If you haven’t heard Bitcoin is a new digital and decentralized currency which is taking the internet by storm.
The cryptocurrency is used to pay for everything from airline tickets to exotic cars and homes. It’s popularity and consistent rise in price has led to more and more investment banks and other large investment firms to want in on the action.
Firms such as JP Morgan Chase and Goldman Sachs have already got their feet wet with patents on blockchain technology and even cryptocurrency investment apps. Now it’s important to point out that Bitcoin and other altcoins are not fiat currencies (government issued money) and as such are regulated much differently. The coin prices can be volatile and unpredictable and are considered to be speculatory at best.
Bitcoin will be the topic of this post since it is the most popular of all cryptocurrencies and the one with the most potential. Bitcoin has already shown massive uptaking in mainstream business.
From Dish Network to Expedia everyone is getting in on the Bitcoin market. As a Shopify store owner, you may be asking yourself why would I want to accept Bitcoin on my Shopify store for? Well, the answer is simple. Why wouldn’t you? With its ever increasing in popularity and demand, the price continues to rise. Let’s extrapolate the concept for a moment.
Let’s say you sell one pair of socks on your Shopify store for $6.38 or 0.0001 BTC Bitcoin. Now today that 0.0001 BTC could be cashed in for $6.38 USD. However, with the price going up and down seemingly overnight, it could easily be worth two to four times its current value.
The current market has Bitcoin listed at about $6400 USD at the time of writing this article. That’s a long stretch from the humble beginnings of just a few cents when Satoshi first launched Bitcoin and set the world on fire but that’s another post altogether.
Introducing Bitpay for Shopify
A new payment method for Bitcoin with full integration to the Shopify platform. If you have been asking yourself “how can I accept Bitcoin on Shopify” this is the answer to your prayers.
Equally, it could go the opposite direction on you as well but you have the option to hold it as BTC Bitcoin (as an investment) or convert it to fiat money (U.S. Dollars) and spend it as you please. As a young business just starting out on Shopify this gives you a method to invest some or all of your profits and then use the proceeds to grow and expand your operations.
Shopify offers Bitcoin integration and payment solutions through Bitpay. Bitpay is a simple payment gateway for Bitcoin much like PayPal is to fiat money. Bitpay will streamline your Bitcoin transactions on your store and allow your customers an additional checkout method to purchase from you with.
Bitpay even offers a debit card so you can easily use your funds for business purchases or pay bills. Below I have listed some of the main benefits to accepting bitcoin on Shopify and why a Shopify merchant would want to start accepting Bitcoin on Shopify.
- Bitcoin is new and hot and customers are more likely to shop with you if you accept it.
- Bitcoin is incredibly simple to start accepting in your Shopify store today (see more on Accepting Bitcoin on Shopify).
- Bitcoin will likely go up in price making it a good investment for long-term returns.
- Shopify fully supports Bitcoin as a checkout payment solution via Bitpay.
- Avoid costly transaction fees and large payments with Bitcoin on Shopify
- No chargebacks, making Bitcoin a much less risky payment format for larger transactions.
As Bitcoin grows in popularity you will see more merchants accepting it. Much like PayPal in the late 90’s was not widely accepted but is considered just as good as a credit card payment in today’s open markets.
Adopting this technology in your Shopify store can give you an advantage over competitors and future-proof your sales using new payment methods and formats.