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Author Topic: Bitcoin Payment Processors  (Read 599 times)
JollyGood
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August 01, 2018, 12:01:30 PM
 #41

What the crypto Bitcoin needs is for Bitcoin to be used without third party plugins and as accessible as possible to every person without being reliant on others to process payments on a percentage fee basis.

BTCpay Server does exactly that but it means you have to rent a server and then sync the whole Bitcoin blockchain. This will cost maybe less than $10 a month from AWS or Digital Ocean but at least merchants get to keep 100% of the received funds for themselves just as Satoshi would have wanted.

For those that do not want their own server and are happy to pay Coinbase, BitPay, Coinpayments and the others a commission they can continue as they wish.

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BitHodler
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August 01, 2018, 01:32:02 PM
 #42

BTCpay Server does exactly that but it means you have to rent a server and then sync the whole Bitcoin blockchain. This will cost maybe less than $10 a month from AWS or Digital Ocean but at least merchants get to keep 100% of the received funds for themselves just as Satoshi would have wanted.
One way or another the coins merchants generate from sales have to be sold to reduce the risks the volatility exposes them to. Merchants need to have a constant flow of liquidity in fiat to operate.

It's practically impossible to completely discard a central entity in the process. Only when merchants can restock themselves and pay their rent and all with Bitcoin they might not have to convert anything to fiat anymore.

That's however not the case right now. I obviously hope that we'll reach that stage later on, but don't count on it. I'm already happy that more and more merchants accept Bitcoin, which is good enough for now.

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August 01, 2018, 01:40:18 PM
 #43

IMO, Now and we have BTCPayServer which you could use to run everything on your own + Lightning network supported? no, I don't think we'll need any more.


Never ever heard of it . Thanks for the update.
ablelester
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August 01, 2018, 02:06:53 PM
 #44

I think if do bitcoin payment processors, it will be very helpful step .because bitcoin currency increased many countries & they adopted it day by day.no doubt it will be must in future l hope so,

If you what you say is true then the way to achieve getting there is to maximise the potential and make it as less 'technical' as possible so any person with any skill set can have their own private option to offer Bitcoin as a method of payment at checkout.

With already available plugins for Woocommerce and other carts that merchants use by paying a percentage of transactions fees for their service, they simplify things for the e-shop owners. With "btcpayserver" is removes the need to pay a percentage of your profits or transaction in fees to crypto payment processor companies but you need a small amount 'technical' know how to install btcpayserver and be prepared to pay for the hosting of that server as it will sync the whole Bitcoin blockchain.

The more simple the BTC payment processing process becomes the more merchants will leave traditional crypto payment providers such as those I listed in the OP.

I never even thought of that. Integrating it into woocommerce is the easiest and most practical solution because it can fit right into the website. It just has to be forwarded to a crypto processor or sent off to a server in Amazon and there you go! I'm glad it's getting easier to collect money online with bitcoin. The only thing is, it might be better ensure a steady stream of income through bitcoin before going through the process of setting it up.

What about just putting a wallet address online and then moving everything cold on a daily basis? I've seen a few people do this as a "donation" link.
JollyGood
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August 01, 2018, 03:05:02 PM
 #45

BTCpay Server does exactly that but it means you have to rent a server and then sync the whole Bitcoin blockchain. This will cost maybe less than $10 a month from AWS or Digital Ocean but at least merchants get to keep 100% of the received funds for themselves just as Satoshi would have wanted.
One way or another the coins merchants generate from sales have to be sold to reduce the risks the volatility exposes them to. Merchants need to have a constant flow of liquidity in fiat to operate.

It's practically impossible to completely discard a central entity in the process. Only when merchants can restock themselves and pay their rent and all with Bitcoin they might not have to convert anything to fiat anymore.

That's however not the case right now. I obviously hope that we'll reach that stage later on, but don't count on it. I'm already happy that more and more merchants accept Bitcoin, which is good enough for now.

I am happy too that more and more merchants are using Bitcoin as a method of payment or as the sole method of payment. Sure I understand what you are saying about the need for FIAT but the idea that merchants should pay a percentage of their income/transaction fee to the third party is something that will fade out of a period of time for those that do not require the exchnage of Bitcoin in to FIAT because the more e-shops use Bitcoin at checkout the easier it will become to implement BTCpay Server and services like it.

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bitcoinman93
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August 01, 2018, 03:18:22 PM
 #46

With so many options for accepting Bitcoin on your website do we need any more?

So many companies offer services to accept Bitcoin or some other crypto as a method of payment, I recently saw another one pop up in testing mode.

Unless something exceptional is offered including super-low fees do we need to have more and more options to process payments on websites?

fees are not so huge during the normal days, so it's not so bas, especially when speaking of international transfers, then it's really cheap. Payment processors usually only offer conversions to fiat
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August 01, 2018, 03:35:23 PM
 #47

I've heard of Bitpay, Coinpayments, Coinbase and a few more but have never heard of BTCPayServer so will do some research about it. by the sound of the name it seems they are BTCPayServer specifically for Bitcoin only and nothing else. Is that true? There are thousands that exist. The same question can be asked also, do we need a lot of There is demand and market. Lots of information on that list. Thanks for the link.
JollyGood
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August 01, 2018, 03:46:07 PM
 #48

I've heard of Bitpay, Coinpayments, Coinbase and a few more but have never heard of BTCPayServer so will do some research about it. by the sound of the name it seems they are BTCPayServer specifically for Bitcoin only and nothing else. Is that true? There are thousands that exist. The same question can be asked also, do we need a lot of There is demand and market. Lots of information on that list. Thanks for the link.

BTCpay Server supports many coins

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tanjilrifat
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August 15, 2018, 05:20:08 PM
 #49

All I see is that everyone only tries to promote theirselves by becoming exclusive bitcoin payment processors for top companies and examples of this are ipayyou for starbucks.
JollyGood
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August 15, 2018, 05:39:46 PM
 #50

All I see is that everyone only tries to promote theirselves by becoming exclusive bitcoin payment processors for top companies and examples of this are ipayyou for starbucks.

If that exclusivity is happening then it is against the openess principles that Satoshi would have wanted to promote.

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blossomnow
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September 30, 2018, 03:27:03 AM
 #51

The main goal is to ensure that their customers have access to the most advanced, transparent and reliable encryption services on the market. All I see is people are just trying to promote themselves by becoming the exclusive bitcoin payment processor for top companies and examples of this are ipayyou for starbucks, bitpay for companies other famous and very much
JollyGood
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September 30, 2018, 12:50:52 PM
 #52

The main goal is to ensure that their customers have access to the most advanced, transparent and reliable encryption services on the market. All I see is people are just trying to promote themselves by becoming the exclusive bitcoin payment processor for top companies and examples of this are ipayyou for starbucks, bitpay for companies other famous and very much

You are right and I agree with you but what is the solution to take this power out of the payment processors and in the hands of the merchants?

BTCpay Server does do the job but it requires merchants to set up their own server running BTCpay Server on it but most seller are sellers with little or no technical skill so they do not know how to achieve that.

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JollyGood
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October 12, 2018, 03:20:05 PM
 #53

Any updates on this?

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