If you've never paid with Bitcoin before, this quick guide will get you started.
It's not difficult, particularly if you're already set up with a cryptocurrency wallet.
Bitcoin Payments vs. Credit Card Transactions
The difference between the two is fundamental and can be described as push vs. pull payment.
Bitcoin payments are akin to settling a transaction in cash with another person (although done digitally).
You ask for what you want, the merchant tells you the price, and you send your payment to their wallet. This is a 'push' strategy.
Conversely, with credit cards (and debit cards) you're giving authorisation for a merchant to 'pull' funds out of your account.
Credit and debit cards offer lots of benefits because they are widely established.
However, Bitcoin payments simplicity, lower fees (due to lack of intermediaries), and privacy makes it attractive for both shoppers and merchants.
Sending Payments With BitPay
When you opt to check out with BitPay, an invoice with be generated for you on screen.
Either scan the QR code that comes up on the invoice, or
Click "open in wallet" if you have a Payment Protocol Compatible Bitcoin Wallet app, or
Copy the payment URL and paste it into your wallet's send payment field (you may be warned about the risk of this option).
Review the miner fees, sending address, and the amount which should automatically be filled.
Click confirm, then payment is complete!
See a quick demo of how it works with BitPay here: How to Pay a BitPay Merchant with Bitcoin
Sending Payments With GoCoin
Likewise with Bitpay, when you select to pay with GoCoin, an invoice will then be generated on screen for you.
Copy the wallet address shown on screen.
Go to your Payment Protocol Compatible Bitcoin Wallet.
Paste the wallet address into the send field.
Enter the amount on the invoice being sent in BTC.
Click next to review and confirm the details.
Click send payment.
Your invoice will switch to "Paid" once payment is registered!
See a quick demo of how it works with GoCoin here: GoCoin Checkout Demo
Sending Payments With Coinbase Commerce
Coinbase is similar again.
Once you select checkout you'll be shown an invoice on screen.
Copy the wallet address to your send address in your wallet.
Copy the amount from the invoice into your wallet.
Or simply scan the QR code to pre-fill this info.
Click send and your payment is complete.
You can try a demo of their Coinbase Commerce commerce before checking out here: https://commerce.coinbase.com
There's also more info on their official Coinbase Commerce Medium page.
For either BitPay or Gocoin payment options, you'll need a Payment Protocol Compatible Bitcoin Wallet.
This is important because most regular wallets don't process payments immediately.
Due to price volatility, many Bitcoin payment processors require payment to be received within 15 mins.
If you don't have one of these wallets and your payment isn't received in time, it may cost you time and money being cancelled and refunded.
Again, here's a quick article on payment protocol compatible wallets from BitPay:
"Which wallets work for a BitPay payment? Which wallets are compatible?"
If you have more questions, contact us here.
- Joshua Maher
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