The benefits of implementing Bitcoin payments on your website
The brand-new digital “gold” of the XXI century does not sparkle, and no one can even touch it. However, it is getting increasingly popular, and even competes with traditional gold in its price. Bitcoin, today’s most famous cryptocurrency, is more and more widely accepted as payment in e-commerce. Of course, advanced web development companies caught this tide and began to offer Bitcoin payment integration for websites. What about your site? See some reasons to consider implementing Bitcoin payment option on it.
What is Bitcoin and how does it work?
In a nutshell, Bitcoin is a digital currency generated by a computer code in a process called mining. The currency can be sent from one user’s Bitcoin wallet to another’s. Bitcoin is convertible into any other digital or traditional currency, as well as used directly for buying goods or services.
To let your store customers pay with this cryptocurrency, you don’t necessarily have to be fond of Bitcoin, and you also don’t have to worry about how you will use it after receiving the payments.
The point is that Bitcoin payments on your site can work like any others — special exchange providers can automatically and instantly convert Bitcoin into traditional money for you. You can also set up the transfer of this money to your bank account. However, you can also choose to keep Bitcoin. We will touch upon this option right now, when describing the benefits of Bitcoin payments.
Reasons to implement Bitcoin payments on your website
Guaranteed audience boost
Bitcoin payment opportunity will immediately widen your audience by including cryptocurrency supporters. These are usually advanced customers who follow the latest trends. They have bitcoins and want to spend them. If you offer them this option, you will instantly outpace your competitors while they are “sleeping.”
You will be among the companies that accept Bitcoin, including: Microsoft, Tesla, Virgin Galactic, Stripe, Reddit, eGifter, Bloomberg, Expedia, Shopify, CheapAir, Overstock, Peach Airlines, Zynga, Newegg, Mint, Wikipedia, and many more.
It usually takes several minutes for the transaction to be confirmed, and then you will be able to use your funds. Especially compared to the duration of bank transfers from one country to another in international e-commerce, this is a huge gain.
Low transfer fees
Bitcoin works on a peer-to-peer basis, and is not governed by banks or other authorities. This is one of the reasons Bitcoin transaction fees are very low — just a couple of cents. Exchange providers may charge a little more, but overall this is very beneficial compared to many other payment options.
Bitcoins have a good track record in terms of cybersecurity. Bitcoin transactions are protected by the keys for both parties, cryptographic hashes, and more.
Possible huge gains
If you are financially savvy, you can choose to not convert your Bitcoin from your online store into hard currency instantly. Instead, you can play on its fluctuations and make extra gains, which can be really huge. For example, recently, Bitcoin created an unbelievable fuss by jumping by 20 times within a couple of months. However, later it fell by 10 times from that peak.
Some helpful solutions
Many online stores are built with an ecommerce platform or multi-purpose CMS. This includes Drupal, WordPress, Laravel, Magento, Shopify, and so on. The platforms keep pace with the times and offer special modules or plugins that are of great help in implementing Bitcoin payments.
To set up Bitcoin payments on your site, you can always rely on experienced developers.
Contact WishDesk, and they will implement bitcoin payment integration for your online store built with Drupal, WordPress, Laravel, Magento, and more.
Enjoy “digital gold,” and let your golden times begin!