Over the last few months, Bitcoin popularity increased on large scale. Even though it’s sometimes related with scammers and understand a currency for less than honourable dealings, there are some who enjoy the notion of anonymity it brings while shopping online.
Whether you are personally agree or not with the idea of Bitcoin, its user base has grown considerably in the last four years as well as the fact that online shopping is on the rise, it only makes sense to consider enabling Bitcoin payments on your site.
Thankfully, WordPress doesn’t behind short when it comes to Bitcoin integration with your WordPress website. In this post, we’ll take a look at Bitcoin’s history, its benefits, and discuss plugins that will help you accept Bitcoin payments.
BitCoin History
Bitcoin was created in 2009 by Satoshi Nakamoto. However, it’s does not need to mention that the true identity of Bitcoin’s creator is not known and the above name is his assumed name.
A bitcoin is created through a process called mining bitcoins in which a computer in a P2P network solves a specific mathematical task. There is a limit imposed on the total number of bitcoins that can be created. The mathematical tasks get progressively harder as more and more bitcoins are created. Current estimates project that the number of possible bitcoins is limited to 21 million while the current exchange rate shows that one bitcoin is worth $14,335.
Advantage of BitCoin
Here are some of the advantage that makes Bitcoin an attractive option:
Digital
Bitcoin is a cryptocurrency or a digital currency that doesn’t require a third-party banking entity to process the transaction. It’s completely peer-to-peer and organized with the help of a blockchain. In essence, blockchain is a ledger of sorts that keeps a secure and somewhat anonymous record of all transactions.
Less costs
in most cases, Bitcoin transactions involve significantly Less processing fees and in some cases, there are no fees to begin with
Minimum fraud risk
every bitcoin comes with a hexadecimal code which is difficult to crack. That means transactions or wallets cannot be hacked easily.
Quick availability
unlike credit cards or bank-to-bank transfers, Bitcoin funds are immediately available after the transaction is complete.
Easy to use
Bitcoins are stored in a digital bitcoin wallet which can be used on any site that accepts bitcoins. From a consumer’s point of view, they don’t have to worry about whether your store accepts their credit card or not. From a business owner’s point of view, you no longer have to fear losing customers because you don’t accept all credit cards in existence.
Secure
unlike regular currency and purchases made with credit cards, payments made with Bitcoin don’t require personal information such as names, credit card numbers, addresses, and similar information. Bitcoins do need to be linked to one person, however, no sensitive information is revealed during the transaction. This is a great benefit for anyone who is concerned about their privacy and entering sensitive details during the online checkout process.
Disadvantage of BitCoin
However, some of the disadvantage related to Bitcoin general are as follows.
Uncertain exchange rate
Keep in mind that because of the decentralization of the currency, the value of Bitcoin fluctuates constantly. Currently, one Bitcoin is worth approx $15,000 (at the time of writing this blog), however, just a year ago one Bitcoin was worth $300.
Unchangeable transactions
All Bitcoin transactions are final, making it near impossible to issue a refund. If your business does rely on customer satisfaction and refunds are a necessity, then Bitcoin may not be worth.
No central governing body
Bitcoin is not governed by a bank or any financial institution for that matter. In essence, this means that the value of a Bitcoin is completely dependent on its users.
Need to Accept Bitcoin Payments
you will need a Bitcoin wallet to start accepting Bitcoins.Bitcoin wallets like digital bank accounts. When a transaction occurs, Bitcoins received are placed into the wallet and then converted into regular currency if you decide to do so.
The conversion is one of the biggest advantages of a Bitcoin wallet. There are several Bitcoin wallet providers and most of them offer the ability to convert the cryptocurrency into your local currency. You can also use your Bitcoin wallet to send Bitcoins to other people as well as make your own online purchase. Some of the most popular Bitcoin Wallets include the following:
1.Coinbase
2.Airbitz
3.CoPay
1.Coinbase
Coinbase is a great option if you’d like the ability to buy and sell cryptocurrencies as well as store them in a digital wallet. Aside from Bitcoin, they support buying, selling, and storing of other digital currencies such as LiteCoin and Ethereum. It’s one of the best-known solutions for storing Bitcoins which makes it a viable choice to consider.
2.Airbitz
Airbitz allows you to trade and store your Bitcoins similarly to Coinbase but it prides itself on security and privacy as the main benefits. It also supports Bluetooth and NFC payments and allows you to manage your wallet from your mobile device. Bitcoin payments are converted into your local currency at your convenience.
3.CoPay
CoPay is a great choice if you’d like to manage multiple Bitcoin wallets. It allows you not only to have a personal and a business wallet, but you can also set up a test wallet as well as share your wallets with your family or coworkers.
Plugins to Accept BitCoin Payments on Your Site
Even though Bitcoin is not as widely accepted as credit cards, PayPal or Stripe, there are several WordPress plugins that allow you to integrate Bitcoin as the payment method on your site. Here are some of the best plugins that will help you get started with Bitcoin.
Digital Paybox Plugin
Digital Paybox plugin is a premium plugin that works with digital products only. Among various payment gateways such as PayPal, Stripe, Skrill, and others, it allows you to accept Bitcoins through the BitPay portal. The plugin creates a “paybox” where customers can select BitPay as the payment gateway and submit their email address. When the transaction has been processed, customers will instantly get a link to their digital product.
Easy Digital Downloads
Easy Digital Downloads is another WordPress plugin for those who are selling digital products only. The core plugin is available for free in the official repository, however, the ability to accept Bitcoins through BitPay comes as a paid extension.
GoUrl Bitcoin Payment Gateway
GoUrl is a great choice for anyone who wants to legitimatize their website through paid content or through membership sites. It allows you to accept payments in various cryptocurrencies without any fees and the ability to set your own prices in more than 100 currencies. It also allows you to sell physical products and accept payment for them in any of the supported cryptocurrency.
Conclusion
Adding Bitcoin as a payment can be helpful to a lot of people. Since they are an international currency, you can use them in any country without having to convert between currencies.Bitcoin is going to gain popularity and might even replace official currencies. implementing Bitcoin is easy and it allows you to provide your customers with yet another payment method so they can choose the one that’s most convenient for them. This, in turn, increases their trust in you and goes a long way towards turning them into loyal customers.