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Accept Bitcoin payments (payouts in EUR or USD)

Accept Bitcoin payments (payouts in EUR or USD)

Hello, Magento community,

We are JSC "Virtualios valiutos" located in Lithuania. Our company is developing a project, which we presented this year in Berlin, at event “Inside Bitcoins”. It allows various businesses to accept payments through the Bitcoin payment network and receive payouts in Euros or US dollars directly to their bank account. This payment method completely eliminates chargeback fraud and is cheaper, faster and more convenient than most other payment methods.

Bitcoin is the world’s first decentralized open-source payment system. Bitcoin technology is used and invested in by Microsoft, Dell, New York Stock Exchange, NASDAQ, Goldman Sachs, Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, UBS, American Express, Visa, MasterCard, PayPal. Bitcoin virtual currency unit (called "bitcoin") is officially recognized by European Central Bank as a payment unit, and bitcoins were recently officially recognized as a currency in the EU by the European Court of Justice (highest court in the EU), but payments through the Bitcoin payment system can be received in any currency, for example euros or US dollars. Our business product is oriented to B2B sector, enabling various businesses to accept payments through the Bitcoin payment system, while leaving all integration concerns for us.

Benefits for the merchant:

Ease of use and cost saving - CoinGate solution enables Your business to accept payments through the Bitcoin network from your customers and receive a fixed value in euros or US dollars to Your bank account. We only take a 1% fee from the sum transacted, there are no registration, monthly or any other fees.

Additional customers - Bitcoin is the fastest growing payment system in the world. When you start accepting Bitcoin payments, you show yourself as being innovative and attract attention from both local and global communities.

No chargeback fraud risk - credit card transactions are confirmed (become impossible to reverse) in about a month. While that month didn’t pass, credit card owner can call their bank and cancel the transaction by telling the bank that they did not authorize it, the bank charges the money from the merchant and returns them to the card owner. In that case, the merchant can be left without their merchandise which they already sent out and without the money.

When accepting payment through the Bitcoin payment system with CoinGate, transactions are confirmed (become impossible to reverse) in a few seconds.

Easy integration - we work with brick-and-mortar stores and e-commerce. For e-commerce we offer plugins for the most popular e-commerce platforms, including Magento.

You can find our plugin for Magento here:

Benefits for the customer:

Ease of use - Bitcoin currency is often held on a mobile device. Money transfer only takes a moment, so it is always quick and easy to send a Bitcoin payment.

Confidentiality - to start using Bitcoin, the customer doesn’t need to register anywhere, doesn’t need to give-out their private information, they only need to download one of many free open-source Bitcoin wallet apps. They also do not have to disclose any of their personal information to the merchant, unless the merchant demands it.

Freedom - since Bitcoin is not owned by anyone, that means that the customer is in full control of their money, no one can “freeze” their account (because there is not account to “freeze”), no one can confiscate their money, no one can censor or block their transactions.

Cost saving - there are no administration fees in Bitcoin and transaction fees are tiny, compared to other methods, regardless whether you are paying for a coffee of sending money to the other side of the world.