Should Bitcoin be used for payment on e-commerce sites?


    Should Bitcoin be used for payment on e-commerce sites? - The impact of Bitcoin on the world is quite strong. It is to the point where you will hear people talking about it wherever you go. Even your mother may have considered investing in Bitcoin. The currency started with a value of $ 0.6 back in 2009 and it increased to over $ 16,000 in 2017. This trend shows no sign of slowing down and offers strong investment opportunities for all. people. Someone reported an 800% return on their investment. Not only that, it also creates great opportunities for businesses.

    Bitcoin is simply a better way to make transactions. Now you forget to use it as a means of investing and focus more on the potential benefits that it will bring to your business dealings. If you are a business like Mercedes and receive a daily transaction of $ 50,000, you should adhere to the practices you already have. But if you're a small business, like a coffee shop or convenience store collecting an average of $ 5-10, then Bitcoin will prove to be an outstanding opportunity for you. That is why in this article, we will look at the potential benefits and risks associated with accepting Bitcoin and other cryptocurrencies for your eCommerce website.

    Benefits of accepting Bitcoin and other cryptocurrencies

    Transaction processing faster

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    Transferring funds from your online account to your bank account is a time consuming process. It's quite frustrating and negatively affects your cash flow, which is where cryptocurrencies help. Cash does not have to be through any online payment processor or bank, it just transfers from one account to another. Not many banks hold the process and delay cash access to you.

    If you accept Bitcoin as a payment method, your cash flow will accelerate and you will be able to access your money after customers buy something from your website.

    Transaction costs are much lower

    Because PayPal, Western Union or a bank do not have the role of a middleman, you will only receive money with much lower transaction costs. While most middle-aged men make you pay about 3% - 4% of the deposited amount, you will pay an average of 1% in cryptocurrency. This is one reason small traders use Bitcoin to process their payments.

    Small businesses pay higher credit card fees than Walmart or other larger companies. These companies negotiate credit card fees, thanks to their large scale, but small companies cannot. With Bitcoin, small businesses will get their money back from credit card companies. A payment processor like Coinbase will charge a penny for a $ 1 transaction.



    The payment processor uses the customer's personal data in every transaction, creating space for identity theft. Hackers are constantly looking for ways to obtain such valuable information to create fake credit cards and other fraudulent acts. Theoretically impossible with Bitcoin, because Bitcoin transactions leave no data. There can be no fraudulent purchases with it, because every Bitcoin transaction has its own unique identifier leaving money traces.

    It is important to mention that Bitcoin exchanges like Coinbase collect personal data from their users, but they have nothing to do with federal and state regulations.

    International transactions easy

    Have you ever thought about how you would accept payments from Nigeria? With Bitcoin, it's as easy as having someone hand over cash to you. If businesses export goods and services or have to buy them from other countries, cryptocurrencies will make payments as easy as they'd like. They help you work your way around expensive foreign transaction fees, exchange rates, and so on. Because all cryptocurrencies are a global currency, there are no borders. As long as both parties accept the cryptocurrency, let it be Bitcoin or Ethereum, everyone will be paid.

    It is good for your brand


    Bitcoin is slowly getting used to people. So, this will be a great boost for your business. The more currencies and payment methods you use, the more customers you'll gain. The main reason for abandoning shopping carts is the lack of payment options that customers prefer to use.

    There are no chargebacks

    All Bitcoin transactions have no refunds and no refunds, as in credit card purchases. Refund occurs if the buyer uses the card to make a purchase. If they receive defective goods or absolutely do not receive them, they get their money back. He or she becomes a victim of credit card fraud or identity theft and does not even know about the purchase in the first place.

    After the refund, the credit card company withdraws money from your account and sends it back to the customer but they are also charged a $ 10- $ 15 refund fee. But merchants will never be able to feature with Bitcoin transactions.

    Developed with the popularity of Bitcoin


    Bitcoin was the leading currency in 2016 and continues to become popular every day. Its growth will only continue as people become more and more familiar with this cryptocurrency. There are also other cryptocurrencies on the rise, so there seems to be nothing stopping this wave of change. Instead of fighting against them, become one of those who adapt early and reap the benefits. Your acceptance of cryptocurrencies will differentiate you from your competitors.

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    Risks associated with the use of Bitcoin and other cryptocurrencies

    Bitcoin is not the main payment method


    People use Bitcoin ATM to buy and sell Bitcoin, but it will take some time for Bitcoin to be accepted as a reliable payment method. Just looking at PayPal takes years to become a reliable payment method and even then it has partnered with eBay to advance as a primary payment method. Therefore, there is still a need for a larger, forward-thinking company to lead people to accept Bitcoin as a common currency and way of payment. Hacked media attacks and Bitcoin exchange companies will not help.


    BitInstant CEO Charlie Shrem has identified opportunities in a decentralized currency. He was arrested for money laundering, which did not help Bitcoin's popularity.

    Keep in mind that these are exchange service companies that have been corrupted or eventually hacked, not Bitcoin's system. There are several security issues related to Bitcoin, as with any other online platform that exists.


    Most people still see Bitcoin as an investment opportunity and prefer to hold it to make money, instead of spending on goods. They would rather buy them with ordinary currencies. Also, when they try to spend, they often face high exchange fees. It will also take a long time to complete a transaction through some exchange services, which makes some people not using it.


    Since there is not so much support for Bitcoin, there are a few things that really motivate Merchants to invest in the infrastructure needed to accept Bitcoin.

    It is still not considered stable


    Cryptocurrencies are not regulated the same. Some countries are trying to restrict the use of cryptocurrencies, which will make it a problem to use.

    Planning is more challenging with cryptocurrencies

    Because cryptocurrencies are 100% digital and decentralized, making financial statements with them becomes much more difficult. Finding your prices with a constantly fluctuating currency and determining your taxes becomes quite difficult if a lot of your money is converted to Bitcoin.

    Not many apps support it

    Although you can set up a payment processor for your site with a few clicks, a few applications help you do that with cryptocurrencies. There are not many applications that handle virtual money, but there is a sea of ​​applications that handle debit card transactions.

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    Although there are some limitations when using Bitcoin, accepting payments for your business is very easy. You still need to tie your debit or credit card to a digital wallet to help you buy and sell Bitcoin or use it as a form of payment. You use, for example, Coinbase services. Then you just have to place the Bitcoin payment button on your purchase page and you're done.

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