If you’re looking to maximize your website’s earning potential, you might want to consider accepting cryptocurrency.
You might have heard of bitcoin, which is a type of cryptocurrency. Other popular forms of cryptocurrency include Ethereum and Litecoin. As it grows in popularity, businesses that accept cryptocurrency as a form of payment can attract a unique kind of customer.
So what is cryptocurrency? It’s a form of payment based on blockchain technology. It doesn’t get housed in banks or other types of financial institutions the way other legal tender does. The blockchain holds details about a person or entity’s transactions to keep track of its cryptocurrency available.
Units of currency are called tokens. To earn cryptocurrency, “miners” solve complicated algorithms out in the crypto network. For each algorithm they solve, they add cryptocurrency to the blockchain.
When these miners solve an algorithm, it helps verify transactions, which is why those miners get awarded with a token for their work.
Each month, users create an additional 300,000 bitcoin wallets, proving that cryptocurrency is here to stay and will likely continue to grow. And with those continuously expanding bitcoin wallets, many businesses have chosen to begin accepting digital currency.
Popular companies you might have heard about that accept digital currency include PayPal, Expedia, Microsoft, Reddit, WordPress and Etsy.
Organizations that choose to accept bitcoin and other cryptocurrencies experience these great benefits.
The simplest way to accept cryptocurrency on your WordPress website is to use the CoinGate plugin. Even once you have the plugin, you’ll need to go into your settings within WooCommerce to activate cryptocurrency payments.
Within the settings, click the checkout tab, and then CoinGate. On that page, you’ll see a checkbox for “Enable Bitcoin payment via CoinGate.”
Before activating this, just be sure that you set up your CoinGate account and enter your API keys in the settings to ensure your transactions go to the right places. You’ll get your API information from CoinGate in the dropdown under your profile where it says, “API Apps.”
You’ll have the option to customize tons of other settings within your website as well for how you take payments and how you work with them as far as your accounting procedures.
Kelly Website Design offers website support for e-commerce websites and standard websites. Whether you need to add cryptocurrency payment options or are looking for a fresh design, we’re the team that can help.
Contact us to learn more about our services and how we can get you set up with cryptocurrency.
Kelly Website Design, LLC