The term ‘Bitcoin’ can often generate confusion and uncertainty, with many people approaching the digital currency with caution and suspicion.
But, as it enters its 10th year, it’s safe to say that Bitcoin isn’t going away anytime soon. As a result, an increasing number of companies are accepting Bitcoin as a payment method.
As cryptocurrencies such as Bitcoin grow more and more popular, the possibility of accepting these currencies as a method of payment on your website is certainly worth considering – but how do you process Bitcoin payments via your site?
First things first, what exactly is Bitcoin?
Often described as a cryptocurrency, virtual currency, or digital currency, Bitcoin is a totally virtual form of money.
As a decentralised digital currency, unlike traditional forms of currency, Bitcoin it works without a central bank or a single administrator.
Each Bitcoin unit is essentially a computer file, stored within a digital wallet and every transaction is recorded on a public list called the blockchain, making it possible to trace the history of Bitcoins, to ensure that people don’t spend coins they don’t own, make copies of coins, or reverse transactions.
What are the benefits of accepting Bitcoin payments?
There are a whole host of reasons why deciding to accept Bitcoin payments can prove beneficial for your company.
Firstly, because Bitcoin can be accepted from anyone, anywhere in the world, you can take payments from those who don’t have credit cards, PayPal accounts, or any other traditional way of making an online payment.
In addition to this, Bitcoin payments don’t require any personal information, encouraging many buyers who are concerned about sharing sensitive data online. This is particularly important in the current climate, where digital privacy and data protection are under the spotlight.
Finally, Bitcoin transaction fees are significantly lower than other traditional payment methods, because a third-party banking service isn’t necessarily needed.
Accepting Bitcoin payments via WordPress
If you decide to accept Bitcoin payments through your WordPress website, you’ll need to register with a Digital Payment Processor Service and install a Cryptocurrency WordPress Plugin.
Firstly, however, you’ll need to set up a Bitcoin wallet, where you’ll be able to safely store the data for the Bitcoins you receive from your customers. A Bitcoin wallet is a software programme that can be stored as hardware on your desktop or on the web.
Next, you’ll need to register with a Digital Payment Processor Service, which will enable you to take Bitcoin payments via your site with minimum hassle.
There are a variety of Digital Payment Processor Services available, including:
This popular wallet and payment processor service allows Bitcoin payments through WordPress to be sent directly to your Bitcoin wallet or bank account in the currency of your choice.
Highly versatile, this service can send funds to banks in over 38 countries in a variety of currencies, and can also be integrated into over 40 eCommerce platforms.
CoinBase is an online wallet service and digital platform that can be used to process payments in a number of different cryptocurrencies, including Bitcoin. Your payments can be sent to your wallet or exchanged into your local currency and sent to your bank account.
Accepting over 45 cryptocurrencies, CoinGate transfers from your website into your Bitcoin wallet. This platform doesn’t offer it’s own Bitcoin wallet service so you’ll need to register with one directly.
Once you’ve chosen your Bitcoin processor, you’ll need to install a WordPress Plugin on your site. There is a wide range of plugins available, including:
– Coingate for WooCommerce
Coingate for WooCommerce is designed specifically to process Bitcoin payments.
This simple, straightforward plugin can be installed directly through WordPress. Once you’ve installed the plugin, you’ll see a Bitcoin option on the payment screen of your WooCommerce store.
Once you’ve received the payments, you’ll be able to instantly convert them into local currency, and paid into your bank account or PayPal.
This plugin is free, fully automated, and easy to set up. However, unlike some other platforms, in only accepts digital currencies.
– Bitcoin Payments for WooCommerce
Another WordPress plugin that works in conjunction with WooCommerce, Bitcoin Payments integrates your WooCommerce store with your Bitcoin wallet. Both you and the buyer will be instantly notified of each transaction, and you’ll be able to specify your own exchange rate.
Supporting both physical and digital downloadable products, this platform doesn’t impose transaction fees and is also free to download.
– Blockonomics Bitcoin Payments
This completely free, standalone plug in supports all major Bitcoin wallet providers and can also be used without the need for an e-commerce plugin such as WooCommerce.
Payments are sent directly to your own Bitcoin wallet and all major wallets are supported.