Apr 17, 2020 13:14 UTC
Apr 17, 2020 at 13:14 UTC
How to Enable Online Payment for Products, Services or Donations Through Bitcoin?
For some very strange reason, during all these years of talking about Bitcoin, only a handful of authors tried to describe one of the most important features of this cryptocurrency – and that is the ability to pay and collect online, even in countries that aren’t economically advanced.
In this article, you’ll get brief and specific tips on how to add online billing options to your website for the purpose of selling products or services (completely legally), but also to introduce an online donation system for your project, including the ability to fund online media through donation.
Bitcoin trading platforms have their own ways of operating, while you’ll read more about Bitcoin itself and how it can be legally used as a payment and billing method on some other occasion. What’s certainly worth noting is that Bitcoin appears as a kind of cash, ie. type of cash payment, in legal payment transactions.
How to Own and Store Bitcoin?
The so-called Electronic Wallets (e-Wallets) are a way of handling electronic money, so in the case of Bitcoin, there’s also a large number of free and commercial software solutions for handling this virtual currency. Our recommendation is that you create a free Bitcoin Wallet account at the famous blockchain.com service, which is easy. You can then research and find any other e-Wallet solutions for Bitcoin.
How to Enable Online Payment?
In the case of e-commerce, you need to research existing solutions for adding online billing via Bitcoin, but it’s important to note that many of the existing solutions are tied to specific e-Wallet systems.
With blockchain.com e-wallet solutions, you can use their API directly (if you have programming resources), or take advantage of any existing solutions, such as the Bitcoin Payment Gateway, or e.g. WooCommerce solution (WordPress) Bitcoin Payments for WooCommerce.
When selling individual products, services or donations, the simplest solutions are to link an existing image or created image to your Bitcoin account (you get a payment address in your chosen e-Wallet solution). You automatically or manually upload an image or a button to your desired website pages, allowing you to make online payments through Bitcoin.
There are several ready-made solutions with a button for payment via Bitcoin. Some solutions have a generated QR code through which you pay via mobile phone in Bitcoin currency, such as a very simple WordPress plugin Bitcoin Donate Button.
Payment via Bitcoin
Whether or not there’s a QR code that’s scanned, basically, a Bitcoin address (such as “1Mr9caeuofUL3ZCksED1dS1R2KKLr8kRgE”) is typed into the e-wallet for payment (Send Money). You can see this address below the thumbnail of the donation button. In addition to this address, enter the amount of e-money (Bitcoin) that’s to be paid to the other party.
It’s important to know that 1 Bitcoin (BTC) is shown in the hundreds of US dollars, and e-wallet assets are usually converted from Bitcoin to US dollars (regardless of the final transaction in Bitcoins), so it’s good to calculate a few times how much Bitcoin you exactly need to send.
Given that Bitcoin is basically an anonymous payment system, such as cash payment, this payment system is recorded as cash payment in legal payment.
How to Buy or Exchange Bitcoin?
There’s a large number of Bitcoin exchange offices on the Internet, but it’s a good idea to check the validity of such exchange offices because a lot of suspicious activities are happening on the World Wide Web. Proven currency exchange offices exchange Bitcoin into national currencies and vice versa for commissions, which are typically up to 3%.
You can enable Bitcoin online payment on your website already today! Whether you sell products or services online or need donations for your NGO project, media funding, or for cultural funding – Bitcoin billing can certainly be one way to make an online payment.
Of course, it’s necessary to educate your users, customers or readers if they haven’t yet used Bitcoin but, as time goes on, more and more people, even in most underdeveloped parts of the world, will use such e-currencies for payment.