With talk and speculation about cryptocurrencies growing like never before, it’s hard to resist making future predictions about how eCommerce will be affected. Cryptocurrencies like bitcoin are well suited for spending money on the internet with fast transactions and low fees.
So crypto payments are something worth considering for online merchants. The good news is that Magento 2 already has a couple of great modules that can be implemented into online stores of varying size.
Entering the new era
Bitcoins will definitely bring changes to online stores and their merchants. As the amount of bitcoin owners and users continues to grow, so too will the demand to pay with bitcoins grow. In fact, in the beginning of 2017 bitcoin conquered the $3000 mark despite the 20% crash and it will be at $10000 in three years according to CoinTelegraph. So let’s take a look at the Bitcoin gateways for Magento 2.
CoinGate plugin for Magento 2
CoinGate is a Bitcoin payment processor that allows the use of peer-to-peer blockchain technology without a central authority or banks. Magento 2 merchants can receive payments in euros, US dollars or Bitcoins. In the Magento Marketplace you can find a free CoinGate module integration for Magento 2 stores, although it charges 1,3% from each payment.
When an online store customer chooses the Bitcoin payment option, CoinGate generates an invoice with a price converted to bitcoins according to real-time calculations by comparing prices in several of the biggest bitcoin exchanges and other sources. The customer can choose to complete payment from his Bitcoin wallet on a smartphone, by scanning a QR code, or by using the wallet on their computer.
Since Magento 2 is the leading eCommerce platform, there are several plugins for cryptocurrency transactions that can be found online:
- BitPay on Github
- CoinPayments and ShapeShift by Firebear studio
- Magento 2 Coinbase Extension on GitHub
- Bitcoin Direct Payment Method for Magento 2 by Karliuka Vitalii
All the plugins above have the same main feature – to make your e-shop bitcoin friendly. But you should definitely choose the one which fits your needs best. The truth is that this is the future of eCommerce and it’s the perfect time for you to become competitive in your niche of market.
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