So June the 1st I launched my online store www.loveanddesign.co.uk and wanted to take Bitcoin.
Shopify is an online store platform, it’s huge and very flexible, to be honest I think you could probably sell anything on it. I think it’s a better way to build a Bitcoin business to be honest than keep investing in scams and watching them fall over. Although I still have Bitcoin investments I’m much more picky than when I first started using Cryptocurrency due to the simple amount of scams I’ve lost.
So options for taking Bitcoin with Shopify
- Coinbase – I initially tried this but got all kinds of strange messages about “invalid API”, then I was reading a lot of people have problems with coinbase holding money.
- BItpay – They wanted me to send in pictures of my cat, my world etc, I don’t have a Limited company so I didn’t have any articles of incorporation, so that was that.
- Gocoin – I went with gocoin because they seem to have a good level of quite well known customers. The setup was simple and I can just have payments sent straight to my bitcoin account which is great, the only downside is they want a balance of 0.01 BTC before they will pay out, but no biggy really.
So I simply set up my api key and popped it into the Gocoin section on Shopify, pretty straight forwards. Within 24 hours I had a lite coin payment and that was paid to my wallet as promised, I have some Bitcoin sitting in there right now that’s waiting to get up to the minimum balance. But it does what it says on the Tin.
The problems of taking Bitcoin
- cashflow – obviously most of my suppliers, no all of them, don’t take Bitcoin so I have to transfer at least the cost of the product to Fiat currency, the danger here is if between me taking payment and getting paid out the Bitcoin price drops dramatically it probably won’t cover the cost of the product – but that’s a risk I’m willing to take
- Bad rep – sometimes Bitcoin get’s a bad reputation because it’s linked with bad things that have happened, which is silly really, so I’m conscious of it affecting sales.
- Lost money – obviously it’s not REALLY my problem if someones transaction never makes it to me or gets stuck, I simply don’t send product out without cleared funds.
Advantages of taking Bitcoin
- Larger market – I can list my site on all those “where can I spend Bitcoin” stores
- Another payment method – opening the door to those who don’t have a card to use
- I might actually make money on Bitcoin increasing in price between the customer paying and me being paid out
- Transaction costs are much lower.
If you’d like to try out my store please Click Here