Accept Bitcoin Payments Online
Bitcoin is a form of digital money with several key advantages for merchants such as lower fees, no chargebacks and fast transaction processing. The eDIY ecommerce system can directly accept Bitcoin for online purchases.
The eDIY Bitcoin Transaction Service
There is no need for a credit card merchant facility or a bank account in order for you to accept Bitcoin on your website.
To enable accurate charging, the exchange rates used by customers to buy items priced in a currency such as New Zealand dollars with Bitcoin are updated very regularly. There are no chargebacks possible with Bitcoin, so as a merchant you can be assured that once a customer has paid you in Bitcoin that transaction cannot be reversed, very much like a cash transaction. An optional surcharge can be set in your website configuration area to account for fluctuations in the Bitcoin to local currency exchange rate.
Each customer order uses a newly generated and independently tracked Bitcoin payment address. There is a 0.5% fee for the transaction service, and any Bitcoins received are immediately transferred to your own Bitcoin wallet.
To start taking payments in Bitcoin immediately, enable this feature within your eDIY online store website settings. The software provides sales reports that include the exact exchange rate information required for accounting and tax purposes.
Please contact us if you need further information about enabling Bitcoin transactions on your eDIY online shop website.
More about Bitcoin
Bitcoin is new form of money called a cryptocurrency, created by many computers solving difficult and time-consuming calculations. This process prevents double spending of the same Bitcoin and protects the currency against forgery.
There are no banks in bitcoin as every person that uses it is essentially their own bank and stores their funds in an electronic wallet. Your wallet can reside on your PC, Mac (such as MultiBit) or your smartphone, and there are also online wallet websites available.
You can use Bitcoin exchanges (e.g. BitNZ) to sell the Bitcoins in your wallet for cash and also to buy Bitcoins.
The Bitcoin system is completely decentralised and uses peer-to-peer networking which means the network can't be shut down and is extremely resilient against disasters.
Facts about Bitcoin:
Secure - Bitcoins can't be counterfeited and the program code is open source, which allows independent verification of the security of the Bitcoin protocol.
Transportable - Bitcoins can be sent quickly from your wallet directly to anyone else's, anywhere in the world.
Flexible - Every Bitcoin can be divided into millions of smaller parts, and all Bitcoins are interchangable.
Private - There is no need to register with anyone to send or receive bitcoins.
Durable - The Bitcoin network is a Peer to Peer network, and every node on the network (millions of them) has a copy of the transactions.
Intentionally scarce - there will never be more than 21 million Bitcoins, which are gradually created over time.
Predictable Supply - The supply of Bitcoins is steady and predictable as they are "mined" into existence at a constant rate.
For more information about Bitcoin, please refer to http://en.wikipedia.org/wiki/Bitcoin