Shopify eCommerce platform gives its inhabitants a large number of useful options to get more revenues. In recent years, the world was gripped by the idea of digital currency, and Shopify provides its users with online payment solutions connected with cryptocurrency.
The definition of cryptocurrency is quite simple: any cryptocurrency consists of digital financial units that can be sold or exchanged between users according to current rates. Today there are 300+ different cryptocurrencies, the most popular being Bitcoin, Ethereum, Litecoin, etc.
Many people are skeptical that Bitcoin or any other cryptocurrency is the best online payment, because this type of currency is still new and unexplored, but today one can say for sure that cryptocurrency has become one of the world’s leading currencies. That is why it would be a good idea for eCommerce sellers to give their customers the option to pay for their orders with cryptocurrency.
What Shopify alternative payments are and how to implement them
Shopify platform offers its users alternative online payment solutions: merchants can add cryptocurrency payment gateways to their admin without complicated coding. To accept cryptocurrency, you should pick one of the payment providers listed in the admin. Note that you will still be charged fees for each transaction, although you can activate Shopify payments to avoid this.
As soon as you’ve chosen the payment provider and added cryptocurrency as a payment method to your store, you need to inform your customers about the fact that they can now pay with cryptocurrency. The best way to do this is to show prices in cryptocurrency as well; you can find apps in the Shopify app store that display prices in cryptocurrency and convert them between various digital currencies in just a click. Email notifications and campaigns will be very helpful as well.
The advantages of using cryptocurrency in online stores
Before listing the clear benefits of using cryptocurrency in an online store, we would like to warn you that data security is the most important aspect: with the immense growth of awareness of cryptocurrency, there are now a lot of scammers. To avoid financial losses, make sure that your devices are secured and free of spyware, and that no one except you knows your secret key.
A lot of people are still not really aware of what cryptocurrency is and how it can be used. As we have mentioned before, you can define cryptocurrency as a form of digital currency, the units of which are sold, exchanged or used as a form of payment. Cryptography is used to ensure the security of operations on digital assets. The transactions are confirmed by miners; the blockchain technology makes them irreversible and secure.
There are advantages of becoming a Bitcoin store for both sellers and buyers. Let’s list the most prominent ones:
Cryptocurrency transactions are anonymous and can’t be traced, unless a user reveals them to the public themselves.
- The absence of third-party influence
The p2p concept of cryptocurrency transactions excludes possible interference by government, or anyone else, with your payments.
- No taxes or chargebacks
Since no third-party members participate in the transactions, there are no taxes; the absence of chargebacks is predetermined by the mechanism of cryptocurrency.
- Low transaction fees
There are fees for each purchase if you accept cryptocurrency on an online store, but they are much smaller compared to those for fiat currencies.
You can use cryptocurrency for local or international payments – there are no borders for digital currencies, which gives sellers opportunities to enter global markets.
The world’s top cryptocurrencies
Since May 2018, Shopify has been accepting 300+ types of cryptocurrency, which, as we have already seen, can be easily implemented into any web store. The list of all cryptocurrencies is huge (more than 1500) and hardly easy to memorize. Let’s figure out which digital currencies are the most popular today.
When it comes to discussing digital currencies, Bitcoin is the first one that comes in mind. The peak of its popularity was in 2017, when a single Bitcoin cost almost $6000. This type of cryptocurrency is considered to be the most accessible, secure and widespread, which makes Bitcoin the leader of digital currencies.
Being one of the so-called “altcoins” that are claimed to be a better alternative to Bitcoin, Ethereum has become popular among miners. The platform has already been appreciated by giant banks and corporations, along with individual enthusiasts all around the world, who believe that cryptocurrency will soon replace fiat currencies. Still, experts often say that Ethereum is weaker in its security than Bitcoin.
A list of the top digital currencies usually includes other digital tokens like Litecoin, Monero, Zcash, Dash, Ripple, Neo and others. New currencies continue to appear, and you never know which one will turn out to be the leader tomorrow.
Stores that accept Bitcoin
The question “What can I pay for with Bitcoin?” is quite common among the proud owners of these cryptocurrency units. This may be surprising, but the number of stores and services where you can shop with Bitcoin is already pretty large.
Online stores that accept Bitcoin usually support ordinary currencies as well. Shopify web store owners, for instance, can add any digital currencies to their store and its gateway won’t interfere with the other payment methods. Let’s discover which major stores accept Bitcoin right now.
The greatest corporation that accepts Bitcoin is probably Microsoft. Being a leading and innovative company, Microsoft couldn’t stay away from cryptocurrency. Although the number of operations that can be paid for with Bitcoin currently is strictly limited, the corporation considers this currency to be the best alternative to fiat currencies.
Overstock has gone even further, accepting not only Bitcoin but other types of cryptocurrency as well. The company willingly supports the concept of cryptocurrency and is planning to invest in it next year. At Amazon, one of Overstock’s major competitors, you can also shop with Bitcoin using Purse.io – a specific platform where Bitcoin can be exchanged for Amazon credits.
Newegg has also recently begun accepting cryptocurrency for their products. Their wide range of quality goods enables cryptocurrency holders to buy any hardware they need.
Apart from the ability to shop for global things, you can use Bitcoin in your regular everyday shopping. Travelers can already use cryptocurrency to pay on Expedia and Cheap Air. Large platforms like Overstock allow you to pick and buy various kinds of household goods, beauty items, and much, much more. Gamers can enjoy Steam purchases paid for with Bitcoin, and Wikipedia lovers can donate to their favorite encyclopedia using this digital currency.
Subway and Canada KFC have become the first restaurant chains to accept Bitcoin, but this number may soon grow.
Cryptocurrency caught the public’s attention the moment it appeared. Some believe it is the future, others claim it will soon turn into a bursting bubble, and others just have no idea what’s it all about and thus view the whole idea with suspicion. Numbers, however, prove that Bitcoin and other cryptocurrency types are viable and secure alternatives to other currency types. Shopify has made a large step towards the future by starting to accept cryptocurrencies on its platforms. Today, any of their webstore owners can easily add cryptocurrency to their sites and accept payments on favorable terms.
Whether we like it or not, digital assets will continue to expand and more customers will prefer paying for their orders with them. To meet the demand and be innovative, try adding any of the Payment Providers to your Shopify admin and make shopping on your store more convenient for purchasers.