E-Commerce, Fiat to BTC

[CodenameKira]

Hi,

I am wondering if it's possible to build a system where e-commerce websites can charge in fiat, issue an invoice while immediately converting to BTC on your end?

Any related information is welcome!

You can give me pieces of the puzzle and theory and I will try to connect the dots.

Best

[LeGaulois]

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

[CodenameKira]

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

No.

Charging in bitcoin is a very big roadblock for regular buyers who aren't acquainted with BTC.

That's why I intend to develop a system that can allow users to charge in Fiat but store in BTC.

I am researching on how to do this!!

[Joel_Jantsen]

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

No.

Charging in bitcoin is a very big roadblock for regular buyers who aren't acquainted with BTC.

That's why I intend to develop a system that can allow users to charge in Fiat but store in BTC.

I am researching on how to do this!!

Charge in fiat but store in BTC? You just need a way to convert your fiat into bitcoins in real-time? There are thousands of ways of doing that. You could use exchange API's, wallets, external wallets and so on. Even coinbase would work! You just accept money in a bank account that is linked with your coinbase or related accounts and create a buy order.

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

BitPay is like the worst crypto payment processor out there..

[mavens]

Hi,

I am wondering if it's possible to build a system where e-commerce websites can charge in fiat, issue an invoice while immediately converting to BTC on your end?

Any related information is welcome!

You can give me pieces of the puzzle and theory and I will try to connect the dots.

Best

hey,
I will help you to develop the system as per your requirement.lets connect over Telegram:@Mavensr

[eternalgloom]

hey,
I will help you to develop the system as per your requirement.lets connect over Telegram:@Mavensr

Why would he need any help? Joel_Jantsen just explained how to do this automatically, by creating an automated BUY order on Coinbase (would also work with some other exchanges). It's not hard at all to set this up. 

[malevolent]

I doubt there would be much interest for such a service, businesses can typically pay for most of their expenses only in fiat currencies, getting them to accept BTC to be converted automatically to fiat money is already a challenge.

[BenGarth]

Hi,

I am wondering if it's possible to build a system where e-commerce websites can charge in fiat, issue an invoice while immediately converting to BTC on your end?

Any related information is welcome!

You can give me pieces of the puzzle and theory and I will try to connect the dots.

Best

immediately converting -- not sure that it's possible
But stablecoin bridge is almost you are looking for -- https://raidofinance.eu/stable-coin-bridge

[shield132]

Don't know whether such service is possible but just remembered nimipay, a new payment gateway which was released recently. They accept bitcoin payments and also credit cards but since their main target is bitcoin, maybe they offer service which lets users to pay with fiat and then system will automatically convert it in bitcoin.
See their thread: https://bitcointalk.org/index.php?topic=5164265
Contact OP and ask him if that's possible, maybe it is, I don't know well.

[Initscri]

I doubt there would be much interest for such a service, businesses can typically pay for most of their expenses only in fiat currencies, getting them to accept BTC to be converted automatically to fiat money is already a challenge.

The only general purpose I can think for this would be to have the money become anonymous. In the sense that the service approves the service/goods being sold, they handle the conversion to BTC, and the e-commerce owner has BTC without ever having a trace within Fiat.

If someone is very concerned about privacy, or just generally prefers BTC as a value-store as opposed to a bank account, there might be a general purpose for this.

[Harlot]

You might be referring to a 3rd party service since known websites that only accepts Fiat doesn't have that kind of functionality. This has been discussed in the past and some projects have shown that they are able to do crypto payments on the users end. Their only part in this is they are responsible to pay in fiat while you pay them the cryptocurrency equal to it. Sorry if I can't give you the link because I can't find it anymore, they do have their own thread in the project development so I think you can back track them.

[Fintelum]

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

Agreed, BitPay or Coinbase are the best (most established and secure) options.

[timerland]

You mean using bitcoin as a payment option, not the base of selling products, correct? An example is me selling donuts for 0.001 BTC per donut (using bitcoin as the basis), and selling donuts for 10 dollars but accepting bitcoin as a payment option (your case?).

Bitpay is likely your best option - but I am pretty sure there is a lot of KYC/ID Verification you have to do to open a business account, although they only have a 1% fee. Bitpay as a lot of options for accepting payments via your own site, email and even in person. Another feature is being able to sell your BTC to bitpay and cash out to USD/EURO to your personal/business bank account. You can add multiple payment options, paypal, mastercard as well as this option to make sure your buyers can pay with whatever they feel comfortable because you think that paying in BTC is a pretty big roadblock.

Other options have also been shown by other people, but I still reckon bitpay + paypal + card is the best way.

[Initscri]

The site charges in fiat but the customers will be paying in fiat or BTC?
Because if they're paying with Bitcoin you can use something like Bitpay, the invoice is generated in BTC, they pay the invoice and you receive BTC. You can also auto-convert the amount to fiat, for merchants who don't want to lose on volatility. Coinpayment may be an alternative of there is no fiat involved

Agreed, BitPay or Coinbase are the best (most established and secure) options.

You mean using bitcoin as a payment option, not the base of selling products, correct? An example is me selling donuts for 0.001 BTC per donut (using bitcoin as the basis), and selling donuts for 10 dollars but accepting bitcoin as a payment option (your case?).

Bitpay is likely your best option - but I am pretty sure there is a lot of KYC/ID Verification you have to do to open a business account, although they only have a 1% fee. Bitpay as a lot of options for accepting payments via your own site, email and even in person. Another feature is being able to sell your BTC to bitpay and cash out to USD/EURO to your personal/business bank account. You can add multiple payment options, paypal, mastercard as well as this option to make sure your buyers can pay with whatever they feel comfortable because you think that paying in BTC is a pretty big roadblock.

Other options have also been shown by other people, but I still reckon bitpay + paypal + card is the best way.

The OP clearly wants to receive Fiat and have it converted directly to Bitcoin. That's pretty obvious by the first post. BitPay or Coinbase will not help with this.

@OP, your best bet is to use a payment processor which you can then directly convert into BTC. I'd hate to reco it, due to their stance generally on Bitcoin, but PayPal may not be a bad bet TO TRY.

You can then convert PayPal to Virwox (Linden) and then to BTC, but you're generally going to lose some within the exchange.
Virwox has an API here: https://www.virwox.com/developers.php

You could use Skrill as well, since you can convert directly to BTC on their platform: https://www.skrill.com/en/transfer-money/skrill-cryptocurrency/

But I'm unsure if there is an API to do that automatically.

[eternalgloom]

The OP clearly wants to receive Fiat and have it converted directly to Bitcoin. That's pretty obvious by the first post. BitPay or Coinbase will not help with this.

Yes, indeed you will not be able to directly convert every fiat payment to Bitcoin, but you can have your bank account send a fixed amount to Coinbase whenever you want.
You set up a regular bank account and get automated payments directed to Coinbase (they have an option for this)

I know it's an ugly workaround, but perhaps it's enough for OP's needs.