Shopify allows merchants to accept bitcoin payments, how does this benefit brands?

What is Bitcoin?

Bitcoin is the first virtual currency (also known as cryptocurrency) to be launched, and it is currently the number one virtual currency by market value.

This virtual currency is not issued by central banks or government agencies.
It can only be traded, transferred, and stored by electronic (network) methods. It is just a string of codes and has no entity.
Bitcoin Using blockchain technology to record transaction data, each data has the characteristics of high security and anonymity, and it is not easy to tamper with the data.

In 2013, Shopify announced the addition of Bitcoin payment options for e-commerce merchants because it was new and not yet widely used for merchants and customers.

But in 2021, the emergence of NFT has greatly changed the ecology of the blockchain. Bitcoin has come out of the world of digital storage, and through NFT as the purchase certification of paintings, sounds, videos, and games, the liquidity of Canadian currency Greatly improved, such as Shiyuan Salted Crispy Chicken's NFT, Huang Mingzhi sold his songs on the NFT platform, and sold out within 3 hours! Wake up to become rich and earn 25 million

Let's see what the advantages and innovations are in the e-commerce industry with the advent of Bitcoin.

  1. New, limitless horizons have opened
    Ready or not, your database of customer information will grow even bigger with Bitcoin. The number of people starting to use Bitcoin is increasing every day. Over 200,000 transactions happen every day, and this is just the beginning. By adding the Shopify Bitcoin payment option to your online store, you can attract the attention of a large number of potential customers. Also, since Bitcoin is the hottest trend right now, you can’t help but put your business in the light of its popularity. So why not use it?
  2. Transaction fee minimization
    Financial institutions have no impact on Bitcoin. The retailer and the buyer are two sides of the transaction, with no one in between. No other party has access to your funds, and no one can charge anything for their services. You don't have to work with a bank. You don't have to wait for a transaction to happen. These factors give you more time and money to grow your store.
  3. No more refunds
    Irreversibility of transactions is one of the most useful Bitcoin features in an online business. Once the transaction is confirmed, it cannot be retrieved without the consent of the other party. In the age of fraud, this assurance of successful cooperation is very important. It allows you to save on chargeback costs and only build strong and reliable trading relationships. These are the main reasons that make Bitcoin so popular and actually useful for the e-commerce payment process.

How to set it up in your Shopify ecommerce site?

Taking the most common coinbase as an example, the three steps are summarized as follows:

  1. Register Coinbase Commerce Account
  2. Add API Key to account
  3. Add Coinbase Commerce API key to Shopify

1. Sign up for a Coinbase Commerce account

Sign up for a Coinbase Commerce account and follow the instructions to get started. After verifying your email address, adding 2-step verification, and securely storing your mnemonic phrase, you can start accepting cryptocurrency payments.

2. Add API Key to the account

First, navigate to Settings

which can be accessed using the left navigation menu

page: In Settings you will find the API Keys section. Click [Create an API Key] (Create an API Key) to create a new API key that will be used to connect your Shopify store to your Coinbase Commerce account:

Click [Reveal] to see the API Key, but please do not export this key, because this key will allow the code to access your account.

3. Add the Coinbase Commerce API key to Shopify

Click [Settings] in the lower left corner of the Shopify admin, and then select Payment / Payment providers.

Select Coinbase Commerce under Alternative payments

Enter the email address for your Coinbase Commerce account in the Email field, copy and paste the API key you created earlier in Coinbase Commerce in the API Key field

That's it, now your customers can checkout and pay with Bitcoin, DAI, Ethereum, Litecoin, Dogecoin or USDT

How do cryptocurrency payments affect your business?

Bertie Ocampo, Chief Marketing Officer, Asia Pacific, Shopify explains for us

People want to latch onto something more secure. A lot of people are trading crypto now and people are using it in their ecommerce payments,” Bertie says.

More and more people are doing virtual currency transactions, and people are starting to use them for e-commerce consumption. Bertie said:“For example, if I want to send money back to my parents in the Philippines, I have to transfer the money to them through multiple channels. With encryption, I can send the money directly To my parents, I don't have to go through any third-party provider that I don't necessarily trust."

Organize with cryptocurrencies

  • Work with knowledgeable, trusted advisors to help your business deal with cryptocurrencies.
  • Learn more about cryptocurrency and how it can affect your business before using it.
  • When embedding cryptocurrency in your business, make it as easy as possible for customers to transact.
  • Enabling cryptocurrency in your business is easier than you might think.
  • Cryptocurrencies eliminate the need for third-party banks, making transactions easier.

For more cryptocurrency transactions, please write to contact@ubsogroup.com

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