Bitcoin is a very popular cryptocurrency and it is used in many different payment gateways. In this article, we will be focusing on using Bitcoin for Woocommerce payment as well as the best plugins for Woocommerce bitcoin payment.
Why should you use Bitcoin to pay on Woocommerce?
Many people opt for WordPress when they want to build a website or an online store. And if you don’t know, Woocommerce is its ecommerce platform. Because the platform is customizable, users can sell any products on their websites. In addition, Woocommerce is competitive, which helps improve a site’s functionality.
If you have a WordPress website, you can pay via some popular systems such as PayPal, Square, Amazon Pay, Alipay, etc. WooCommerce plugins are also available on WordPress.org.
Bitcoin is a widely accepted cryptocurrency
Recently, Woocommerce has accepted Bitcoin and other digital currencies for ecommerce transactions. There is no doubt that Bitcoin is the most popular cryptocurrency and it has grown quickly over the years. Therefore, accepting Bitcoin payments for WordPress will allow you to take advantage of this cryptocurrency’s benefits. In addition, using Woocommerce Bitcoin payment, you can avoid intermediaries and chargebacks. More importantly, you will have to pay lower fees than other services like PayPal.
Before enabling Bitcoin transactions on your site, you need to carefully select, install and set up a Woocommerce Bitcoin payment plugin.
Pros and cons of Woocommerce Bitcoin payment
As this type of cryptocurrency has been used for online payment by many merchants, it is a good idea to use it to pay on your WordPress website. However, you need to consider the pros and cons of Bitcoin payments as below before making your decision.
Benefits of Bitcoin payments
- Bitcoin can be accepted by any person and any place. You don’t need a credit card, or a PayPal, bank account to make any payment on your site.
- Bitcoin keeps your personal information in secret as it comes with a cloak of anonymity. You don’t have to share any of those sensitive data online.
- Bitcoin offers a low transaction fee because it doesn’t require a third-party banking service to complete a transaction. Not to mention, there is no monthly fee.
It is convenient and easy to use Bitcoin payments
Disadvantages of Bitcoin payments
There are quite a few disadvantages of Bitcoin payment that you need to consider before accepting it on your WordPress website.
- Bitcoin has increasing transactional fees, its price fluctuates, and slow processing times.
- Similar to other cryptocurrencies in the market, Bitcoin attracts government intervention, hackers, and bad actors.
Top 3 safest Woocommerce Bitcoin payment plugin
#1: Bitcoin Payment Gateway for WooCommerce by BitPay
BitPay is a crypto payment gateway that helps merchants increase their sales and capture more customers. It offers a fast and secure way for crypto payments. BitPay accepts Bitcoin and Bitcoin cash payments for ecommerce from its wallet and provides the technology for seamless payments. With BitPay, you will get an easy, user-friendly gateway for crypto payments and transactions. This Woocommerce Bitcoin payment plugin is easy to be set up and simple to use.
- Effective and quick customer support
- User-friendly interface
- Simple and easy to use
- There is concern about privacy
Average rating: 3/5
#2: Bitcoin, Ethereum and Cryptocurrencies Payment Gateway for WooCommerce by EzDefi
EzDefi is a common gateway for crypto payments. It is known for low processing fees, supporting payment without a middleman, supporting multiple cryptocurrencies with no chargebacks. The payments are fast and secure with EzDefi.
The company also creates its Wallet to protect merchants and customers’ cryptocurrency. Using ezDeFi Wallet to pay or receive cryptocurrency through ezDeFi Gateway is safe and convenient.
- Easy to set up and work nicely
- Fast payment
- Cryptocurrency is automatically converted to from fiat currency
- Compatible with major shopping cart plugins
- Still missing plugins for some shopping cart platforms that are not popular.
- Another cons is that there is still a fee of 0.1/transaction. However users can receive 3 months of free transactions when they join the Beta Test Program
Average rating: 4.9/5
A reliable plugin improves your experience with Bitcoin payments
#3: Bitcoin Payment Gateway Coinbase for Woocommerce
Coinbase provides online cryptocurrency payment solutions worldwide. This digital currency wallet and platform allows merchants and consumers to transact with new digital currencies like Bitcoin, Ethereum, and Litecoin. Coinbase Commerce instructs customers on how to send funds to a merchant when they want to pay them. Then it monitors the blockchain for your transaction. When a valid payment is made, Coinbase will notify the merchant.
Coinbase Commerce ensures that all payments are fully decentralized and peer-to-peer. The cryptocurrency goes directly from your wallet to a merchant’s wallet. The process is safe and there is no third party, even Coinbase have access to the process. That also means once a payment is sent, Coinbase can not reverse the transaction. So if you want a refund, you need to contact the merchant directly.
- Effective customer support
- Fast service
- No chargebacks, no monthly fee, no need to open a bank account
- A little complicated to set up
Average rating: 3.3/5
What do experts say about Woocommerce Bitcoin payment?
According to Braden Perry who is Managing Partner and Attorney at Kennyhertz Perry LLC, “Bitcoin is a virtual and decentralized currency used to trade for goods and services, not backed by any government, company, or organization. It’s truly a global unregulated currency that is not taxed at any level. Multiple attempts have been made to harness virtual currency, but much like the government attempts to regulate the Internet, the regulations so far have failed.”
Or as George Burke who is former CMO of cryptocurrency exchange Crypto.St and founder of startup FreshPay said: “Most finance pros are divided on Bitcoin’s usefulness, value, legality, and whether it’s a currency or commodity or something else. But one thing we can all agree on is, while it’s much safer (and cheaper!) for a merchant to receive a payment in Bitcoin over credit card, only very few merchants in the world accept it, which is keeping the awareness, price, and usefulness of Bitcoin low. So, until accepting Bitcoin becomes ubiquitous, where purchasers and vendors won’t ever need to exchange it for fiat currency because they can spend it in most places, Bitcoin users need to continually exchange their coins for $USD or look for services to make spending coins as easy as swiping a credit card.”