Accept Bitcoins with NitroSell eCommerce

14 May 2013

Bitcoin Logo

We are delighted to announce that customers on the beta channel of NitroSell eCommerce can now accept Bitcoin payments.

What is Bitcoin?

Bitcoin is a rapidly growing digital currency, with a number of features supporting security and privacy.

Bitcoin relies on a peer-to-peer network, meaning that there is no central authority, and no single point of failure. Bitcoins can be sent and received by users directly, without the need for an intermediary, and payments are tracked and verified by the entire network.

Over the last year Bitcoin has grown enormously — with a market capitalization of well over $1B at the time of writing, the currency has attracted significant interest from the worlds of business and media. Bitcoin has the potential to be a highly convenient and robust method for making online payments.

How to accept Bitcoin

Bitcoin transactions on NitroSell eCommerce use a payment gateway provided by Bitpay. Bitpay is one of the largest Bitcoin payment providers in operation, specialising in e-commerce and B2B payment tools.

The first step in enabling payments by Bitcoin on your webstore is to create a Bitpay merchant account. After creating your account and logging in, you will be able to access and create new API keys.

Bitpay Merchant Tools

Bitpay API Keys

Once you have obtained your Bitpay API key, you can enable Bitpay payments in your WebStore Manager. If you are on the beta channel, you will see Bitpay among the list of payment methods available to you.

Paying with Bitcoin

In order to undertake a Bitcoin transaction, a Bitcoin wallet is required, providing addresses for sending and receiving Bitcoin. If you have enabled Bitcoin payments on your WebStore, your customers may choose Bitpay from the list of available payment methods.

When your customer proceeds, they will be brought to an invoice page hosted by Bitpay :

At this point, the customer is asked to pay the specified BTC value to the provided Bitcoin receive address. To make the payment, the customer must make a payment using their Bitcoin wallet. If your customer successfully completes their task, they are shown a confirmation.

Every Bitcoin transaction is confirmed by the network a number of times. For the best security, we consider a payment to be complete after six confirmations by default, a process that normally takes up to an hour. In the WebStore Manager, you may choose to accept a Bitcoin payment as complete after only one confirmation. If you require the extra speed that this allows, and can accept the increased risk, it may suit you to enable this option.

NitroSell eCommerce and Bitcoin

Bitcoin is accepted as payment by a growing number of online retailers — particularly in the areas of software, gaming, web hosting, and other digital goods and services.

Online stores using NitroSell’s platform number in the hundreds, collectively offering an enormous range of physical products, numbering over 2.3 million. NitroSell’s adoption of this emerging virtual currency gives your customers yet more choice in their online shopping, and represents another step forward for Bitcoin as a sustainable payment method.

For further information and discussion of Bitcoin, try the following links :