Bitcoin Forum

I plan to offer an electrum bitcoin payment address to an online shopping cart for services rendered. Roughly once a week forward the coin in the wallet to an exchange and cash out.  I am not so much interested in playing the high/low market strategies for bitcoin, mainly collecting payments and cashing out. 

What is the best way to do this?  Should I do it daily, weekly, monthly? is there a preferred exchange for businesses?  Are there any other considerations? 

coinbase and bitpay already offer shopping cart services for merchants

where they can automate swapping the btc for fiat as soon as people pat btc, or you can set it to keep all or a % as btc,

In addition to what has been mentioned above, you have CoinGate and CoinsBank as well.

Note that using a payment processor will mean paying fees for each transaction you receive. If you don't want to do that, you could setup BTCPayServer but you'll receive everything in BTC and you'll have to exchange yourself.

I am familiar with coinpayments. Isn't it same like the aboves mentioned already?

It is obvious that Bitcoin is being used by manipulators and big people who knows what they are doing to gain a lot of money from it.

I suggest you to try doing it since the effort teaches you something. If you'll be successful, my best congratulations on your success! If you'll be failed, PM me... I'll tell you the reason behind the failure.

My two cents with 2 Yrs of experience!

Bitpay is one name I can suggest! They are time tested and proven their abilities. Their integration layer is being used by more than 10,000 merchants as reported by Coindesk. However, if you really want to stay safe from the price fluctuation, I recommend you to cash out daily if you have high volume. But if your store volume is low, you can also do it weekly. But I won't suggest you to go for monthly option because then you will be exposed in the risk of price fluctuation.

Also if you use their service, you won't have to look for any exchanges because bitpay takes care of that as well. They will just charge 1% from the total amount and send the rest of the amount to your bank account. A complete solution!

It's a similar service yes. OP wants to accept Bitcoin payments though and CoinPayments is mostly targeted for those who want most of the alts.

I think you might be underestimating the amount of issues involved in payment processing if you're planning on integrating conversions to regular currencies like USD/EUR ect.

Take this approach, the framework is already in place for you and given that you said yourself you're not interested in playing the highs and lows of BTC this will remove all risk that that presents to your business.

There are a lot of projects offering this bitcoin shopping cart. Its realistic since one of the alts are already doing it.

Check out this site: https://megaxstore.com/blogs/news/electroneum-now-accepted-at-megaxstore

Check this directory of businesses which accepts ETN too : https://electroneum101.com/spend-electroneum/

no idea about electrum, but Coinbase and Bitpay services are trustworthy already.

We can truly see that there are many project that provide or support bitcoin shopping cart. Even there are some altcoin that already use in shopping cart some online market and companies still prefer to use bitcoin than altcoin. Do you think it is possible that in the future cryptocurrencies will be the mode of paymeny in all kind of store.

Thanks for the replies. Does coinpayments or bitpay do chargebacks or is that not possible?  I freelance write and customers have a nasty habit of having me write for them then generating a chargeback so i worked for nothing.  Another reason I kind of liked the bitcoin idea. 

So aside from market fluxuations and fees, what are the pros/cons of using a bitcoin processor like coinpayments vs just transfering money from my wallet to whereever? I like the idea of being able to choose where the bitcoin goes (eg. btc ATM or exchange1 or exchange2...etc).

Also, I know its not possible to be "anonymous", but what exchange offers the best privacy from public domain?  I had a papyal customer somehow get my phone number and address and they sent me a text asking if they could come to my house and discuss project. wtf? Maybe I am wrong for thinking this, but I feel like nobody should be able to get my personal info unless they have a court order or something.  But hey, this is 2019.

Just make sure that your choice is suitable with your current business.
Currently I'm not interest to change any kind of cart except something force me to change.

Welcome 2019, something new will begin

I did not have this in mind.

Electrum is a wallet software not a payment processor. A payment processor is a third party who act as a middleman and receive your transactions. Think about Paypal although it's a fiat based payment processor.

Not sure if they have but since they are handling your bitcoin, they may look after the customer satisfaction. They may freeze the account if they see any suspicious activities.


Why don't you give them your own wallet address instead of any of the above or any exchange. Those payment processors and exchanges do charge a lot for every transaction even when you want to withdraw the money too.

I do have a wallet, and that is what I want to give. What I am trying to determine is the easiest, safest, cheapest, and most private means of cashing out (in that order of importance) on a routine basis.  

yup right, both of these platforms are very suitable for traders who want to add crypto payment methods, will automatically redeem to fiat