Plugins to Incorporate Bitcoin Payment Method 

Do you want to accept bitcoin payments on your website? If yes, then you would need to establish a Bitcoin payment gateway. With the majority of people shopping online every day, incorporating the trusted and most popular form of payment to facilitate your website's conversion rate is a great idea!

In the past few years, Bitcoin has observed a surge regarding popularity. Even though there are different perceptions associated with the use of this cryptocurrency, sometimes it is called the currency of scammers and at other times, a currency being used for less honorable dealings. But then some people like to enjoy the idea of anonymity which this currency brings regarding online shopping.

Regardless of whether you agree with the notion of Bitcoin or not, you cannot ignore the fact that the user base of bitcoin has considerably grown in the past four years. Also, with the rise of online shopping trend, incorporating bitcoin as a payment mode on your website makes absolute sense.

Fortunately, when we talk about WordPress, the platform doesn't short regarding Bitcoin integration into a WordPress website. In fact, in this guide, we will not only discuss the plugins necessary to incorporate this modern payment mode into your WordPress site, but we will also be looking at the benefits and history of Bitcoin.


Bitcoin was introduced back in 2009 by Satoshi Nakamoto. However, the real identity of the creator of Bitcoin is still unknown, and the name mentioned above is just his pseudonym.The process which is used to get bitcoins is called mining bitcoins.

In this process, a computer, which is a part of a P2P network, resolves a particular mathematical task. Moreover, the number of bitcoins which can be created through the mining process has a limit imposed on it. As more bitcoins are being built, this mathematical task is getting harder progressively. As per the current estimates, the number of total bitcoins is restricted up to 21 million, however, as per the current exchange rate; the price of a single bitcoin has surged up to $8000.

The Advantages of Bitcoin.

No matter how much you relate the bitcoin with negative connotations, this cryptocurrency offers a viable mode of payment. While we cannot call it a mainstream currency, it does provide a great many benefits which make it an even more attractive option, for both online merchants and consumers.

For your understanding, following are the benefits associated with Bitcoin, which make it a more desirable payment mode.

  • Digital – Bitcoin is the digital currency or cryptocurrency that doesn't work under the supervision of a centralized network. To process its transactions, the money doesn't need any third-party banking entity. It is organized using blockchain and is entirely peer-to-peer. Fundamentally, blockchain can be called a ledger of sorts, keeping a somewhat anonymous and a secure transactions' record.
  • Secure – Unlike common currency and transactions made using credit cards, purchases or payments made using Bitcoin don't need to be supplemented with additional information such as the credit card number, name, address and any other sort of information. While bitcoin is linked to an individual, it does not require revealing any personal information while conducting transactions. This is an essential feature for people who are concerned about maintaining privacy and giving out sensitive information at the online checkout process.
  • Easy to use – There is a bitcoin wallet which stores bitcoins, and may be utilized on any platform accepting bitcoins. From consumers' point of view, they can be stress-free regardless of whether a credit card is acceptable at your store or not. However, as a business owner, you cannot fear the loss of clientele since you won't be accepting all the existing credit cards.
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    Low cost – In the majority of the cases, the transactions of bitcoin involve considerably flat processing fee, and in other cases, there may be no fee at all.
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    Instant availability – Unlike bank-to-bank transfer or credit cards, the funds of bitcoin are quite readily and instantly available, once the payment or transaction is completed.

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    Low risk of fraud – Each bitcoin has a hexadecimal code, which can be quite difficult to crack. This means that the wallets and transactions cannot be hacked effortlessly. Moreover, the sales are not reversible, and this further reduces the chances of fraudulent payments.
    Nonetheless, there are also some limitations of using bitcoin or maybe cryptocurrency as a whole.
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    Irreversible transactions – ​As stated earlier, once a bitcoin transaction is made, it's final. You cannot reverse it or request a refund. So, if your business is about customer satisfaction and requires repayments as a conventional process, then bitcoin might not worth the trouble.

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    No centralized governing body –There is no financial institution which would govern bitcoin, including any other bank for that matter. This indicates that bitcoin's value is dependent entirely on its users.
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    The volatile rate of exchange – Lastly, the value or price of bitcoin fluctuates frequently. This is because of the decentralized nature of the cryptocurrency. However, currently, a single bitcoin is valued at $8000, whereas just a year back, it hardly worth $454.

The reason to have a closer look at the benefits and limitations of the bitcoin is that you should not exclusively shift your payment method to Bitcoin. Instead, you can incorporate this payment mode in addition to your existing payment methods. This will help your clients in making the payments in an additional way for the services and products offered on your website.

Things You Need Before Accepting Bitcoin Payments

Before we dive into the world of plugins, let us have a look at a few things that you would need before incorporating this payment method. It's worth explaining that you need to have a bitcoin wallet to start accepting cryptocurrency. You may consider these bitcoin wallets as a digital bank account. Hence, when a transaction is made, the received bitcoins can be placed in the portfolio and later you can convert it into common currency if you like to do so.

The feasibility of conversion is the best benefit of a bitcoin wallet. Also, you may find countless providers that would offer you the facility of converting it into your regular currency as per your discretion. Otherwise, you can also use the wallet to transfer bitcoin to various people or may carry out your transactions.

Here are some of the most popular bitcoin wallets for you to consider.
  • Coinbase - This is one of the great options to go with if you prefer tending to store and transact cryptocurrencies in a digital wallet. This wallet does not only support bitcoin, but you may also use it to buy, sell or save other cryptocurrencies such as Ethereum and LiteCoin. While Coinbase is one of the best bitcoin saving solutions, it is also a viable option to consider.
  • Airbitz - Airbitz enables you to store or trade your bitcoins just like Coinbase. However, it offers exceptional privacy and security and prides itself on that. It supports the NFC and Bluetooth payments and enables you to manage the wallet using a mobile device. The amounts in bitcoins are easily converted into the regular currency. Also, the mobile app holds a handy calculator, enabling you to track the value of bitcoin and to know what exact value you will be getting.
  • CoPay - This is an excellent choice if you wish to keep multiple bitcoin wallets. It enables you to hold both the personal and business portfolio, and you may also share your purse with coworkers or family by setting up a test wallet for yourself.

Significant Plugins to Incorporate Bitcoin Payment on a WordPress Website
Until now, bitcoin is not as widely acceptable currency as credit cards, Stripe or PayPal. Indeed, if you want to incorporate this into your WordPress website, then you can have access to many plugins that enable its integration as one of the payment methods.

Here is a list of plugins which you might want to start accepting bitcoin as a payment option.

This is one of the premium plugins which only works with digital products. Considering other payment gateways such as Stripe, PayPal, Skrill, etc., it uses BitPay portal to allow you to accept bitcoins. The plugin offers a ‘paybox' in which customers may choose BitPay as one of their payment gateways and eventually submit their existing email address. Once the transaction is made, the digital product will be linked to the customers, instantly.

Pros
  • Provide support for various payment gateways
  • Usable for donations including customer can set their price
  • You can place an expiring time for the download links and after a certain period.
Cons
  • Applicable only for digital products

Price: You can avail this plugin from CodeCanyon in just $20.

  This is another plugin for WordPress which is geared to people who are only selling digital products. In the official respiratory, the core plugin is easily accessible. However, the feature of accepting bitcoin using BitPay is a paid extension.

Pros
  • A complete system that allows selling of digital products
  • Easy to setup
  • Various extensions are available to integrate EDD along with accounting software, or email list.
Cons
  • Bitcoin extension is offered as a paid option
  • Available only for digital products

Price: This is a free plugin. However, Bitcoin extension is accessible – for a single site license – in just $89.

If you want to monetize your WordPress site through membership sites or paid content, then this plugin is an excellent option for you to consider. It enables you to start accepting payments in numerous cryptocurrencies and that too without any particular fees, giving you the ability to set own prices for like more than hundred currencies. Also, it enables you to accept payment in variously supported cryptocurrency, if you sell physical products.

Pros​​​
  • No transaction or monthly fees
  • Support various cryptocurrencies, in more than hundred local currencies
  • Works with physical as well as digital products
  • It can be integrated as a separate add-on with WooCommerce
  • Without using third-party gateways, it offers direct integration with your WordPress site
Cons
  • To obtain public-security keys, you will require the registration with a 3rd party site.

Price: You can get this plugin easily from the official repository and for free.

  In case you run a store (online) powered by WooCommerce, you must consider the plugin called Mollie Payments for WooCommerce. It enables the integration of various payment methods just by the installation of the single plugin instead of several extensions. Also, the plugin allows you to accept bank transfers, credit cards, and majorly Bitcoin as one of your payment methods.

Pros
  • Combine a variety of extension options as one stable plugin
  • The payout periods are configurable, helping you in choosing monthly, weekly or daily payout schedule
  • Excessive support regarding WooCommerce subscriptions so that you may accept payments which are recurring
Cons
  • Need third-party site sign up
  • Every transaction charges a processing fee, but this can be variable depending on methods of payments and the country of currency

Price: You can get this plugin easily from the official repository and for free.

wooCommerce strip

 
This plugin is getting popular, and many people in business give preference to this plugin over PayPal. Stripe for WooCommerce helps in enabling additional payments for instance Bitcoin in your store.

Pros
  • Customization options
  • Basic conversion features regarding currency
  • Provide support for Bitcoin, Apple Pay as well as credit cards
Cons
  • Apple Pay comes as a paid feature

Price: The plugin is accessible as free and enables you to receive Bitcoin payments. If you also want to have Apple Pay, you would need to get the plugins premium version in just $59 as a single site license.

 This particular extension is a simple no-frills solution regarding accepting digital currency on your site.

 Payments which are received from various customers are instantly converted into regular currency, and with that, you may receive the payouts in U.S. Dollars and Euros, immediately into PayPal or bank account.

coingate
Pros
  • Easy setup
  • Support more than 30 digital currencies
Cons
  • Only accepts digital coins

Price: The plugin has no charge or fees

WooCommerce Bitcoin Payments

 This plugin integrates your online store with a Bitcoin wallet. Hence once a transaction is made, you and your buyer are notified of it, instantly, and with that, you can also specify your personal/own exchange rate.

Pros
  • Support for digital downloadable and physical products
  • No fees for transactions
  • You may add bitcoin payment feature with any other main currency
Cons
  • You may add bitcoin payment feature with any other main currency

Price: The plugin is offered free and accessible from the official repository.

 
Lastly, the Bioeconomics Bitcoin Payments works as a standalone plugin, allowing you to receive Bitcoin payments on your WordPress site. It gives support to all vital Bitcoin wallet providers, and you may use the plugin without having the requirement of an e-Commerce plugin such as WooCommerce.

Pros
  • Payments are directly received in your bitcoin wallet
  • Supports all significant wallets (HD) such as blockchain.info, trezor, mycelium
  • No documentation required, neither any approval for an API key
  • Support for all essential flat currencies
Cons
  • Set up may seem little confusing for beginners

Price: This plugin is offered free of charge.

Wrapping up

Using bitcoin as one of the payment methods on your WordPress website is an excellent option for many reasons. Considering the somewhat anonymous nature, this payment method is perfect for people who are cautious about disclosing personal information and reluctant to use these platforms to avoid providing sensitive information. Similarly, merchants can reduce the chances of fraudulent payments.

So, thanks to all of the above-discussed plugins that allow easy integration of bitcoin as an additional payment method on your site, you can offer your customers the payment method that is most suitable for them. In return, this establishes their trust in your website and goes a long way in turning them into your loyal customers.

Regardless of which of the above-discussed plugins you use, you are definite to have an add-on for your website, which will impact your conversion rate positively by bringing in more traffic. So, if you are searching for a simple solution and selling only digital products, consider Easy Digital Downloads or Digital Paybox plugin. Otherwise, if you need a solution that would work along with your current WooCommerce store, including acceptance of bitcoins for both physical and digital products then go with plugins like CoinGate for WooCommerce or Mollie Payments.


July 3, 2018

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