A lot has been said about the future of Bitcoin. But what goes amiss is the existing market condition and the way the crypto-currency has been performing in it.
Bitcoin has remained steady even after a downfall from its high market position in 2013. Today, PayPal has accepted partnerships from companies which also allow Bitcoin payments on their portals. So, if PayPal is giving acceptance and importance to the brand, there is definitely some promise in it that critics fail to notice. Crypto-currency does have the potential to become the currency of the future. And if users are to be believed, then Bitcoin transactions are getting more and more accepted across various counters these days.
Primarily in use in the US, Bitcoin has entered eCommerce big time after the announcement by PayPal that it will partner with vendors that allow Bitcoin payments. Today, small businesses realize that by tapping on the popularity of this currency, they can easily attract a lesser known section of the market, namely, the Bitcoin lovers. Here are few practical tips t help you understand the process by which Bitcoin can be integrated in ecommerce of your site.
- Like in the case of other currencies, Bitcoin transactions across sites are pretty smooth and can be set up using the instructions from their official website. You can also set up a BitEscrow if you like to offer your customers the option of paying in advance or in installments. There is also the option of having the full copy of the crypto-currency on your website, which will allow users to order on your site without the use of any payment processing software. Make sure your site is highly secure to facilitate such an arrangement.
- Using sturdy third party interfaces is a great way to authenticate the processes on your site and make a professional impact on customers. Among services that you can use, Coinbase, Bitpay and Coinpayments are the most common ones. You can use more than one of these interfaces on your site payment options, allowing the buyer to choose the interface that he trusts the most.
- Ensure that you get to cash out in the currency that you desire. You may want to have it cashed out in US dollars or want it in Euros. The Netotrade mobile trader indicates that the Bitcoin is at 227.30 USD. While this is a steady number, we know that the main decision lies with you. Make sure the settings you have on the backend are also visible to online customers, so that they can make the most of the forex rates while timing the transaction. Not that you need to show them currencies you prefer, but this makes your website looks more user friendly sending friendly suggestions across the transaction platform and helping them save money.
- There have been reports of online hacking of the Bitcoin wallets on Coinbase. While the issue seems to have been resolved and the platform is quite a safe payment processor, using enough security to seal your website’s Bitcoin pathway is highly recommended. The solution comes in the form of a Bitcoin-Armory daemon that can be created and uploaded to your server. The daemon is to be programmed to give out singular public keys online, everytime there is a transaction request. The Armory cold wallet, along with the signing service must be set up in a remote computer or laptop that has internet access but is kept offline and can be locked up.
NetoTrade predicts that the basis of trading in Bitcoin is strong enough to give it a good foothold in future ecommerce. So are you ready to take the challenge and get futuristic in your investments? Shoot your thoughts in the comments below.