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An Introduction to Bitcoin Payment Processors

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Do you want to accept bitcoin for your online store? Would you like to be paid in fiat instead of bitcoin to overcome the risk of volatility? Bitcoin payment processors are the answer. In simplest terms, bitcoin payment processors help merchants accept bitcoins through their websites or at their point of sale, and then deposit the equivalent amount in fiat into their bank accounts.

Many people want to accept bitcoin for their services or products to support and promote the industry, and to draw in more customers through versatility, anonymity, and user-friendliness. But they often don't know where to start because to many, the world of cryptocurrency is a confusing environment.

Fortunately, there are several creditable and professional payment processors that can help set up systems to start accepting bitcoin quickly and safely. Here are some of the best and biggest bitcoin payment processors.

Coinbase

With investments exceeding $100 million, Coinbase is one of the simplest ways to accept bitcoin. It is focused on beginners who are just starting out. It is as straightforward as signing up and getting a bitcoin address; after that, you can start accepting funds.

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The company claims to have over 40,000 businesses using the Coinbase platform to accept bitcoin. There are no processing fees for the first $1 million in transactions. Once $1 million has been processed, the fee is set at 1%. It only takes 2­ to 3 business days funds to be sent to an associated bank account. They also confirm most payments within seconds with no chargebacks, thus minimizing risk of fruad. At the same time, Coinbase offers a way to issue refunds, if necessary. It is completely free to accept payments on Coinbase and the mining fees are minimal.

BitPay

Another excellent option is the extremely and increasingly popular BitPay. BitPay is dominating the industry with its $32 million in investments, globalized reach, and integration options such as Shopify and Woo Commerce, in addition to various other integrations. There is no fee in order to start accepting bitcoin through BitPay. However, they have premium subscriptions starting at $300/month, which include additional features.

Coinkite

Coinkite is considered by many the most versatile and advanced bitcoin payment processor. What makes it stand out is the handy features that it offers and a lot of focus on privacy, which many bitcoiners demand. It has a plethora of features for both merchant and personal needs which include bitcoin vouchers, bitcoin debit cards, a POS payment terminal, and a bitcoin ATM which is powered by the Coinkite API. You can also customize the process in order to suit your needs, using the API.

An interesting feature offered by Coinkite is “Split and Forward” where you can choose how much of your bitcoins should be sent to an exchange to convert into fiat, or how much should be sent them into different cold storage wallets.