Chat with us, powered by LiveChat

This website uses cookies

Our website, platform and/or any sub domains use cookies to understand how you use our services, and to improve both your experience and our marketing relevance.

Say hello to redesigned Cloudways, an empowering Startup Program, enhanced Staging, a new Let’s Encrypt Wildcard SSL certificate feature, and more. GET STARTED

Accept Magento Bitcoin on Your Stores Using CoinGate

Updated on  12th November

4 Min Read
Reading Time: 4 minutes

Bitcoin, world’s first successful digital cryptocurrency, is spreading fast. It is now accepted widely by ecommerce stores around the globe. Businesses are rapidly accepting Bitcoins and adapting to the changes in contemporary digital transactions.

It is high time for Magento ecommerce store owners to start accepting Magento Bitcoin payments on their online stores, because of the many advantages cryptocurrencies have to offer.

One of the biggest advantages of bitcoin payments is their low transaction fee of 1 percent at max. On the other hand, current ecommerce payment gateways charge a higher fee of 3 percent to 5 percent.

Secondly, payments made through Bitcoin are treated as the equivalent of cash, which means there is no threat of chargebacks. To simply put it, a transaction made through Bitcoin is similar to that of a payment made through a physical currency, such as bank notes. Almost 70 percent ecommerce stores become a victim of friendly fraud also known as chargeback fraud. Bitcoins can decrease that number.

The third advantage of a Bitcoin is that it is highly secure in terms of payment information. In a credit card purchase, the CC number transmitted by the customer can be used maliciously for illegal transactions. On the other hand, Bitcoins use public/private keys to authorize the payments and include triple layer security protection. What this means is that even if hackers breach the store, no one is at risk of theft due to the secure payment process.

Accepting Magento Bitcoin

Accepting bitcoins on Magento ecommerce stores is super easy. You don’t need any programming skills and many Magento modules allow you to integrate Magento Bitcoin payment method in your store easily within a few minutes. Of the many options, CoinGate Bitcoin Magento extension is very popular and is widely used to accept Bitcoin on Magento stores.

Cloudways Magento Hosting For Non-Technicals

CoinGate Magento Bitcoin extension makes Bitcoin transactions hassle-free. In addition, it also helps the store accept other digital currencies, such as Altcoin. In this blog post, I have covered the step-by-step installation and integration process of CoinGate Magento Bitcoin extension into the Magento platform. The process has the following steps:

  1. Signup and setup API credentials on CoinGate
  2. Install and enable the CoinGate Magento Bitcoin extension
  3. Configure the API credentials and other settings in CoinGate Bitcoin Magento extension

Note: CoinGate Magento 2 Bitcoin extension is also available for Magento 2 stores.

Signup and Setup API Credentials on CoinGate

First of all, you will need to sign up on the CoinGate official website for a production environment. You can try CoinGate’s sandbox environment to run a demo transaction and make sure everything works fine before going live.

For the Testing Mode to work, you must create a separate account on CoinGate sandbox environment and generate API credentials, since API credentials created on the CoinGate official website will not function in the sandbox environment.

Once you have signed up on CoinGate, you can either complete the auto-setup wizard or navigate to API > App and click + New App button to generate a set of API credentials.

Coingate API

Install CoinGate Magento Bitcoin Extension

Login to your Magento Admin Panel.

Magento Admin Panel

Go to System > Magento Connect > Magento Connect Manager.

Magento Connect Manager

Get the CoinGate Magento Bitcoin extension key from Magento Connect, paste it in the Magento Connect Manager and click Proceed button to install.

Magento Proceed

Once you are done, return to the Magento admin panel.

Configure The API Credentials For Magento Bitcoin

Now navigate to System > Configuration.

Magento API Configuration

Click on Payment Methods under SALES.

Magento Sales View In Admin

Expand Bitcoin via CoinGate.com section and enter the required information:

Magento Bitcoin via CoinGate.com

  • Set Enabled to Yes.
  • Enter the Title and Description.
  • Enter your API credentials (App ID, API Key, and API Secret) that you have generated previously.
  • Set Receive Currency if you wish to receive your payouts from CoinGate.
  • Set Test mode? to Yes if you want to run tests with the CoinGate sandbox environment.

Once you are done, tap Save Config button.

Note: If the extension does not work or if you get the 500 error, Flush the Cache Storage and also rerun the Magento Compiler if it’s enabled.

Conclusion

Congratulations! Your Magento store is now ready to accept Magento Bitcoin payments. At the checkout, if your customers select Bitcoin as a payment method, they will be redirected to the CoinGate gateway page to pay for their orders.

Have any questions? Feel free to leave a message in the comments section below.

Share your opinion in the comment section. COMMENT NOW

Fayyaz Khattak

Fayyaz is a Magento Community Manager at Cloudways - A Managed Magento Hosting Platform. His objective is to learn & share about PHP & Magento Development in Community. Fayyaz is a food lover and enjoys driving. You can email him at m.fayyaz@cloudways.com

Convert visitors into buyers on your 100% faster Magento store.

Deploy your Magento stores on optimized Magento hosting servers.

 

Get Our Newsletter
Be the first to get the latest updates and tutorials.

THERE’S MORE TO READ.