How to get started with Bitcoin payments?

[Garp]

Wasn't sure whether to post this here or on the cryptocurrency forum. I want to get into paying and receiving payments with bitcoin, can someone recommend / guide me through it?
Pros and cons of bitcoin?

 

[Kai]

Wasn't sure whether to post this here or on the cryptocurrency forum. I want to get into paying and receiving payments with bitcoin, can someone recommend / guide me through it?
Pros and cons of bitcoin?

Hey @Axtus,

I’d recommend taking a look at this post if you are learning about Bitcoin, as it has a lot of useful information:

https://www.nerdwallet.com/blog/investing/cryptocurrency-7-things-to-know/

Here is my list:

Pros:

- 100% safe from chargebacks / payment disputes.
- No MM needed if you don’t go first during trades.


Cons:

- High exchange rates or bank fees in some cases.
- Not a lot of opportunity to do business with Bitcoin. Most traders use alternative methods.

Hope that helps,

 

[Garp]

Hey @Axtus,

I’d recommend taking a look at this post if you are learning about Bitcoin, as it has a lot of useful information:

https://www.nerdwallet.com/blog/investing/cryptocurrency-7-things-to-know/

Here is my list:

Pros:

- 100% safe from chargebacks / payment disputes.
- No MM needed if you don’t go first during trades.


Cons:

- High exchange rates or bank fees in some cases.
- Not a lot of opportunity to do business with Bitcoin. Most traders use alternative methods.

Hope that helps,

Thank you very much. I'm not completely ignorant in the topic of cryptocurrency itself however. To clarify, I just wanted to know what wallets / websites people are using to store their bitcoins. What are the recommended sites that have a long history of trust and security? How can you send/receive bitcoin between a buyer and a seller? How long does the transactions take? Etc

 

[EpicNPC]

We use Bitpay as our bitcoin processor and they use a different protocol than other processors. They try to make the process easier and safer, but in doing so not all bitcoin wallets are supported.

I recommend using a wallet from their compatibility list.
https://support.bitpay.com/hc/en-us...-BitPay-payment-Which-wallets-are-compatible-

 

[Garp]

We use Bitpay as our bitcoin processor and they use a different protocol than other processors. They try to make the process easier and safer, but in doing so not all bitcoin wallets are supported.

I recommend using a wallet from their compatibility list.
https://support.bitpay.com/hc/en-us...-BitPay-payment-Which-wallets-are-compatible-

Thanks for sharing. Bitpay has 1% fee. Does that mean I have to pay 1% of every transaction such as sending or receiving money?

 

[EpicNPC]

Bitpay wallet has no additional fee, the wallet is separate from the bitcoin processing service. You just pay the transaction fee as you would for any wallet.

Bitpay's payment processing system, which we use for the website has a 1% fee. This is only for purchases made on our website. For normal directly wallet to wallet payments, this 1% is not included.

 

[Garp]

Bitpay wallet has no additional fee, the wallet is separate from the bitcoin processing service. You just pay the transaction fee as you would for any wallet.

Bitpay's payment processing system, which we use for the website has a 1% fee. This is only for purchases made on our website. For normal directly wallet to wallet payments, this 1% is not included.

Thanks for clearing that up, this was helpful.