It doesn't matter where you live the sound of Bitcoins must have reached you. And just like every other trend this too is booming day by day. Now to consider receiving bitcoin payments on WordPress is an idea worth having.
This tutorial will help you understand what bitcoin is and how can you take benefits from allowing this digital currency payment on your website.
What is Bitcoin?
To understand what bitcoin is, you must know what cryptocurrency is. Cryptocurrency is a digital asset that works as a medium of exchange and is stored in a digital wallet.
To simply understand the complexity consider a cryptocurrency such as bitcoin a digital file that holds a certain value. This file is then traded on marketplaces and every single transaction is recorded in a list called the Blockchain.
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Coming back to Bitcoin it is the most famous and the most expensive decentralized digital currency and its value has increased a lot in the past years.
While there are other valuable cryptocurrencies as well such as XRP, Ada, Ethereum, BNB and more.
Just like any other currency, cryptocurrency can be traded as well and accepting payments online in bitcoins is becoming more and more common. E-Commerce stores all around the world have started or are beginning to accept bitcoin payments.
Why should you accept Bitcoin Payments?
Apart from attracting Bitcoin geeks and people who perceive Bitcoin as the future, there are also other numerous benefits that come along with Bitcoin payments.
- Bitcoin payments do not require a lot of information resulting in attracting users who are quite sensitive about sharing their information online.
- It is also cheaper than other payment methods as Bitcoin is a peer-to-peer digital currency and it does not require any involvement of the bank or any other financial institution. Hence, payments can be made at a very low fee.
- Bitcoin payment can be received from all over the world including countries that don't have supported credit cards or international wallets such as PayPal for making a purchase.
These are some of the benefits that come alongside receiving Bitcoin payments. Let's move ahead and understand how you can receive Bitcoin payments on your WordPress websites.
How To Receive Bitcoin Payments
Now that you are aware of Bitcoin and cryptocurrency, you can go ahead and start the process of receiving Bitcoin payments.
1. Get a Bitcoin Wallet
A bitcoin wallet just like any other wallet is computer software that stores your bitcoins safely. Using that Bitcoin wallet software you can send or receive bitcoins from anyone.
To start proceedings you need to have an account on a bitcoin wallet where you can receive payments from your consumers.
There are numerous options for wallets, you can have Desktop wallets, Online and Offline wallets and hardware wallets. We recommend you do your research and choose a wallet that works the best for you.
There are also other options such as Bitpay or Coinbase which offer wallet services alongside digital payments. On the other hand, there are payment gateways that deposit the currency in your bank equivalent to the value of the Bitcoin, which means that you don't need a bitcoin wallet at all.
2. Create an account with a Digital Payment Service or a Bitcoin Wallet
Once you have chosen the payment service or the Bitcoin wallet that you want to work with, you must go ahead and create an account on that. For your feasibility, we have listed some of the Digital Payment Services that you can use.
Bitpay is a really famous digital payment service processor and also has a Bitcoin wallet. This allows you to enable the Bitcoin wallet so that you can receive Bitcoin payments directly in your wallet.
Another way of receiving payments through Bitpay is that your consumers can send you payments in Bitcoin while you can receive the payment in your bank account in your currency.
CoinGate is a digital payment service that allows you to receive over 45 Cryptocurrencies from all over the world. While it has a Woocommerce plugin to be integrated with your online store.
However, CoinGate does not have its own Bitcoin wallet but it has recommended Digital Wallet Electrum to be used alongside. From here on, it works the same as the other two plugins mentioned above.
Install A WordPress Plugin
After you have chosen your Digital Payment Service and Bitcoin wallet and signed up for it, you need a WordPress plugin that will integrate your Online store with your Bitcoin Wallet.
There are a lot of plugins that you can use for this solution while here are some of the best in the market.
NowPayments is a WordPress plugin to be integrated with your NowPayments account and can accept over 50+ Cryptocurrencies through your online store.
It is easy and simple to set up the plugin and connect to your NowPayments account and receive the payments. The transactions will be encrypted and the service also offers auto-conversions using ChangeNow, which means that can customers can pay in any currency while you can receive it in your preferred coin. The transaction fee is 0.5% and with the conversion, an additional 0.5% will be charged.
Blockonomics is another payment gateway that allows you to accept payments in Bitcoin, Ethereum and Litecoin. While its WordPress plugin allows you to receive payments through Woocommerce. The reason Blockonomics is famous is that it sends payments directly to your wallet rather than a payment gateway.
Which makes the payments decentralized and also costs less fee for a transaction. While you do need an account on Blockonomics costing a 1% fee which is super affordable.
TripleA is another brilliant payment gateway for Bitcoins. This plugin allows you to accept Bitcoin payments directly into your wallet without any transaction fee or a custom account.
All customers need to do is scan the QR code to pay. While for the seller there are multiple benefits such as no chargebacks, email notifications and withdrawal in your local currency. While the withdrawal will charge around 0.8% per withdrawal.
Now that you can see there are numerous tools and methods for you to use in order to enable Bitcoin payments on your website. We have done our research in looking for some of the best tools in the market and now it's up to you to choose the specific best for yourself and your customers.