Merchant adoption of cryptocurrency remains relatively low. This is primarily due to market volatility and regulatory uncertainty. A new tool by Coinbase will let any WooCommerce store owner accept Bitcoin payments. It is another step toward moving cryptocurrency away from speculators and into the hands of actual consumers.
WooCommerce and Cryptocurrency
With a reported more 49 million downloads to its credit, WooCommerce – working in conjunction with WordPress – is one of the most popular ecommerce platforms online. It is easy to set up and comes with basic payment methods (PayPal, Cash, and BACS) already integrated and additional payment gateways are simple to add through plugins. And now, with the help of Coinbase, site owners can add cryptocurrencies to the list of supported payment methods.
The new plugin is linked to a user-controlled Coinbase wallet. WooCommerce users can accept all of the major cryptocurrencies supported by the exchange. It is part of Coinbase’s open financial system expansion plan. By not officially acting as a payment processor in a centralized manner, peer-to-peer transactions can be established. This approach also removes any unnecessary fees from the equation.
It is a lucrative option for merchants to explore. With no additional fees, this plugin is the cheapest solution to accept global payments. At the same time, Bitcoin and altcoins remain extremely volatile first and foremost. Without direct conversion to fiat currency. hedging against volatility becomes impossible. It is something for WooCommerce site owners to keep in mind.
Positive News for Bitcoin and Litecoin
The new WooCommerce plugin currently supports only Bitcoin and Litecoin. Bitcoin Cash and Ethereum will be introduced in a future version. No exact timeline has been provided in this regard. This is not Coinbase’s first foray into the e-commerce industry, however. Its technology can also be found within the Shopify webstore platform.
For the cryptocurrency industry, this is a big development. Bitcoin and altcoins are often perceived as investments. With this new plugin, the currency aspect of these projects takes center stage again. Although it may not make a big impact right away, Coinbase’s plugin can open up a lot of doors.
Will Coinbase’s WooCommerce plugin ease merchants’ barrier to entry for accepting cryptocurrencies as payment? Let us know what you think in the comments below.
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