Payment Gateway Explained

Bitcoin payment gateway can possibly get quite confusing, especially if you don’t know whatever you’re doing. So, today, we do hope that this article will pretty much just help you and make it so that you find this topic so much easier to understand. But before that, though, let’s talk about what bitcoin is and what a payment gateway is since those words are going to be crucial when it comes to the topic, as you can probably tell by the name.

So, what is bitcoin? How much is it worth? Bitcoin is basically a cryptocurrency created by Satoshi Nakamoto. It’s a digital kind of currency that does not have any kind of central bank. One person can send it to another. Bitcoin always has a change in it’s worth all the time, so I can’t say how much it’s worth exactly. But what I can tell you that even though I can’t say the exact amount, a single bitcoin is pretty much worth a lot of money. But it still is possible to get less than one bitcoin. You can even get a dollar worth of bitcoin if you really wanted to.

Moving on, let’s talk about what a payment gateway is. A payment gateway is a kind of merchant service that is provided by an e-commerce kind of application service provider who also authorizes credit cards, online retailers, and a ton more. It pretty much just facilitates any kind of online transaction using the transfer of information and a payment portal. I guess you could definitely think of it as a kind of credit card. Even though it does work pretty similar to how a credit card works, there are definitely some differences that you’re probably unaware of. So, let’s talk about their differences by learning how they work.

So, now, let’s talk about how a bitcoin payment gateway actually works. For example, let’s say that you buy something from a store using your credit or debit card at the counter, you do enter your PIN to purchase the item of your choice. When it comes to bitcoin, it does work very similarly to how the event I mentioned works. I guess you could say you pretty much do the same thing, but instead doing it in person, you do it on that store’s online site.

Now, you know how they pretty much just work. Let’s talk about the differences of both credit or debit card and bitcoin payment services since it can seem quite confusing to other people the actual differences of those two, so here they are.

  • Probably one of the main differences between the two is that credit cards are usually stored in your wallet and are used whenever you go out of your house and go somewhere to go shopping or eat. Meanwhile, with bitcoin, it is a digital currency that you can use to buy items online. So, you can’t really buy anything in real life with bitcoin unless you withdraw it or end up selling it to somebody for money.
  • Another difference that a lot of people who own bitcoin probably also know that the world out there isn’t really very open to cryptocurrencies such as bitcoin. So, you probably won’t be able to withdraw it from your local bank since they most probably don’t accept bitcoin in any way, shape, or form. So, ending up actually getting the money from your bitcoin can get quite frustrating since there aren’t many ways for you actually to get them in real life cash. But they’re still very useful when you make online transactions.
  • Credit and debit cards also have pretty things like fraud protection that bitcoin sadly does not have. So, if you’re worried about things such as fraud, then maybe bitcoin isn’t absolutely perfect for you.
  • Next up, we have that even though the community widely accepts both credit and debit cards, and almost every adult out there has it, and credit card companies do require you to pay a fee.

Those are pretty much just the main differences and what sets them apart from each other. Going ahead to another topic, let’s talk about choosing the right bitcoin payment gateway service for you.

If you’re looking for any kind of service, you’d probably be going and be looking for the most trustworthy ones out there. So, here are a few qualities or features that you should look for.

  • One of the things that a lot of people probably do worry about the most is whether it’s fraud or if it’s actually possible to trust. So, looking for the right service that offers both no cashback and no frauds is definitely something that you should look for on their website. But when it comes to services that have high ratings and one that seems like you can trust, even if it doesn’t say any fraud or cashback, why not take the risk?
  • Even though we’re mainly talking about bitcoin over here, it’s always good to find a service that offers other cryptocurrencies as well, such as zcash and Ethereum. So, if you do end up getting a different kind of cryptocurrency, then you don’t have to go for another service too. It’s also great if they will be able to offer their services to people who speak different languages. Juts finding a payment gateway service that provides for most of the people out there would be great.
  • Finding a service that offers a very easy checkout process with almost no coding at all is a good choice if you don’t like coding or if you don’t know a single thing about coding.

There are so many more things to look for in a bitcoin payment gateway service, but we’re sadly out of time. So, I do hope that this article helped you to not only understand bitcoin and bitcoin payment gateways but also helped you find the perfect one for you.