Bitcoin eCommerce Sites & Payment Solutions
We compiled a complete list of resources for users to navigate the world on eCommerce and Bitcoin. Since Bitcoin was the first real decentralized cryptocurrency, it only makes sense that it is being used more and more for online purchases. Bitcoin makes for quick, secure payments that does not expose any of your financial information, such as a credit card number or even your name.
Retail eCommerce Websites Accepting Bitcoin
Find retail eCommerce companies and websites that currently accept Bitcoin as a payment method. Compare all of them below, then read reviews from others who have used Bitcoin to pay with their purchases on these sites. These websites range from large, “Mega stores” like Overstock.com to small start-up eCommerce sites running on Shopify.
Bitcoin Payment Processing
We have also compiled a list of information on all companies and services that currently provide Bitcoin payment processing services for both online and brick and mortar merchants. Right now there are two main Bitcoin payment processing companies, which are CoinBase and BitPay. You can view all options below and start accepting Bitcoin on your site!
Bitcoin and eCommerce
You would think that Bitcoin, being the first widely accepted digital currency, would be the perfect fit for online transactions, especially on eCommerce sites. Given Bitcoin has been around for nearly a decade by now, it is surprising that more online shops do not support Bitcoin as a payment method. The only large eCommerce company that currently accepts Bitcoin for its products at the moment is Overstock.com.
On the bright side, more and more companies are following this trend and are beginning to accept Bitcoin, much like they do for credit cards or checks. The real delay between the invention of Bitcoin and its acceptance at traditional eCommerce sites is the technology involved for accepting it. It wasn’t until recently that companies such as BitPay began offering their services on a larger scale and gaining traction among eCommerce store owners.
In the first few years of Bitcoin, many large banks and financial institutions did not acknowledge that it was a valid currency or a store of value. This meant that if an eCommerce website wanted to accept Bitcoin as a payment, their bank would not allow them to do so. Now that Bitcoin has proved its concept and stood the test of time, some banks are beginning to allow their merchants to accept transactions involving Bitcoin.
With the price of Bitcoin experiencing periods of extreme volatility during many points in its short history, accepting it does come with other risks beyond banking and logistical challenges. Yes – if the price increases after a sale of products, the company can make some additional profit, but if the price goes down, the converse scenario is also true.
One way a company might aim to alleviate some of the risks associated with price volatility would be to charge a small premium on purchases made with Bitcoin and immediately sell them after the purchase is completed. Alternatively, some Bitcoin payment processors (like BitPay for example) allow merchants to have full control over how the funds from their sales are stored (i.e. immediately convert to USD, EUR and other Fiats or keep them in Bitcoin).
Accepting Bitcoin on Your Website
With all of this in mind, if you own an eCommerce site and want to accept Bitcoin, it is now easier than ever to do so. There are a number of payment processing companies that now support Bitcoin and other cryptocurrencies. Even hosting companies, like Shopify and WordPress have many tools, applications and plugins that allow you to do so.
If you want to accept Bitcoin or another cyrptocurrency, the only real obstacle you will face is finding a bank that allows you to do so. You must also make sure you comply with all applicable laws on the local and federal level, including AML and KYC rules and regulations.