think of: clothing items, accessories, even groceries. More so, they list Bitcoin as a payment option on the checkout page. The platform then provides an option for the customer to a particular amount to the company.

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  1. eGifter

This website sells premium branded gift cards and accepts payment in BTC. Their BTC platform is powered by Bitpay and customers are able to either scan a QR code or send the funds directly to an address provided.

Think about taxed when you consider how to accept Bitcoin as payments

Remember that your BTC earnings are taxed. Even though the cryptocurrency market is not regulated, the Bitcoin has an equivalent in fiat currency. And you’re expected to keep a record of your transactions and then report it to the government.  

Some Bitcoin payment processing companies have tools that make this easier. For instance, Coinbase provides a “Cost Basis for Taxes Report” which provides a summary of income, cost basis, capital gains, loss and expenditure using the digital currency.

Conclusion

You’re probably excited about introducing the world of Bitcoin and cryptocurrency to your teeming clients! We are too. But don’t forget to get a reliable wallet to store your earnings. Adhere to the usual tips regarding safeguarding your cryptocurrency and you’ll be fine.

Cover image via u.today
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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money


Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.


You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

Cover image via u.today
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