With over 100 million cryptocurrency owners globally and 22% of Americans owning Bitcoin, it’s an enormous asset to include Bitcoin and cryptocurrency purchasing as a feature on eCommerce sites. However, with Shopify standing out as one of the most prominent eCommerce platforms, merchants may have several questions about accepting Bitcoin on Shopify sites.
Due to occasionally being shrouded in mystery and confusing terms, some merchants may be wary of accepting Bitcoin, especially in a more hands-off manner that eCommerce mandates.
Luckily, accepting Bitcoin on Shopify is not only easy but highly beneficial. Here is everything you need to know about accepting Bitcoin on Shopify sites.
Look no further than Bitcoin processors if you don’t want to worry about crypto volatility, trading, or capital gains tax. Bitcoin processors allow you to accept Bitcoin on your Shopify website and have it immediately converted to cash into your account. A great example of this is PayPal, which has a cryptoprocessor option that can be integrated into your Shopify store.
These processors essentially accept cryptocurrency and place the accorded amount of USD or selected currency into your account.
Crypto Payment Gateways
Suppose you look for more diverse sales and acceptance opportunities regarding accepting Bitcoin on Shopify sites. In that case, several crypto payment gateways easily integrate with the Shopify eCommerce platform.
These payment gateways work because they assume the risk of hosting the cryptocurrency transaction, perform blockchain verification, supply you with widgets and tools for your eCommerce page, and supply opportunities for trading, wallet diversification, and currency conversion.
Among those already integrated with Shopify are:
Each of these platforms can be integrated into your Shopify eCommerce page with a few simple clicks and will allow you to do anything from accepting Bitcoin directly, converting Bitcoin to cash immediately, or having a Bitcoin wallet that will enable you to trade convert as you please.
Bitcoin isn’t the Only Cryptocurrency.
Due to its popularity and early beginnings, it is common for many to use the words “Bitcoin” and “cryptocurrency” interchangeably. However, while all Bitcoin is a cryptocurrency, not all cryptocurrency is Bitcoin. Over 1,000 different cryptocurrencies are being mined and minted today, each with different values and different pools of investors.
While Bitcoin is a great cryptocurrency to offer purchasing opportunities, many cryptocurrency investors and users own a diverse portfolio of cryptocurrencies, ranging from Bitcoin to Ether, Litecoin, and any other coins.
Most crypto coin processors and payment gateways offer support for many cryptocurrencies and will even allow for new currencies to be added quickly. This can vastly increase your website’s crypto coin purchasing opportunities and increase your crypto-willing consumer base.
Coin Value and Your Product
While you can always keep your product or products at the same cash value about Bitcoin, closely tying your product to a cryptocurrency can affect the currency’s value. While Bitcoin is currently reasonably difficult to influence drastically, how much of it has been minted and mined, allowing for new currencies to be used on your Shopify site can enable new coins to gain value in association with their relationship with your product.
While this does not necessarily move mountains for your eCommerce business, it is interesting to be aware of when accepting cryptocurrency offerings.
What Else do I Need to Know About Accepting Bitcoin?
Accepting Bitcoin on Shopify sites can do very little to hurt your business. Especially if you utilize a Bitcoin processor, you will continue to receive income just as though you were selling direct to consumers through cash, credit, or debit.
While receiving coins directly can lead to volatility in profit, it opens opportunities for impressive gains.
Overall, how you take advantage of accepting Bitcoin on Shopify sites is up to you. You can take a safe and secure route that opens up your consumers’ opportunities or take more risks for potentially more significant payouts.
Research the risks and rewards, and make the best decision for you.