Even as an emerging technology, Bitcoin has taken the world like a storm. Every business that wants to stand ahead in technology is already implementing Bitcoin as a payment option.
Bitcoin is a digital currency and stands as an alternative to fiat currencies. Bitcoin, like every cryptocurrency, maintains decentralized records that are linked through cryptography. This design principle lets Bitcoin make your financial information indestructible and hackerproof.
So what can you buy with Bitcoin? Everything. Learn more about Bitcoin and e-commerce platforms that accept Bitcoin now.
What are the Benefits of Accepting Bitcoin in an Online Trade?
There are several benefits of using Bitcoin as a payment system in any business. Let’s take a glance at a few of the benefits:
Zero or Low transactional fees
Compared with other digital payment methods like credit cards, transaction fees for Bitcoin payments are significantly lower. Because no financial institution monitors Bitcoin, there’s a direct transaction between the buyer to seller with no middlemen. Bitcoin can be a favorite go-to-destination for SMEs as its transaction cost is not more than 1% of its value.
Wide Acceptance as a Payment Method
Thousands of merchants accept Bitcoin payments to widen their customer base. Due to its ease of use between cross borders transactions and greater liquidity, a growing number of consumers have started using Bitcoin as a payment method.
Thanks to Bitcoin, you can easily purchase any physical goods using its units. If you want to shorten your liability to fiat currencies, Bitcoin’s far-ranging acceptance as payment is to the rescue.
Bitcoin is Irreversible
Unlike other credit cards or bank transactions, Bitcoin’s transactions are changeless and cannot be reversed or charged back. Most businesses can get hurt when the customer has reversed the payment. This is generally not the case with Bitcoins. Once the payment has been made, the consumer can’t turn back without the business’s consent. Bitcoin has eliminated your chargeback costs.
When holding fiat currencies in a bank account, transactions don’t necessarily ensure your privacy or protect you from any attacks. Bitcoins make it possible for users to complete their payments with the anonymity of their sensitive information. Bitcoin holders enjoy this anonymity through a decentralized platform. And Bitcoin’s built-in privacy allows users to generate transactions anonymously, and no hacker will be able to trace it back to the actual user.
No 3rd Party Involvement
All the transactions of Bitcoins take place directly from peer to peer, so there’s no way a third party is involved in a Bitcoin transaction. No one can hold on to funds, charge tax or seize your coins. Bitcoin is unregulated by the government or central bank. Bitcoin users pay for products and services without worrying about any taxes or additional transactional costs. The entire process of Bitcoin is person-to-person.
The Best E-Commerce Platforms That Accept Bitcoin
The e-commerce platforms that accept Bitcoin are steadily increasing. You can find blended brands from car companies, hotels, service providers and more that have already taken a step with Bitcoin.
Below are some online stores that accept Bitcoin:
A giant of the content management system world, WordPress has the robust plugin WooCommerce for your e-commerce business. As a popular tool with a large user base, WooCommerce has adapted to new changes almost immediately and allows you to accept BitCoin.
WooCommerce allows you to implement the Bitcoin payment solution into your online store and get it running in a matter of minutes.
The downside of this ease is a compromise in security. Because of its large user base, there are thousands of plugins that pop up each day. Each of these plugins claims itself to be the best. But, some of the tools are nothing more than a scam designed to steal your information.
But with enough research, you should be able to find a plugin that can let your store accept Bitcoin effortlessly. WooCommerce Bitcoin plugins are the best for SMEs trying out a few options before making the final move.
Most of the Bitcoin plugins for WooCommerce are free but take a small percentage of the transaction as the service fee.
BigCommerce is another bigger name in the world of e-commerce platforms. BigCommerce employs a SaaS model. That means you need to pay a monthly (or a yearly) fee to use BigCommerce e-commerce platform. It also has a large user base like WooCommerce. Because of its extensive user base, vendors alongside BigCommerce themselves roll up their sleeves to develop innovative solutions for BigCommerce customers.
Though BigCommerce doesn’t have an in-house solution for Bitcoin payment handling, you can find multiple 3rd-party Bitcoin payment solution providers that provide integration for you to accept Bitcoin payments easily.
BigCommerce lacks in-house support for Bitcoin. However, if you’re skilled at coding, have an experienced developer or can afford to buy payment solutions from 3rd-party vendors, you can set up Bitcoin in your BigCommerce store.
The cost of implementing a Bitcoin payment solution in your BigCommerce store is variable as it depends on your execution method.
If you have implemented a Magento-based e-commerce store, the list of Bitcoin providers in its marketplace might amaze you. Like WooCommerce, Magento is one of those e-commerce platforms that accepts Bitcoin through a choice of payment modules.
Magento is not the easiest e-commerce platform solution out in the market. People who have built their online store using Magento have quite often than not sought the help of technical resources more intuned with the inner nuts and bolts of Magento. Yet their range when it comes to Bitcoin has been otherwise. You can integrate their Bitcoin payment solution easily.
Magento-based Bitcoin payment solution is better for businesses who require more control over the payment solution and robust payment mechanism.
Magento’s Bitcoin modules come free of cost. However, like WooCommerce plugins, these module providers take a percentage of the total transaction as their service fee.
Shopify is currently reigning in the world of eCommerce platforms that operate under the SaaS model. Like Magento and WooCommerce, Shopify also has countless plugins that get you going strong quickly. When it comes to Bitcoin, Shopify lets you accept cryptocurrencies using Coinbase, BitPay, GoCoin and CoinPayments.
The biggest advantage of using Bitcoin with Shopify is the native support. Unlike other platforms in this list, Shopify is the only platform that lets you accept Bitcoin payment without using plugins or third-party providers.
The downside is the transaction fee. Unless you use Shopify Payments, you will be required to pay a transaction fee. The transaction fee is directly related to the sales’ cost and the total value of the product you are trying to sell. This amount can be substantially high compared to the low transaction fee that applies to the other platforms in this list.
Shopify uses a transaction fee calculation formula if you are not using Shopify Payments. Subscription for Shopify Payments starts at $29 per month.
You can leverage PrestaShop’s open-source eCommerce store alongside its Bitcoin modules to be able to accept Bitcoin payments. PrestaShop is known for its simple installation and configuration. And its Bitcoin modules are no exception. Download the module, import and install it and start accepting Bitcoin right away.
PrestaShop also offers a choice of modules for accepting Bitcoin. Having this choice lets you experiment with available modules and find the one that best suits you. Moreover, some of the PrestaShop modules do not even take commissions or fees for transactions using Bitcoin.
The downside of Bitcoin with PrestaShop is the lack of customer support. Because PrestaShop is open source, it lacks better customer support.
Some PrestaShop modules come without any cost or fee.
Make Way for the Future with Bitcoin
The platforms that accept Bitcoin are steadily rising. No one can deny Bitcoin’s impact on the payment and e-commerce industries, as Bitcoin offers exclusive benefits for merchants and consumers.
Bitcoin can make payment cheaper, more accessible, faster and safer. Early adoption could be an excellent move for expanding your customer base. But as with all new technology, proceed with knowledge and caution.