Topic: How easy is it to accept bicoins as online payment (Read 508 times)
We have been using Bitpay to collect our bitcoin transactions and it has worked out well so far.
I've got a couple of online businesses and am wondering how easy it is to accept Bitcoin as payment? Are there any drawbacks?
There are do-it yourself (DIY) approaches (see the Bitcoin.it wiki for Shopping Cart Interfaces) and then there are payment processors who can help (e.g., BitPay, WalletBit, Coinbase, Mt. Gox merchant tools, etc.)
Even with a payment processor though you need to be knowledgeable about double spends:
- http://en.bitcoin.it/wiki/Double-spending
If you ship goods out, then you can protect from double spends by holding orders until the payment has fully confirmed (reached six confirmations, or at least three).
If instead you need to process and deliver the purchase immediately (e.g., sale of a prepaid gift card e-code that can be used for purchases at a retailer immediately) then you do expose yourself to a much greater risk of a double spend from a "race attack". Few businesses have a profile where this is a risk (SatoshiDICE is one example, and maybe an automated coin dispenser at an unattended laundromat might be another example) so it boils down to where if the there is no economic incentive for the attacker to attempt to double spend then that alone will keep the number of occurrences in check.
Thanks buddy! I'll check it out
Hello everyone. I love Bitcoin, its just so easy to send money without all that registration, fees, fuss and effort.
I've got a couple of online businesses and am wondering how easy it is to accept Bitcoin as payment? Are ther
any drawbacks?
Thanks for any ideas/experience!
I've got a couple of online businesses and am wondering how easy it is to accept Bitcoin as payment? Are ther
any drawbacks?
Thanks for any ideas/experience!
Jump to: