Accepting bitcoin: scams out there
Last update: December 12, 2016
Scams - fraudulent plugins and widgets that will never send you your Bitcoin
Legit (Tested) Bitcoin payment processing for merchants
While people on Reddit and forums are preoccupied with block size limits, conspiracies and politics, webmasters struggle to accept Bitcoin as a payment method. While the lengthy talks are supposed to ensure Bitcoin will get eventually accepted by most people as a legit means of payment.
People, read this and get real.
##Bitcoin payment processing
Why do you need a solution to accept Bitcoin on your website?
If you are a merchant, it is completely necessary. You need to be able to track down payments for separate items and you need to be able to verify automatically a payment from a customer for a specific order has arrived. Usually, there has to be a widget that detects a transaction to a particular Bitcoin address with zero confirmations.
You need to generate novelty addresses for each payment since there will be multiple transactions of the same value. Mingled in a single address, you will not be able to tell which one is which.
Customers have to see right away the payment occured.
You need to get an email or something to notify you there was a transaction in order to send the goods, access data or whatever applies.
If you are a blogger and want to accept tips, you need multiple address generator to track which post was “liked” so much in order to hopefully do more of it. Also, you might not want to share your address explicitely since everyone would be able to go Wallet Explorer on you.
There are just too many of them and any platform has some. If you are not sure what to use, stick with big names - BitPay (paid, with verification) or Mycelium (anonymous and free). Very decentralized, I know.
##Bitcoin widget scams
You don’t have access to intermediary addresses generated for each of your posts. You will never see those coins.
Not possible to withdraw coins.
The extension is not listed in official repository because it is probably a scam. Sadly, it is the only Bitcoin extension available for BoxBilling.
- ChangeTip is not scam but…
… might not let you withdraw if you live in a country that have it complicated with cryptocurrencies.
Legit (Tested) Bitcoin Payment Solutions
Needs fully verified business, otherwise payments are limited. Also, will charge 1% if you grow.
BitPay also has other flavors for other CMS solutions, see here.
Stripe has the option to accept Bitcoin. They charge 2.9% and 30 cents for transaction.
Needs a verified Coinbase account.
Didn’t work out of the box when I tested it. But there is a support email, they will need access and error logs from your server to resolve this issue.
The link has a full list of available extensions. Read the comment sections before you choose. Usually, the extension is not compatible with any version of OpenCart.
Not out of the box, but the most private solution.
Mycelium needs no verification or any information about you as it only routes your payments to your Electrum wallet (it cannot be any wallet, Mycelium uses BIP32 to generate addresses), tracks completed payments and leaves a list of transactions in your Mycelium Gear account.
There is a support email that doesn’t provide technical support.
In the end of the day, Mycelium Gear seemed to me the best payment solution.
It is not out of the box, but none of the out of the box integrations really is either, if you count in the debug time and the AML/KYC time. Mycelium Gear simply doesn’t promise what’s not feasible.
Basic Mycelium Gear is a simple HTML/JS form. A simple piece of code to read and alter. A Magento or Wordpress plugin takes far more time to fix if it doesn’t work right away.
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- Bitfinex Referral Code 5egV78YtlC
- Coinmama Referral Code fny3000
Good to Read
- Finance & Technology: VPRO Backlight on Youtube (full documentaries)
- Macro & Bigger Picture: Stratechery
- Wall Street Technologist
- Austerity Sucks
- For Coders: Crypto Trading Tools
- Bitcoin Markets Wiki
- Baby Pips Forex and Charting School
- Technical Analysis for Dummies [PDF]
- StockCharts Chart School
Basics to Start Bitcoin Trading
- What is AML/KYC
- How high are fair flat fees
- What are Maker-Taker fees
- How to get trading charts
- How to trade on mobile
- Best practice
About This Site
There is a rumor around the web that Bitcoin has no real value other than for speculations.
Sherlock Holmes: ”Has all my instruction been for naught? You still read the official statement and believe it.”
- Top up a debit card with Bitcoin
- There is webhosting for Bitcoin geeks
- Topup prepaid phones with Bitcoin
- Use ad networks like Bitclix or A-Ads
- Chat with RoyalTiffany (had to be here)
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