Ep 26 – How To Use Bitcoin And Cryptocurrencies On Your Site
Ever heard of Crypto? On this episode of the podcast, I talk about how you can begin to use cryptocurrencies on your website.
Bitcoin was invented about 8 years ago and it is gaining much ground in its use around the world. About 4.8 million Americans use bitcoin. Developers have gone on and created plugins for you to integrate bitcoin on your WordPress website.
So, What Is Bitcoin?
Bitcoin is a type of cryptocurrency and digital payment system that works without a central repository or administrator – meaning no banks. It was invented by an unknown developer using the alias Satoshi Nakamoto and released as open source software in 2009.
The system is peer-to-peer and transactions take place directly between users without any intermediary. For example, when you transfer money digitally to another person, you usually do it via bank transfer. Bitcoin removes the need for a bank.
All Bitcoin transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
How To Acquire Bitcoin?
There are three ways to acquire bitcoin
- Buy on an Exchange. There are marketplaces known as Bitcoin exchanges where you can buy or sell Bitcoins using different currencies.
- Transfers. People can send Bitcoins to each other using their computers or other devices, much like how you would when making a bank transfer.
- Mining. People compete to “mine” Bitcoins using computers to solve complex math puzzles. This is how Bitcoins are created.
Bitcoins are stored in a “digital wallet,” which exists either on your computer or in the cloud. You can send or receive Bitcoins, pay for goods or simply store your money using your wallet.
There are many reasons why you might want to use Bitcoin over other forms of currency:
1. It’s decentralized
Because the currency is decentralized, you own it. There’s no central authority, bank, or middleman that can take it away.
2. It’s fast
When you make a bank transfer, the money is usually held for a period of time to ensure the funds are really available. The same goes for international wire transfers. Bitcoin transactions, however, are much faster. Transactions can be instantaneous if they are “zero confirmation” transactions. This means the seller takes on the risk of accepting a transaction that hasn’t yet been confirmed by the Bitcoin blockchain. Or, the transaction can be confirmed in around 10 minutes – much faster than any bank transfer.
3. It’s cheap
PayPal and many banks charge some kind of fee for transfers and payments. Bitcoin transaction fees are minimal, and often non-existent.
4. It’s fraud-free
Once you’ve sent someone Bitcoins, they’re gone and you can’t get them back without the recipient’s consent. This makes it difficult to commit the kind of fraud associated with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing and cancelling the transaction.
5. It’s secure
When you made payments online, you usually have to enter personal information, such as your name, credit card number, expiry date and CSV, which isn’t 100% safe and secure. While Bitcoin needs to be linked to an individual in order for them to make a payment, unlike with credit card and banking payments, you don’t need to hand over any personal information.
Cool Ways to Use Bitcoin and Other Digital Currencies with WordPress
After searching for “bitcoin” in our CodeCanyon, I found cool ways to integrate Bitcoin into your existing WordPress website.
Bitcoin for WooCommerce is a simple payment gateway for WooCommerce that allows stores to provide a Bitcoin payment option for customers. It generates a configurable QR code at checkout and ensure incoming payments are received. It features a built-in exchange rates function so customers can automatically calculate their order total in Bitcoin.
Digital Paybox – WordPress Plugin lets you distribute files through payments. Once set up on your site, people can decide how much to pay and what payment gateway they want to use (PayPal, Authorize.net, Bitcoin via BitPay), but you can set the minimum limit of payments, or even set a fixed amount for each file separately.
Bitcoin Donate – A WordPress Plugin lets you accept Bitcoin donations on your website. The plugin is easy to configure and includes widgets and shortcodes you can use to display information on your site to visitors. You can create unlimited donation requests and display a full list of donations received.
Now here’s a fun one: with the Cryptocurrency Price Prediction Game for WordPress, you can bet on major cryptocurrencies like Bitcoin, Ether, Litecoin and Monero and see how their prices fluctuate with the market in the short term.
If you’d prefer to skip the game and start trading seriously, check out CryptoTrade – Bitcoin Investment Platform. The script provides a platform for investing Bitcoins and features all the element you need to run an investment website, including a secure user dashboard and anti-fraud registration.
Let me know how you plan to use Bitcoin in the comments.