October 26, 2020

What is a Bitcoin Payment Service

What is a Bitcoin Payment Service

Do you have an online business? Do you use Bitcoin or another cryptocurrency as a payment method? If your business doesn’t have this perspective payment method, you need to correct this very fast. Even if you have only an offline business, you’d better add Bitcoin.

You need to use a special gateway to make this method possible. Today, we are going to consider this topic in detail.

What is a Bitcoin Payment Service

The best Bitcoin Payment Gateways

CoinPayments

This gateway was created in 2013. Now, it is one of the most popular. It supports almost 1,500 different coins. That’s why you can use it to add support for a lot of other cryptocurrencies. For example, this gateway supports Monero and Ethereum. You can install the ready-to-use plugins on your website or write your own using a programming language. Some of them were created for famous platforms such as:

  1. Shopify
  2. WooCommerce
  3. Magento
  4. Opencart
  5. and a lot of others.

Also, this gateway proposes a cryptocurrency wallet that supports many digital coins. It is protected, but you are not supposed to keep your money there for a long time because this is an online wallet. This type of cryptocurrency wallet is the most insecure. We recommend you to buy a hardware wallet and transfer all payments there. The algorithm is the following:

  1. You get the payments to your wallet. It can be your customers or business partners.
  2. Then, you transfer the payments to a more secure wallet, but you can leave part of the money to carry out immediate payments for the business goals.
  3. You can always transfer your coins to your online wallet if you want to make payments from a place where you aren’t able to use the safe type of wallet.

This algorithm is common for all wallets that are offered by Bitcoin gateway services.

BitPay

This is a second popular payment processor. It was created in 2011. It supports more than 40 integrations with businesses and has a lot of other features.

Coinbase commerce

Coinbase is one of the most popular cryptocurrency exchanges. It offers a solution for businesses named Coinbase Commerce. It supports an application for using this service. Also, you can instantly convert your money to fiat (for example, dollars) to protect them from the high volatility of cryptocurrencies. We recommend you do the same for all other gateways because Bitcoin isn’t a good currency for saving money on a short-term basis. The price can significantly fall or rise, and you can’t predict these processes at all.

CoinGate

What is a Bitcoin Payment Service

This service has a lot of features including plugins for electronic businesses, special APIs, mobile applications. Thanks to them, you can use this gate everywhere. This gate also supports other altcoins.

Blockchain.info

This is a very old wallet that supports providing a cryptocurrency payment option. A lot of merchants say that this solution is the best. We recommend you try a lot of different services and choose the most appropriate for you. Only checking every option can help you to choose the right gateway for the payments.