The article is about:
- How to add payment by bitcoins on the site
- Receiving payments
- Number of confirmations
- Important notes
- How will you be paid?
- Payment gateway Bitmonsters
In this article, we’ll look at how to add Bitcoin to your site as a payment system and how to accept bitcoin on your website. The peer-to-peer payment system, using the same-named unit of account and the data transfer protocol of the same name, Bitcoin, was fond of many because of the cryptographic methods that protect the system. Another obvious plus is that all information about transactions between system addresses is available in clear form.
Bitcoin attracts more attention, and blocking technology predicts a brighter future.
The current fashion for cryptocurrency has a mass of well-founded pluses:
Secure online payments: there is no fraud here. The network is arranged so that the sent payment cannot be returned, the authenticity of the transaction is confirmed by users around the world, and each transaction is encrypted.
Favorable commissions: the cost of the payment does not exceed 1%. And the more the transfer amount – the less loss.
Anonymity: customer funds do not control banks – no one has the right to block a transaction or add an extra commission.
Payments without restrictions: transactions are conducted in unlimited amounts, which other payment means do not allow.
There are many services that allow you to take bitcoins and other currencies. Only a small part of them:
- Blockchain (the key for working with the API is issued on request).
- Coinbase (you must fill out an application and wait for approval).
- Bitaps (open API).
We connected the payment through the Bitaps API, because through it was easier to make. If Blockchain needs to write an application and wait for approval of three banking days, then initially you can connect yourself. The API will find everything you need for this.
When creating an account for the client, you must generate and monitor a unique address (temporary wallet) for each payment. Once the payment is confirmed by the network, the API server lists the bitcoins from the temporary wallet to the specified wallet (your own or corporate, where you will be able to receive funds).
Each service has its own API, but it looks like the same scheme:
- Generate the payment by contacting a special link and passing the parameters.
- Create a bitcoin-address of the seller, to which the money will be sent.
- Create a link to your system (callback), which will be called when the payment is confirmed.
- Specify the number of accepted payment confirmations in the Bitcoin network (optional field, a default is 3).
- Determine the network commission level (optional field, a default is low). The higher it is, the faster the translation will be.
As a result, we get the generated address for receiving payment, the payment code, and the bill. The code you use in the database to record, sort or search for information about payments. The account can be sent to the buyer or used for a payment form.
After crediting funds to the specified account, a confirmation is made in the Bitcoin network. For each confirmation, a callback is sent to the callback and parameters are sent to identify the payment. When you receive the last confirmation, you must fulfill the order or customer service. The sum is transferred to Satoshi – the smallest part of bitcoin.
To convert, use the methods of obtaining exchange rates. The course often changes, so get it during enrollment and make the conversion.
Number of confirmations
The necessary number of confirmations depends on the risk model, customers, and amounts. If you trust customers, then accept payments without confirmation or with one confirmation. With small translations, three confirmations are sufficient.
Six confirmations are mathematically impossible to forge, without having 51% of the computing power of the network. The more confirmations are needed, the greater the commission and waiting time. On average, the payment takes 15-20 minutes, and the payment for the client will look like this:
- Choose a product or service.
- Invoicing the customer (displaying the wallet number and the amount necessary for payment).
- Transfer of funds by the client.
- Waiting for three confirmations and completing an order or service (in this case, replenishment of an account of an advertising cabinet).
- In addition to the commission for receiving payments, there is a bitcoin-commission for transferring from a temporary purse to the one you specified. Unfortunately, no one has written about this anywhere, so we recommend that you do not make small payments.
- The bitcoin rate, like other cryptocurrencies, changes noticeably every second. We recommend that you recalculate the rate and, as often as possible, take bitcoin to the real currency. Of course, this works for those cases, if it is important for you to work with real currency, converting bitcoin at the rate.
- Not every block service allows the API to accept payments without confirmation. Criteria for admission to a particular service are unknown, so apply in several places.
- In each service, the commission for receiving payments is different. Learn in detail each before deciding to connect.
- Do not set the number of mandatory confirmations for payment above six. This will lead to longer waiting times for the customer and negative feedback. For security, three will suffice.
- At commission level, the transfer of funds takes thirty minutes. If you want to save money for customers, do not increase the commission level.
The popular crypto-currency purse Cryptonator is a gate for receiving and processing crypto-currency payments.
Payment solutions and the Cryptonator API will allow you to quickly and simply start accepting a cryptocurrency in payment for your goods or services, for collecting donations or crowding. The protocol is designed for both online stores and online services, and for blogs and conventional websites.
- Reception of payments in various crypto-currencies.
- Receive notifications of incoming payments.
- Automatic conversion of the received cryptocurrency into rubles, dollars or euro.
- Withdrawing rubles to Yandex Money or a bank card.
- Sending electronic invoices by email.
- Create payment buttons and widgets.
- Convenient multilingual payment page, optimized for all devices.
- Full integration with your accounting system through the REST API.
How will you be paid?
Your customers will be able to pay you in the following ways
Payment gateway Bitmonsters
Why it is convenient to accept and send payments to bitcoin:
Low transaction fees
Easy registration of customer wallets and their use
Independence from fluctuations in the national currency exchange rate
Decentralization and openness of the system
What is the advantage of the payment gateway Bitmonsters:
Suitable for any type of business: online (online store, websites, providers, mobile operators) and offline (cafes, restaurants, cinemas, various outlets) – integration via a mobile application.
The multilanguage platform allows you to accept payments from all over the world!
All financial transactions: the formation of payment orders and payments in bitcoin, invoices, prices, checks, sending by email
Creation of unique addresses in the Bitcoin network for each item of goods that are identical to the order code of the goods.
Data transfer only through secure channels with modern security features
Easy and simple integration on the site, adaptability to any system and platform
Flexible adjustment of color schemes, buttons, interface design, a creation of own pages
The withdrawal of payment for goods and services takes place in any convenient way: to the card, bank account, wallet.
It is possible to fully automate all stages of the process.
All you need to pay for a product or service is to choose a purse, install it on your gadget and buy bitcoins. You can exchange bitcoins on our website for UAH, dollars, euros in cash or through Privat24.
Attention! In order to avoid misunderstandings and increase the speed of payment, it is highly recommended to include a commission in the transaction, since transactions with zero commission have the lowest priority, and transactions even with a minimum commission (~ 0.0001 BTC at the moment) have a standard priority and are likely to be carried out in the shortest possible time terms.
After the payment status is changed to “Paid”, you will receive a message about the possibility of receiving the goods.
How to accept bitcoin on your website? After you go through all the stages of launching a payment of your wallet to receive bitcoins, you can easily take them on your site.