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Many individuals approach digital currencies with at least a small grain of suspicion. As a result, the term “Bitcoin” is often associated with uncertainty.

However, as Bitcoin just passed its 11-year anniversary, it is safe to conclude that the first cryptocurrency is not going away anytime soon. In fact, Bitcoin is now used for a variety of transactions, with governments and big companies developing an interest in the coin in the past few years. As a result, a rising number of businesses, big and small, are embracing Bitcoin as a form of payment.
As cryptocurrencies like Bitcoin become even more popular, the option of accepting these currencies as a form of payment on your website is surely worth exploring. But is it just as easy to handle Bitcoin payments through your site as it is with fiat currencies? Almost.

Before we dive into the hows of this subject, we must make sure you understand what Bitcoin is and the advantages your business can enjoy for accepting Bitcoin payments.

What exactly is Bitcoin?

Bitcoin is referred to as a cryptocurrency, virtual currency, or digital cash and is a completely virtual form of money. It was launched in 2009 by a mysterious person known as Satoshi Nakamoto. To this day, the identity of this person still remains undiscovered.

Unlike traditional forms of cash, Bitcoin operates as a decentralized digital currency with no central bank or single administration. Apart from being decentralized, Bitcoin also attracts individuals with its lower transactional fees and added layer of security compared to government-issued currencies.

Each Bitcoin unit is essentially a computer file that is stored in a digital wallet, and every transaction is recorded on a public list known as the blockchain, allowing people to trace the history of each Bitcoin and ensure that they do not spend coins they do not own, make copies of coins, or reverse transactions.

What do businesses have to gain by accepting Bitcoin payments?

There are several reasons why accepting Bitcoin payments might be advantageous to your business.

For starters, anybody from anywhere on the globe can make payments with Bitcoin to a business that exists on the other side of the world. This means you can accept payments from clients no matter where they are, even those who don’t have access to credit cards, PayPal accounts, or any other traditional online payment method. This means your company can do business with unbanked individuals and still enjoy a great deal of security thanks to the blockchain.

Furthermore, Bitcoin purchases do not require any personal information, which appeals to many consumers who are hesitant to provide sensitive information online. This is especially critical in today’s context when digital privacy and data protection are under scrutiny.

Finally, because a third-party financial provider isn’t required, Bitcoin transaction fees are much lower than other traditional payment options. In this case, the blockchain becomes the middleman, but compared to financial providers, it is unbiased and approves or rejects transactions based solely on objective criteria that need to be met.

Accepting Bitcoin payments via WordPress

To accept payments from your WordPress, you will need two things: a bitcoin processor and a payment plugin. We’ll outline the best options below:

Bitcoin processors

The first thing you need to consider is the platform that will process your payments. Here are the best tools:

Bitpay

This popular wallet and payment processor allows Bitcoin payments made via WordPress to be delivered straight to your Bitcoin wallet or bank account in your preferred currency. This service is quite adaptable since it can transmit funds to banks in over 38 countries and in a number of currencies, and it can also be incorporated into over 40 eCommerce platforms.

Bitpay enables users to pay using Bitcoin during the checkout process, paying the invoice to Bitpay using a predetermined exchange rate. Following that, Bitpay uses cutting-edge technology to convert Bitcoin into fiat currency while protecting the consumer from volatility concerns. Finally, the company will get a direct transfer into their bank account. Creating and managing a Bitpay account is also very easy, with their website providing loads of information on every step of the process.

Bitpay has also developed its own wallet, allowing customers to manage their blockchain funds in a single safe and open-source location. The wallet also allows users to do more with their Bitcoin and Bitcoin Cash, such as purchasing and selling Bitcoin right from the wallet. Individuals may also top up and manage a Bitpay card, which is accepted at all Visa shops and ATMs across the world.

CoinBase

CoinBase is an online wallet service and digital trading platform that accepts payments in a variety of cryptocurrencies, including Bitcoin. Your payments can be paid to your wallet or converted into your local currency, and deposited into your bank account.

Setting up an account takes only a few minutes, but you will need to provide legal proof of identification in order to verify your account. After this process, individuals are free to send, receive, or trade a variety of cryptocurrencies, including Bitcoin.

Instead of relying on customers populating long forms with credit card details, paying with crypto is much easier, as the wallet pushes payments directly to your wallet. After logging in, you may share your unique bitcoin address to receive funds via your web browser or mobile device. You may choose whether or not your crypto address is verified as a Coinbase user by opting into Instant sends in your privacy settings. If you opt in, other users will be able to send you money instantaneously and for free. If you opt out, any sends to your crypto address will be kept on the blockchain.

CoinGate

CoinGate accepts over 45 cryptocurrencies and sends funds from your website to your Bitcoin wallet. Because this platform does not have its own Bitcoin wallet service, you will need to register with one separately.

After you have chosen your external wallet, you need to create an account with CoinGate. When a shopper wants to buy something with Bitcoin, they need to select the product, then choose CoinGate as their payment method. The platform converts the price of the product into the cryptocurrency of choice and generates an invoice for the customer. Once the customer pays, CoinGate transfers the money to you in the form of crypto or fiat currencies.

Payment plugins

CoinGate

CoinGate accepts over 45 cryptocurrencies and sends funds from your website to your Bitcoin wallet. Because this platform does not have its own Bitcoin wallet service, you will need to register with one separately.

After you have chosen your external wallet, you need to create an account with CoinGate. When a shopper wants to buy something with Bitcoin, they need to select the product, then choose CoinGate as their payment method. The platform converts the price of the product into the cryptocurrency of choice and generates an invoice for the customer. Once the customer pays, CoinGate transfers the money to you in the form of crypto or fiat currencies.

Payment plugins

After you’ve decided on a Bitcoin processor, you’ll need to install a WordPress plugin on your website. There are several plugins available:

CoinGate for WooCommerce

CoinGate for WooCommerce is particularly intended to accept Bitcoin payments, but it also processes over 70 other popular digital currencies.

This easy-to-use plugin may be installed immediately through WordPress. After you install the plugin, you’ll see a Bitcoin option on your WooCommerce store’s payment screen. When you get the payments, you will be able to instantly convert them into local currency and deposit them into your bank account or PayPal.

This plugin is completely free, totally automated, and simple to install. Keep in mind that you will need an account with CoinGate to use the plugin.

Bitcoin Payments for WooCommerce

Bitcoin Payments, created by TripleA, is another WordPress plugin that works in tandem with WooCommerce. It connects your WooCommerce store to your Bitcoin wallet. Each transaction will be quickly alerted to both you and the buyer, and you will be able to select your own exchange rate.
T
his platform, which supports both physical and digital currencies, does not charge transaction fees and is also free to download. All you need to do to start receiving bitcoin payments is to provide the public key of your wallet and email address and open an account with TripleA.

Blockonomics Bitcoin Payment

This entirely free, stand-alone plugin supports all major Bitcoin wallet providers and may be used without the requirement for an e-commerce plugin like WooCommerce. The plugin calls itself the only bitcoin payment gateway that enables full decentralization. Payments are made straight to your Bitcoin wallet, which is supported by all major wallets. You don’t need API key or documentation approvals to accept payments, and the plugin supports all major fiat currencies as well. What’s more, the first 20 payments don’t charge a payment fee!

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