What is Bitcoin?
According to Investopedia, Bitcoin is a decentralized, peer-to-peer, “cryptocurrency” system designed to allow online users to process transactions through digital units of exchange called Bitcoins. Started in 2009 by a mysterious programmer, Bitcoin has generated plenty of interest and controversy as a “third” type of currency and an alternative to government flat currencies like the U.S. dollar or the euro or pure commodity currencies like gold or silver coins.
It is the first and most popular cryptocurrency. Although there are a lot of other cryptocurrencies, Bitcoin receives the most media coverage and this spreads like wildfire on social media.
Why to implement Bitcoin payments in my classifieds website?
First of all, bitcoin payments have low to no fees, can be transferred from one side of the globe to the other without limits or delays.
Bitcoin offers protection from payment frauds. Credit card and wire transfers require identity verification, which is a risk of compromising customer data. Bitcoin payments do not require the verification of customer identities nor its involve being responsible for customer information.
Chargebacks, where consumers go through their bank or credit card provider to force a refund, can be very costly to businesses. A 1 percent chargeback rate is the standard maximum, if your chargeback to transaction ratio is really high, credit card companies will take serious actions against you because you’re distinguished as a risky merchant. However with Bitcoin once the transaction has been sent and confirmed by the network, the BTC sent is owned and fully in control by the receiver.
Big companies such as Microsoft, PayPal, Expedia, Reddit, Steam and many others accept Bitcoin as a payment. Also, accepting bitcoin payments through your classifieds website will attract a market of new customers who are looking for places to spend their bitcoins.
How to use Bitcoin with Yclas
Bitcoin wallet address on ads and user profiles
Giving your customers the ability to share their Bitcoin Wallet Address in their ads and user profile will be an advantage. You have two options: Letting your customers enter their Bitcoin address in their profile information or only on specific ads.
Follow this guide to find more information about sharing customers bitcoin wallet address in your classifieds website.
Set Bitcoin (BTC) as the main currency of your site. We made this option available so users can list their items or pay for your website services in BTC:
- Login to your Yclas website admin panel
- Go to Settings -> General -> Regional
- In the Money format field, select Bitcoin
- Press Save
Setup a payment gateway for Bitcoin
Yclas offers two payment gateways which you can use to accept Bitcoin: Stripe and Bitpay
Read here how to setup Stripe in your Yclas website. In order to accept Bitcoin you will need to follow the instructions and configure Stripe and enable the option “Accept Bitcoin payments” in your admin panel.
For BitPay, create an account here and enter your Bitpay api key on Settings -> Payment -> Bitpay -> Bitpay api key after you finish your registration.
If you still need more information about using Bitcoin in your Yclas website, feel free to contact a support agent by using our ticket system.