Paying With Bitcoin: These Are The Major Companies That Accept Crypto As Payment
Cryptocurrencies are never far from the headlines these days. If its not news that the value of Bitcoin has reached a record high of $60,000 for the first time, its news that Tesla founder Elon Musk is investing billions in it.
While buying and selling cryptos is becoming increasingly mainstream, the opportunities to spend virtual currencies are somewhat limited in comparison due to its volatility.
There are, however, a growing number of companies across a plethora of industries – from big tech to airlines – who are embracing cryptocurrencies, allowing customers to use them as an official method of payment for their goods and services.
Here are some of the biggest and more well-known companies using and accepting cryptos.
How To Accept Bitcoin Payments With WordPress
As cryptocurrencies are becoming more and more popular, the idea of accepting Bitcoin on your WordPress website as a way of payment is something that is worth considering. But how do you get started with cryptocurrency? And how do you process Bitcoin payments with WordPress?
In this article, we discuss what Bitcoin is, and consider the benefits of accepting this digital currency, and other altcoins, on your site. We then look at what tools you will need to start receiving Bitcoin as payment, including Bitcoin wallets, digital payment processor services, and cryptocurrency WordPress plugins .
Payment Gateways For Other Website
Of course, apart from Wix, there are a plethora of other platforms for building websites and selling products. NOWPayments has solutions for the three most popular ones. For example, NOWPayments WooCommerce plugin lets WordPress e-commerce sites accept cryptocurrency payments.
All one needs to do to begin receiving crypto from customers is to generate an API key in their NOWPayments account, install the plugin, and enter the API key in the WooCommerce settings. In a similar fashion, users of PrestaShop, a website-builder specifically designed for enterprises, can set up a crypto payment gateway using the platforms plugin and an API key from NOWPayments.
Finally, Shopify users also can enjoy the ease and speed of crypto transactions with the help of NOWPayments. The process of deploying a gateway for Shopify is slightly different since the user will have to create their custom app. Yet, NOWPayments has a thorough tutorial on this topic which can be found here.
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The Drawbacks Of Accepting Bitcoin On Your Site
One of the obvious things that makes people question the value of accepting crypto on their sites is volatility. You dont quite know what Bitcoin and other cryptocurrencies are going to do from one day to the next and this can be a worry for website owners.
In some cases, Bitcoin has been known to lose 25 percent of its value in less than a month, which on the face of it, isnt what you need as a business owner.
The thing is, just because you accept Bitcoin payment doesnt mean you have to hold Bitcoin. If you dont want to be exposed to the volatility of cryptocurrencies, then you can immediately exchange Bitcoin into your chosen currency.
The next Bitcoin drawback is something you may not expect: curiosity.
Whether they love it or hate it people love to talk about crypto. If you accept Bitcoin on your website, then youre something of a pioneer, and this will stir lots of curiosity.
You may well find your customer service team isnt inundated with questions about your products, but instead, fielding questions about cryptocurrencies. This is far from ideal, and its something you need to be prepared for if you do decide to accept crypto.
Accept Cryptocurrency Payments Face To Face
Cryptocurrency payment systems
Although the majority of cryptocurrency payments are made online, some merchants like to offer a face to face cryptocurrency payment platform. This is normally via an app or EPOS system.
Cryptocurrency payment app works by the merchant scanning the QR code. At checkout, customers can scan a unique QR code to make secure payment, or alternatively they can send a unique code to a one-off address. The app is provided by companies such as BitPay if using Bitcoin, they also offer a card option.
Some EPOS systems are now geared up to accept cryptocurrency payments, they do so in a very similar way to the app. The user will scan the customers unique QR code, generated through their wallet at check out before finalising the sale.
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The Rise Of Cryptocurrency
The value of cryptocurrency has caused governments, banks, businesses and individuals worldwide to take notice. Bitcoin alone has grown exponentially in value, rising by over $10,000 USD in one year:
Banks and businesses alike are seeing the benefits of digital currency and the blockchain technology that supports it. And consumers are demanding support.
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How To Accept Cryptocurrency Payments On A Website
If you are wondering how to accept crypto payments on your website, you need to generate a wallet address on your site for each sale. The customer would then use that code to send you the currency in question. This can be done without any formal integration and a relatively small amount of code.
The trouble with this method is that youll have to handle invoicing yourself. And youd also have to build your own checkout system around it. For a more convenient experience, youll want to consider a cryptocurrency payment gateway. Though still on the novel side, cryptocurrency payment gateways are a more mature industry than you might expect, many of which integrate into popular eCommerce platforms, such as Shopify or WooCommerce.
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Currently Theres No Recourse If Stolen
Typically, an issuer or bank will return money from stolen credit cards or bank accounts. However, cryptocurrencies dont have built-in protections. Therefore, its on the cryptocurrency holder to add proper security measures to keep their cryptocurrency safe.
Not to mention, crypto is still very much in the Wild West phase. There are tons of fake gurus, scammers, and get-rich-quick schemes, like this example. If you are a newbie and dont know what you dont know, it is easy for you and your business to get taken advantage of.
Whos Using Cryptocurrency To Make Purchases
If you have reservations about accepting cryptocurrency for your business, it is essential to think about the consumers of the future, Generation X, Millennials and the newest age bracket, Generation Z !
For example, Millennials surpassed the population of Baby Boomers in 2015 at 75.4 million strong, according to Pew Research Center. And at 60 million strong, Gen Z outnumber the Millennials by about one million!
Guess who is using digital currency? Generation X, Millennials and Generation Z. Research byUrban Airship found that Millennials opened 67% of digital wallets, followed by Generation X with 51%.
Any shift in technology demands a response from businesses, and its especially true when it comes to the evolution of payment acceptance. And its been seen time and time again: when credit cards became the norm over paper money, when e-checks became favored over paper, and most recently when digital payment apps like PayPal and Google Wallet became popular.
Cryptocurrency demand is turning the business world on its head, and businesses that evolve and grow with the times will be the ones to succeed.
Businesses are looking for new lightweight, service-oriented ways to communicate with customers on mobile, and our findings make it clear that mobile wallets will lead the next wave of mobile engagement.
~Brett Caine, Urban Airship CEO and President
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Accept Bitcoin And Cryptocurrency Manually
Bitcoin and other cryptocurrencies were designed to make it easier for individuals to make payments to each other without the involvement of a third party. This makes it easy to simply speak with your buyer and organize your own payment.
This will happen in the customers wallet, where they simply facilitate a payment.
All they need is your address which is an alphanumerical string that youll find in your wallet.
Once your customer has your address, then they can quickly send payment and complete the transaction.
How To Accept Cryptocurrency Payments: A Step
The history of Bitcoin looks very mysterious. An anonymous author, Satoshi Nakamoto, launched his first digital currency. Up to this day, Its unknown who or what Nakamoto is whether an individual or a group of unknowns. What is crypto? How to accept cryptocurrency payments? This is a thing on the agenda today.
This is a currency with no central bank or government organization behind. A strange digital currency whose customers were initially sellers and service providers terms such as Darknet and Silk Road were quite common. Todays day is different.
The following article shows all possible ways to accept cryptocurrency payments as well as helps you to find out where you can actually use your bitcoins. Lets get started!
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How Do I Accept Cryptocurrency Payments On My Website
As crypto grows in popularity, you may find the benefits of offering this payment outweigh any potential hurdles. Adding it as a payment option to your website can help open up your business to a new target audience and give your customers more payment options to make checkout easy for them.
Companies that accept cryptocurrency payments on their websites also benefit by capturing new customer traffic that can become repeat customers. Additionally, cryptocurrency transactions have fast processing speeds leading to less time between the sale and the payment clearing.
How To Accept Crypto Donations On A Website
This video tutorial provides step-by-step instructions on how to receive cryptocurrency donations on any website or blog.
Cryptocurrency saw its climax in early 2021. Since its inception in late 2000s, crypto has solved, or pushed other similar solutions to address the multifaceted concerns of cybersecurity, finance and business management for individuals, companies and nonprofits. The financial superstruct of our world may not have completely embraced the idea of digital ledgers aka cryptocurrency earlier, but it is making amends and gaining advances as quickly as it can to accommodate crypto into its chassis. On the other hand, the breakneck minting of millionaires and billionaires is unprecedented with a willfulness to contribute towards the society through philanthropy and donations.
The smart thing to do here is to make donations through cryptocurrency as streamlined and transparent as possible. NOWPayments, a leading crypto payment gateway, is one platform where such amenity and convenience is guaranteed. Packed with a bevy of tools and widgets, NOWPayments empowers you to accept payments and donations in crypto without any hassle. Apart from the globally-reputed Bitcoin and Ethereum, NOWPayments accepts deposits and redeem payments in over 60 cryptocurrencies.
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Should You Accept Bitcoin On Your Site
This is probably the biggest question youve first got to decide on. Once youve decided to accept crypto, the payment processing is fairly easy to set up, but first, youve got to decide if cryptocurrency is right for your business.
As big as crypto has become , its still something that divides opinion. For every devout crypto fan, theres an influential person talking it down. For all the positive talk you hear about it, the next minute you hear Jamie Dimon, chairman and CEO of JPMorgan, saying I personally think Bitcoin is worthless.
Its confusing, and when you dont fully understand the intricacies of how crypto works , choosing to accept crypto payments on your website can be a worrying decision.
Of course, everyones got their agenda, and when youre making your decision, you should remember that. Do your own research and find out if accepting Bitcoin on your website is in your best interests.
Stripe Is Putting Together A Crypto Team
Payment platform Stripe said it is open to accepting cryptocurrency payments again. Co-founder John Collison revealed this at a CNBC-moderated panel at the Fintech Abu Dhabi festival earlier this week.
Collison said, Crypto obviously means a lot of different things to a lot of different people. There have been a lot of developments of late with an eye to making cryptocurrencies better and, in particular, scalable and acceptable cost as a payment method.
When asked if the payment company will start accepting crypto as a method of payment again, the co-founder said they are open to the possibility. Stripe ended support for Bitcoin payments on its platform three years ago.
At the time, Stripe cited Bitcoins highly volatile nature and a lack of efficiency in making everyday transactions as the reason why it ended its Bitcoin payment support. The payment firm is now open to the idea of accepting cryptocurrencies again.
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How To Accept Bitcoin And Ethereum Payments
If you decide to use a third-party exchange, the two biggest exchanges you can use assuming you dont want to set it up completely yourself are Coinbase Commerce and BitPay.
Note: BitPay only works with Bitcoin, while Coinbase Commerce accepts around a half dozen of the most popular cryptocurrencies.
These two exchanges integrate with Shopify and WooCommerce and allow you to receive payments and transform them into fiat currency and bank withdrawals for a fee . Once you sign up for the payment processor, you can use the merchant service function to convert the coins and withdraw them into your bank account.
Not all Bitcoin payment processors offer the same functions. For example, Coinbase offers merchant services but also can function as an exchange.While BitPay doesnt offer exchange functions, it does support various integrations with major platforms, which can be helpful to eCommerce businesses.
Alternatively, you can choose to accept crypto payments on your website without relying on a third-party service and accept payments manually. To do this, youll generate a Bitcoin address for each sale on your website and provide instructions for the amount of money people should send. Youll receive the coins in your wallet, which you can then process once the transaction is confirmed.
How To Accept Crypto Payments To A Website
To start I have checked this question, but the answers were unsatisfactory. Basically, I want to accept payments of ethereum, and bitcoin . I want to setup this system from scratch . However, searching on the internet I get no clear answers. This is a simple problem . I would love to hear from anyone who has built such a system or anyone who has resources on how to integrate.The blockchain is hosted on some servers, there is a protocol to download that blockchain , and parse the relevant transactions. Interacting with the blockchain is coin specific and there has to be respective endpoints. I may be simplifying this, but the fundamental problem is essentially this.Can someone give clear answer to the issue of accept crypto payments ? If no simple answer can be given, can I be directed to a developer community who would know the answer?
I would love to hear from anyone who has built such a system or anyone who has resources on how to integrate
BTCPay is an open source Bitcoin payment processor:
can I be directed to a developer community who would know the answer?
Yes I can confirm BTCPay Server is a solid and open source solution to accept cryptocurrency payments in your website, whether it is a native one or a CMS like WordPress.They have multiple ways to deploy:
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Accept Bitcoin Payments On Your Website
BitcoinPay offers an API that can be integrated with most eCommerce platforms today including websites and mobile apps. Samples of code with mock server testing are available in php, java, python, Ruby, Perl and more. They even have a designated button generator for dummies.
But heres the best part: If you dont know how to code, you can still integrate bitcoinpay relatively easily by downloading one of their dedicated plugins for opencart, magento, prestashop and woocommerce. Simply navigate to the developers section and download the required plugin. Then upload it to the backend of your website and configure the settings according to your needs.
How And When Do I Need To Record Crypto Transactions In My Financial Statements
Recording crypto payments and proper record keeping for your financial statements and taxes can be cumbersome. You must be diligent and disciplined in your recording of purchase date, price, as well as dates sold/traded.
Since there are currently no accounting platforms that capture, review and appropriate value for your cryptocurrency holdings, all gains and losses need to be done manually.
In addition, how you classify your crypto assets will vary depending on your company. For example, the IRS doesnt recognize crypto as a currency, so all transactions need to be classified as property.
Keeping meticulous records is important because you still need to pay taxes on it. For example in the U.S, this means whenever you sell a cryptocurrency, you could be liable for capital gains tax.
Depending on the market you serve and your businesss goals, accepting cryptocurrency payments may be advantageous for your eCommerce business.
It can also be a way to set you apart from your competitors and help you attract a new customer base. However, we encourage you to take your time and weigh the pros and cons first.
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