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Accepting bitcoin: scams out there

Last update: December 12, 2016

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.

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.

Scams

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.

Source: Reddit

Not possible to withdraw coins.

Source: Wordpress

The extension is not listed in official repository because it is probably a scam. Sadly, it is the only Bitcoin extension available for BoxBilling.

Source: Bitcointalk

… might not let you withdraw if you live in a country that have it complicated with cryptocurrencies.

Legit (Tested) Bitcoin Payment Solutions

##eCommerce

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.

However, it has been reported as garbage.

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.

##Any

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.

The basic version of Mycelium comes with a widget and a JS snippet hosted at gear.mycelium.com. The JavaScript does strange things in some browsers but you can get the Bitcoin payment widget work if you download that snippet, debug it and host it locally. Watch for updates.

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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