If you’re like a lot of people, if you hear the term ‘Bitcoin,’ you may not fully understand what it means. More and more people around the world are becoming privy to the term, or word, but have little knowledge or understanding about what it actually is.
Bitcoin is an online-only currency, a ‘cryptocurrency’ that is not controlled or regulated by any financial institution (yes, banks are furious about it) or government agency (yes, government leaders don’t like it, either). It offers anonymity for online transactions (ergo, the lack of enthusiasm for governments and banks), fewer currency exchanges when conducting business outside the realm of one’s home country, and security that is simply unrivaled.
Is It Worth Looking into for Your WordPress Site?
Having a website for any business today is almost an absolute necessity for survival. It doesn’t matter what kind of business you operate; if you don’t have a website, your competitors are going to be sailing past you and stealing all of your business.
When you sell items or services, there are plenty of options for payment, including credit and debit cards, PayPal, and other vendors. It’s also a good idea to consider accepting Bitcoins, as this could open up your market to a large and growing client base.
The three key benefits that accepting Bitcoin are:
- More freedom (you can shop from any company in most nations around the world without having to concern yourself with double exchange rates).
- It’s anonymous (which means no one has to know your business).
- It offers unmatched security (and it’s decentralized, so there’s not going to be any centralized regulatory agency ruling it).
When you get down to the brass tacks of it all, almost every business, and even online casinos that accept Bitcoin, or enjoying the benefits of increased revenue and loyalty.
Now, onto the how of accepting Bitcoin on your WordPress website.
Once you’ve decided to begin accepting Bitcoin on your website, you need to know what to look for. Since Bitcoin is still considered an ‘outsider’ for financial transactions, it doesn’t offer the same number of options with regard to merchant services. However, since Bitcoin is uncentralized and transactions are not reversible, it offers a great advantage.
Look for a plugin that specifically focuses on Bitcoin for payments. WooCommerce is just one that you can look into. There are others and the list will continue growing each passing year as Bitcoin’s popularity continues to excel, so don’t just take one suggestion as gospel; check around, review the companies developing these plugins, and read the reviews.
Before you add that plugin to your site…
First, once you’ve found the plugin you want to use, you need to get a Bitcoin Wallet. This is similar to your average bank account and essentially act as an intermediary between you and your customer. When you receive a Bitcoin payment, it will be placed in your Bitcoin Wallet.
Some of the most popular Bitcoin wallets are Airbitz, CoPay, and Coinbase. You won’t have to worry about conversions, either, because once the Bitcoin payment is made, it will be converted into your home country’s primary currency.
So, bottom line … is this worthwhile for your WordPress site?
This is a tough question for some people. It’s true that not everyone is familiar with Bitcoin yet, but it’s growing. What every business should ask instead is whether it’s harmful.
No, it’s beneficial. It offers your customers another option for payment and with more people from around the world seeing the benefit of Bitcoin transactions, it’s gaining popularity.