Accept Bitcoin on your Magento 2 store

We are riding the bitcoin wave here at Big Eye Deers, regularly checking the price and seeing what altcoins we should be looking to buy next! Whether it’s for a bit of personal gain or the possibility of an easier future when we eventually move over to cryptocurrencies, we believe it’s a good idea to have some stored away.

So, what is Bitcoin?

Bitcoin is a peer to peer cryptocurrency, created in 2009 by a “Satoshi Nakamoto” who may be a group of people or just a single person, that uses electricity as a guarantor to validate transactions from person to person. In more basic terms, transactions are made without middlemen, meaning everyone is their own personal bank. In addition, Bitcoins aren’t tied to any country or subject to regulation, meaning it’s easier to buy internationally.

Already, there are a growing number of outlets accepting Bitcoin as a form of currency. Expedia and Xbox have been among the first major retailers to accept Bitcoin as a payment option, there are Bitcoin ATM’s beginning to appear too. Small businesses may also like Bitcoin because there are no credit card fees.

How does it affect me?

It is said that cryptocurrencies are the future of the world’s economy. Similar to sending cash digitally via online bank transfers, Bitcoins are stored in a digital “Wallet” and can be bought or transferred using a computer or apps.

There are many types of wallets available such as basic software wallets like Bread. Higher security wallets known as hardware wallets such as Trezor or Ledger, with even more secure wallets being known as “Cold Storage” as they have no access to the internet in anyway.

By offering Bitcoin as a payment option on your online store, it could open your business up to some great opportunities and showcase your trade as evolving. It is important to remain reactive to the market and online community to stay relevant. Remember, people were scared of the internet too when it just started, so try to keep an open mind.

Adding Bitcoin to Magento 2

Through the use of the most renowned exchange Coinbase, it will be easy to accept payments in Bitcoin, Litecoin and Ethereum (other altcoins with growing engagement).

Coinbase is the leading exchange and is the world’s most popular platform. Security with exchanges can often be a concern, in 2016 Bitfinex was hacked and millions of Bitcoins were stolen, however, Coinbase has an insurance policy that if they were to suffer an online breach of its online storage, the insurance policy would pay out to cover any customer funds lost as a result.

If you’re interested in offering Bitcoin as a form of payment to your website, Coinbase has created an easy to use module here, which allows the implementation of the payment gateway into your Magento 2 site.

1. Firstly, add the module to your theme, enable it and flush all your caches.
2. You would then need to sign up for an API Key here.
3. Go to your payment settings in the backend of Magento, update your API information and make sure it’s enabled followed by another flush of caches.

And vòila, you will be set up to accept Cryptocurrencies!

Things to remember

• Cryptocurrencies are volatile, and they probably will be for a long time; so invest only what you’re willing to lose.
• Declare your Tax. Speak to your accountant about how to accept bitcoin properly and to follow the correct governance for your business.
• Keep your money safe, don’t keep your coins on an exchange. Move it to a private wallet.

Keep in touch!

If you need any help with setting up Bitcoin as a payment solution or any support for Magento 2 we’re only a call away!

*Disclaimer: Big Eye Deers are not claiming that businesses need to have this payment gateway option. We are simply sharing our interest in the cryptocurrency and highlighting its potential to others. We take no responsibility for those who decide to receive Bitcoin payments and as a result lose money.