Bitcoin is the world's first and most popular global, digital currency not issued or controlled by any government or company. It's a protocol for transferring value analogous to how email is a protocol for communication. See Bitcoin.org for more info. Bitcoin has the potential to be as disruptive of a technology as the internet itself and is poised to become a major, competitive global currency. Some interesting statistics: coin.dance/stats
-Q: Why accept Bitcoin on Etsy?
-A: Bitcoin is free to receive and as easy to setup as Paypal. Unlike Paypal, Bitcoin costs nothing to accept directly and is free (in most cases) to have automatically converted into local currency (USD). Bitcoin eliminates chargebacks! Whereas Paypal or CC payments can be disputed for months after the time of payment, Bitcoin is fully settled within an hour. Payment to your bank account by ACH takes a few days. Those holding on to their bitcoin will receive them immediately and can never have them frozen or seized (proper security precautions must be taken, however).
Bitcoin has a fixed supply and cannot be devalued through inflation like government currencies. It also lets you keep more of your revenue by paying less in fees. Bitcoin is returning financial (and monetary) power to the individual.
-Q: Isn't Direct Checkout and Paypal sufficient?
-A: Yes and no. While traditional payment forms currently make up 99% of aggregate consumer demand, your shop may already target demographics more inclined to use Bitcoin. Bitcoin is most popular amongst younger age groups and those more interested in both technology and investment (see above stats). It also serves groups unable to obtain banking services or unable to acquire your local currency at an acceptable price.
Regardless of the demographic trends, there is the interesting case of a farrier services (horseshoeing) provider in Ohio who offers 10% discounts for payments with Bitcoin. He managed to convert 30% of his rural, all-female customer base into paying him with Bitcoin primarily due to the discount, which he can afford due to the no receive fees, supply repurchases via Purse.io, and an expectation of future Bitcoin price increases. Site: farrierservices.net/bitcoin-accepted/
By using Bitcoin you can accept payments from anywhere in the world! The only limitation is in your ability to physically deliver your particular goods. Since acceptance is free, there is little reason not to integrate.
-Q: Is Bitcoin supported on Etsy?
-A: Bitcoin can be accepted as an "Other" payment form. By enabling Other payments in your shop settings and adding a note about acceptance to your shop policies, you can start receiving Bitcoin orders.
-Q: How do I actually accept Bitcoin?
-A: You will manually invoice the customer once they submit their order. This can be done several different ways, from a basic wallet like Airbitz to full exchange PSPs like Bitpay.com. In many cases you send the customer a link to a hosted invoice where they can pay at their convenience; the converted bitcoin amount being calculated at the time of payment. You will receive a notice of the payment and if its been "mined" into a block. In most cases, once you see the transaction has one confirmation you can safely fulfill the order.
Interviews with shops already accepting on Etsy: blog.coincafe.com/category/etsy-bitcoin/
I'd like to invite everyone interested to the Etsy Bitcoin team where you can find further information and assistance: www.etsy.com/teams/10366/bitcoin
It would also be my honor to help you directly with your integration: Send me a message!
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