Cryptocurrency is a digital payment system that is rising in popularity right now. This system does not rely on banks for transaction verification. The payments exist solely as digital entries to an online database identifying specific transactions, rather than as concrete money carried around and exchanged in the real world.
The most well-known and valued cryptocurrency as of now is Bitcoin. The benefits of using bitcoin are as follows:
- Transactions do not include banking fees.
- It has low transactional payments.
- It is widely accepted.
- It is irreversible.
Bitcoins are typically deposited in a Coinbase wallet. It is a well-known cryptocurrency exchange that makes buying, selling, and exchanging digital currencies simple.
Many e-commerce platforms accept bitcoin as payment. Here are some of the best that you might want to check out.
WooCommerce
WooCommerce is an open-source e-commerce WordPress plugin for small to medium-sized online merchants who use WordPress.
This e-commerce platform gained popularity quickly because of its easy installation and customization, as well as the freeware status of the basic product.
WooCommerce makes it simple to integrate a Bitcoin payment system into your online store and get it up and operating in minutes. The drawback of this platform is its lack of security.
Thousands of plugins are created constantly due to the platform’s vast user base. Each of these plugins touts its superiority.
However, if you do enough research, you should be able to discover a plugin that will allow your store to accept Bitcoin without any difficulty. WooCommerce Bitcoin plugins are ideal for SMEs (Small and Medium-sized enterprises) that want to check out a few different possibilities before making a final decision.
Magento
Magento is an open-source e-commerce platform that gives online traders a customizable shopping cart system as well as control over the appearance, content, and functioning of their online store.
Magento’s marketing, SEO (search engine optimization), and catalog management features are all steady and impressive.
These are some of the benefits of using Magento.
- Installing extra layouts and plug-ins is simple.
- E-commerce solutions are versatile and scalable thanks to open source technology
- A cost-effective and efficient program
- It allows for discounts and promotions at the time of checkout.
- More than 50 payment gateways are available.
Magento isn’t the most user-friendly e-commerce platform available. People who have developed an online store with Magento have frequently sought the assistance of technical resources that are better familiar with Magento’s inner workings.
However, when it comes to Bitcoin, their spectrum has been different. Their Bitcoin payment option is simple to integrate.
Businesses that demand more control over their payment solution and a reliable payment mechanism should choose a Magento-based Bitcoin solution.
The Bitcoin modules for Magento are entirely free. These module providers, like WooCommerce plugins, charge a portion of the overall transaction as a service fee.
BigCommerce
Nasdaq is the first electronic exchange and an online global marketplace for buying and selling securities. BigCommerce is another popular e-commerce platform and is a NASDAQ-listed e-commerce platform that offers retailers software as a service.
The platform consists of online store design, search engine optimization, hosting, marketing, and security.
BigCommerce uses a software-as-a-service (SaaS) paradigm. Like WooCommerce, it also has a large user base.
Although BigCommerce does not offer a solution for processing a Bitcoin payment, many third-party solution providers can help you establish Bitcoin payments.
Shopify
Shopify is now the market leader in the world of SaaS-based eCommerce solutions. Shopify has a plethora of plugins for you to use quickly like Magento and WooCommerce.
When it comes to Bitcoin, Shopify offers Coinbase, BitPay, GoCoin, and CoinPayments as options for transacting cryptocurrency.
The most significant benefit of using Bitcoin with Shopify is the accessibility of native support. Shopify is the only platform on this list that allows you to accept Bitcoin payments without using plugins or third-party services.
The transaction cost is the disadvantage of this platform. You will be charged a transaction fee unless you utilize Shopify Payments.
The transaction fee is proportional to the cost of the sale and the overall value of the item you’re trying to sell. Compared to the modest transaction fees demanded by the other sites on our list, this amount might be rather large.
PrestaShop
PrestaShop is well-known for its ease of setup and configuration. It also has many Bitcoin-accepting modules.
This option allows you to try out different modules to discover the one that is suits your needs the best. Furthermore, some PrestaShop modules do not charge commissions or fees for Bitcoin transactions.
The absence of customer assistance while using Bitcoin with PrestaShop is a disadvantage. PrestaShop lacks customer support because it is open source.
Usage of Bitcoin and other Cryptocurrencies
The world is evolving at an incredible rate. The number of Bitcoin-accepting platforms is continually increasing. Bitcoin’s impact on payment in e-commerce platforms cannot be disproved, since it provides sellers, traders, and customers with unique benefits.
Thanks to the possibilities that cryptocurrencies bring to the table, millions of individuals will now be able to invest, send money across borders, save money, and establish a business.
Bitcoin has the potential to make payments more affordable, accessible, faster, and secure. But, like with any new technology, act with caution and awareness.
Conclusion
Concluding all of this, you can clearly see that the way we live life has changed drastically. And this is very much felt especially in the economic landscape, or more specifically in ecommerce.
We just need to accept this reality and do our best to create new and better ways to deal with the technology that we have today. One good example of that is through cryptocurrencies.