Accepting Bitcoin in 2022
| 2 mins read timeIf you're thinking about whether or not to accept Bitcoin as payment in your ecommerce store, there are a few things to consider. Here's a quick rundown of what you should keep in mind before making the decision to go ahead with Bitcoin payments in 2022.
First, it's important to understand that Bitcoin is still a relatively new technology. While it has been around for a few years now, there's still a lot of uncertainty surrounding it. This means that there's a possibility that the value of Bitcoin could fluctuate quite a bit in the next few years. So, if you're thinking about accepting Bitcoin, you need to be prepared for the possibility that its value could go up or down.
Second, there are still some concerns about the security of Bitcoin. While the technology behind it is sound, there have been a few high-profile hacks of Bitcoin exchanges in recent years. This means that there's a risk that your customers' information could be compromised if you're not careful.
So, those are a few things to keep in mind if you're thinking about whether or not to accept Bitcoin in your ecommerce store. Overall, it's a decision that comes down to your own risk tolerance and understanding of the technology. If you're comfortable with the risks, then there's no reason not to accept Bitcoin. But if you're not, then it might be best to wait until the technology matures a bit more before jumping in.
Shopify stores can start accepting bitcoin instantly with Shopify using BitPay.
Bigcommerce stores can start accepting bitcoin payments through OpenNode Bitcoin payments
Magento has a bitcoin extension called Magestore Bitcoin Payment Plugin.
Bitcoin price is very volatile which may be quite problematic when accepting it in returns for good and services at fixed prices. In the last 24hrs for example, at the time of writing, Bitcoin fell 9.5% in value.
If you would like to discuss accepting Bitcoin or other currencies with your online store, feel free to reach out to our team.
