Bitcoin

Bitcoin is a decentralized digital currency. This means that Bitcoin isn't controlled by any particular financial institution, and can be used by customers in any country. Bitcoins are transferred directly from person to person over the internet without going through a bank or another institution. Compared to credit card payments, payments with Bitcoin have lower transaction fees, and don't carry the risk of chargebacks.

To accept Bitcoin, you need to enable one or more of the following alternative payment methods from the Payments page of your Shopify admin:

  • BitPay
  • GoCoin

Accept Bitcoins with BitPay

BitPay allows you to offer your customers the option of paying with Bitcoins. The main features of BitPay are:

  • Customers check out with an internet cash currency
  • Transactions can't be reversed automatically (unlike credit cards or PayPal)
  • Transactions are secure and meet the highest standards for ecommerce security
  • BitPay charges a 1% transaction fee, or 0% if you pay a monthly subscription.

When you set up a BitPay account, you can choose to receive your payments in:

  • Bitcoins, paid into your online Bitcoin wallet
  • Your local currency, paid into your bank account once every business day.

Activating BitPay

Before you activate BitPay, you need to apply for a BitPay account at the BitPay website. Your application will likely take a few days to be approved. You will begin receiving regular payouts from BitPay when your account has been authorized.

To activate the BitPay payment provider:

  1. In the Alternative Payments section, click Select additional payment method.

  2. Click BitPay:

    Select BitPay from the drop-down menu
  3. Enter your BitPay API Key ID.

  4. Click Save.

Having trouble locating your API Key ID? When you're logged in to BitPay, you'll find it at https://bitpay.com/api-keys:

Bitpay api

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