Bitcoin Forum

Hey, I am thinking about accepting cryptocurrency payments in my online store

unfortunately, bitcoin would show my balance and transactions.

I have since been looking into just creating a token/cryptocurrency for this task.

are there public tokens that would offer me and users some privacy? ERC-20 doesn't offer privacy, but would building a coin on NEM work for this?

CT is something that is currently being built for Bitcoin I believe where only the receiver and the sender could see the amount being transacted.

For now, If you're going to accept Bitcoin from multiple customers then I'm going to assume you'll be using a payment processor. In that case, they'll do all the work for you and generate a new address for each customer like said above.

If you want to add another layer of security, you could use mixers like ChipMixer where you're basically given private keys to import so there is no way to tell who used them.

I wouldn't bother creating a new coin, to be honest, If you're thinking that people would use your coin just because of such a feature, then It's not going to happen. Crypto is about transparency.

This is what bitcoin is all about - transparency! This is what distributed ledger technology is and if you are not doing anything illegal, why are you worried about the balances and transactions. I don't know any other cryptos that offer such kind of privacy. However, the easy thing to do is to create new addresses everytime to present it to your client. This way they won't be able to see your balances. Simple and easy!

I would still suggest you to use a third party integration in your store like Bitpay. It will make your life a hell lot easier! Creating a new coin would make it confusing for a lot of people!

There is no limit to the number of addresses you can have, if you don't have something that can automate new addresses then you can change it manually every day

Transparency is a very important character of the blockchain technology and it helps in terms of accountability although it also disadvantageous in terms of privacy

All other posters are correct, if you're not doing something illegal (selling illegal items, evading taxes, money laundring,...) you shouldn't worry about it... New deposit addresses or the use of bitpay (or an other processor) would be more than sufficient...

IF, for some reason, you still want more anonimity, you can always switch to monero (or a similar coin)... I would discourage creating a new token like you suggested, it'll be a lot of work to maintain a token/coin by yourself, and the odds are pretty big the token will become worthless in a very short time... Use an existing coin/token with an established userbase and active dev community in order to protect yourself and your customers and save you from a lot of headache

Why do you need to 'create a token/cryptocurrency'? If you took advantage of some existing cryptocurrency payment gateway you wouldn't have to bother with generating new addresses for incoming payments, reconciliation of underpaid orders etc. You may want to simply recycle existing solution instead of creating a new one.

Well you can just create a new receiving address everytime you take a payment, and it's not that hard to automate that either. You can then transfer the funds into several other addresses to mask the trail/taint if you don't want anyone to get snooping all over your balances, and it wouldn't be hard to that as well. This is what major players and other small stores online do when they accept bitcoin, so it's not really that hard to implement and there are also loads of repositories of how to do that online.

I'm sure that you are aware that bitcoin is not anonymous. If you really wanted to stay hidden then used privacy coins. As what others have suggested, you can also used different receiving address for bitcoin and probably used a mixer to hide your funds.

Just use another address for every transaction.

That will create you unique addresses for your each customer and they will only see their payment unless you send it to another address or exchange for conversion to fiat.

You can use monero or z-chash for security payments and don't worry for being able to see transactions and balances. Their owners will tell you warm-hearted words for that.

That would be so awkward also because when you run a crypto business and customers can see your balance inside that account.

first of all as an online store that is a good thing! it shows your history and the customer can see how long you have been around and have been accepting bitcoin payments. it can create trust that you have not started this business yesterday and trying to scam people!

second, when you accept bitcoin payments, you generally generate a new address for every payment so figuring out how much you have in total is not an easy task than a regular use can do. and unless you are trying to do something illegal and are hiding from the government, you should not worry about these things. and if you are doing something illegal and want to hide from the government, accepting an anon coin is not going to save you....

Blockchain has a transparent character and does not impose privacy but remains anonymous. Being a story and also a history of this, making an agenda and seeing the journey in success achieved. For coins, privacy may be difficult to obtain and has not found.

At this stage most merchants make use of payment processors, because it eliminates the impact of price volatility. <Customers buying a product at say $30 and then the price drop and the merchant only receives $28>

I bought something from a online store yesterday and they have a 10 min restriction for the transaction to confirm. The transaction took 23 min to confirm and the order was cancelled and my bitcoins was refunded.  >:(

Bitcoin desperately need the Lightning network to go mainstream, because we need instant transaction confirmations.  :P