Since its very humble beginnings in December of 2017, when it skyrocketed to a price of $20,000, Bitcoin (BTC) has been a subject of interest for individuals and businesses alike.
In contrast to the negative effect the pandemic had on our economy in 2020, Bitcoin hit a new all-time high with an increase of over 200% in its price. And the most surprising thing is that it has been breaking record after record ever since, reaching $60,000 at the beginning of March this year.
The reason for this significant change lies in the fact that people and institutions see digital currency as a hedging asset against inflation, now that governments worldwide have passed trillions of dollars as a fiscal stimulus to ease the economic damage done by the coronavirus pandemic.
These days, some analysts and investors still fear that this trend might prove to be a market bubble, while others predict it to be a permanent shift as more and more institutional investors join the Bitcoin bandwagon. Nevertheless, we have yet to see how all this will pan out.
To get back to our question, all crypto enthusiasts out there will be happy to know that Shopify supports cryptocurrency payments, including Bitcoin, Ethereum, Litecoin, and other 300+ digital currencies.
Your customers can use cryptocurrency for local and international transactions while enjoying low processing fees, no chargebacks and instant payment conversions to any fiat currency.
How Can You Accept Cryptocurrency Payments With Shopify?
To accept cryptocurrencies from your customers, you must enable an alternative payment method listed on your Shopify admin’s Payment providers page.
You’ll first have to choose which payment gateway you want to use:
Coinbase is one of the most popular and trustworthy bitcoin exchanges in the world. While they don’t charge any fees for using their platform, merchants must pay a network fee to cryptocurrency miners whenever they withdraw funds. The cryptocurrencies they currently support are Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, and USD Coin.
BitPay is an easy-to-use payment gateway that provides merchants with unlimited monthly transactions while charging a processing fee of only 1%. They support payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), 4 USD-pegged stablecoins (GUSD, USDC, PAX, and BUSD), and Ripple (XRP).
GoCoin is popular amongst developers worldwide as it offers a simple and straightforward API for them to use. This cryptocurrency payment gateway charges a flat 1% fee on all transactions and supports payments in Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum, and EOS.
CoinPayments has one of the lowest transaction fees on this list, only 0.5%. Also, they allow merchants to accept payments in over a hundred cryptocurrencies.
When it comes to Shopify, we know all the ins and outs. Have a question or need some help setting up your store? Our trusted specialists are just one click away.