Cryptocurrency payment on your e-commerce

19 Oct 2022

Everything related to shopping with cryptocurrency on e-commerce sites today raises more questions than answers. However, this mainstream is definitely not to be discounted, even though Bitcoin recently fell below $20,000.
The acceptance of cryptocurrencies in Drupal is just gaining momentum, but it will most likely be a new trend. Microsoft, Paypal, Starbucks, Amazon, and the world-famous firm have had the opportunity to allow shopping online with cryptocurrencies. At a minimum, this confirms our guesses that it is profitable and safe. Otherwise, would such giants take a risk? Therefore, today we will continue the topic of Drupal e-commerce development and cryptocurrency. If you are concerned about how to accept Bitcoin on your site, then read on.

What is a cryptocurrency?

We want to start our blog with an explanation of what cryptocurrency is. The Oxford Languages Dictionary gives us such a definition:

"Digital currency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority."

Cryptocurrencies work differently than the currency used to, as should be understood. You cannot have them in your pocket or touch them; they exist virtually. Their value fluctuates every hour, and they function like virtual tokens. It is also worth adding that cryptocurrencies, like paper money, are almost impossible to counterfeit because they are protected and verified by cryptography. In addition, they do not belong to any central authority. For this reason, the government cannot influence or manipulate them. Initially, cryptocurrency was simply an investment or an asset, but today it can be used for buying goods and services.

Cryptocurrency Ecommerce: How does it work?

Can you use cryptocurrency on e-commerce? Absolutely! The two go hand in hand. In the past, people did not take online stores seriously and believed they would fail, but the opposite was true. With cryptocurrency, your store will be more competitive. When payment is made in cryptocurrency, transaction fees cost less than 1% of the value of each transaction.

Moreover, payments are processed immediately as well. Moreover, as a seller, you will be protected from non-payment or return by a third party. Accepting cryptocurrency on e-commerce websites offers many advantages.
There are more than 1500 types of cryptocurrencies available on the market. We recommend connecting only those cryptocurrencies that are widely used.

In 2022, among the most famous cryptocurrencies are:

Bitcoin (BTC)
Brief overview:
BTC's first appearance was in 2009. Satoshi Nakamoto created it. The initial cost of bitcoin was $13.
Ethereum (ETH)
Brief overview:
ETH was launched in 2015. 8 co-founders created it. The initial cost of Ethereum was $1.
Tether (USDT)
Brief overview:
USDT debuted in 2014. Dan Larimer and Charles Hoskinson created it. The original cost of Tether was a 1-to-1 ratio to USD.

Can you accept crypto payments on Drupal?

Drupal is omnipotent, as we've said many times before. And, of course, it can handle e-commerce accepting cryptocurrency.

First, you need to install Drupal Commerce. After successful installation, you will see a menu like this.
This tab opens the admin page.
Then, go to the Configuration tab. There you find what we are interested in, namely Payment gateways.
Drupal Commerce supports the Commerce Coinpayments gateway, which allows you to use cryptocurrencies for payment. To get other block boards, you must create your own module. This is where custom Drupal development comes in handy.
When adding payment methods through Commerce, you can add a custom module or one of the available ones.
After saving the payment gateway, you can view all available payment gateways. It is these gateways that will be available to your customers.
The finishing touches are related to the blockchain payment provider. There are two developments here. If you select the off-site option, then buyers will be redirected to the provider's site to make payments there. If you choose the on-site option, then buyers will be required to enter payment information and complete their purchase directly on your site.

The 6 useful Drupal cryptocurrency modules

Reasons Your E-Commerce Business Should Accept Cryptocurrency

While some countries categorically reject cryptocurrency or are very cautious about implementing it in everyday life, others are actively adopting it. Today, shopping with cryptocurrency is no longer something fantastic. On the contrary, the active development of cryptography demonstrates its readiness to become an addition to e-commerce.
The global cryptocurrency market is expected to reach $57 million by 2025. Here are five compelling reasons to accept cryptocurrency in Drupal as a payment option for your e-commerce customers.

Reasons #1. Cryptocurrency provides faster transactions
When it comes to an online store, the rule works here: the quicker and easier it is to make a purchase, the more likely it is to be completed. You get super-fast payment processing by adding the ability to pay with cryptocurrencies. Fast transactions occur due to the absence of a third party and bypassing the banking system when processing requests.
Reasons #2. Cryptocurrency has lower transaction fees
Another important reason to pay with cryptocurrency is the lack of commission. Banks are not needed for the transaction, which means that no commission is charged. The minimum commission is only for the withdrawal of funds.
Reasons #3. Cryptocurrency gives more security for you and your customers
The computing power of popular blockchain ecosystems is measured in petahesh and exahesh, which exceeds the capabilities of all modern supercomputers. Decentralization also protects merchants from fraudulent chargebacks. Plus, the payment system cannot block your funds for opening disputes on completed transactions or suspicion of fraud.
Reasons #4. Cryptocurrency opens new markets and clients
Today, many people with cryptocurrencies would be happy to purchase items without constantly withdrawing cash in fiat currency. That's one of the reasons to open a crypto store.
Reasons #5. Cryptocurrency ensures an innovative e-commerce experience
Accepting cryptocurrency in e-commerce is a promising direction. First, this is an opportunity to offer customers more payment options and, as we have already said, to attract a new target audience. It is no longer possible to ignore such clients because there are more and more of them, and they own good assets.

Countries where Crypto is allowed

The United States
Countries of the European Union
Canada
Australia
El Salvador
Denmark
France
Germany
Iceland
Japan
Mexico
Spain
United Kingdom
and other 230 countries

Top 7 Companies That Accept Cryptocurrency in 2022

Digital money has already become a popular trend in Western countries. Over 100,000 companies around the world accept bitcoin as payment. The American coffee chain Starbucks has become the first catering establishment to accept cryptocurrency. In addition to catering, universities worldwide have begun to take cryptocurrency as tuition fees. We list the most famous:

KFC
The KFC restaurant chain is actively accepting bitcoin to pay for orders.
Microsoft
Microsoft has been accepting bitcoin on its online Xbox store since 2014.
PayPal
Starting March 30, PayPal customers in the US will be able to use cryptocurrencies to pay and sell digital money directly through the service.
Shopify
The official Bitcoin 2022 Twitter account says that the integration with Shopify has already been launched.
Starbucks
The Starbucks app get ability to pay for purchases with cryptocurrency through the Bakkt Cash option.
Amazon
The marketplace became a partner of the PayPal payment system and its Venmo service, which supports payments in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Playboy
PlayBoy accepts payments in Bitcoin, Ethereum, and other currencies. The company also announced the possibility of paying with Vice Industry Tokens.

*If you would like to find stores that accept bitcoins all over the world, then use the Coinmap or CoinATMRadar services.

KEY TAKEAWAYS

The future is already here, and cryptocurrencies have also marked the beginning of a new era in e-commerce. It is very exciting to watch this process, but it is even more interesting to participate in it. Want to stay on the cutting edge? Then allow customers to shop online with cryptocurrency in your store. Drupal integrations are one of the options to meet all your goals.
According to experts, the number of companies accepting cryptocurrency will grow worldwide. After all, customers must be able to pay for the goods in any way convenient for them. Otherwise, they will go to competitors. Ready to use cryptocurrency in your e-commerce? Contact us in any suitable way.