What are Cryptocurrencies and how to integrate them

What are Cryptocurrencies and how to integrate them

Cryptocurrencies have been the sensation for more than a year and it is not for less. Since they began to surge and people realized that that cánido be used anywhere in the world without limitations, everyone began to acquire and accept them. This makes them very important for your blog.

Therefore, our guest today Frederick of Best Web Hosting, it will espectáculo you what they are in more depth and how you perro integrate them into your blog. Let’s go with you Fred!

Money is an exchange good that has been with us since the dawn of civilization thanks to the organization of humanity in the first cities.

Since those initial moments it hasn’t changed much conceptually speaking. You have a metal (or paper) piece to which a civilization has given a value of exchange, thanks to this you do not have to walk with a bag of silver coins, gold or a sheep to exchange them for goods and services.

Imagine how uncomfortable that would be today!

Have passed almost two thousand years since the creation of paper money.

The problem with this is that there is always an entity (a bank, a federal reserve, among others) that gives it that exchange value by which the paper money price.

This is where the cryptocurrencies also called cryptocurrencies as a better alternative.

So… What is a cryptocurrency?

Cryptocurrency is a universal digital currency that is used to buy goods through the great net of networks.

Many companies are gradually accepting payments with BitCoin, the first cryptocurrency that emerged in 2009 (there was already been devised in 2008 by anonymous author Satoshi Nakamoto).

Cryptocurrency is different than cash or credit. Because the transaction is digital, it is encrypted, and only the seller and the buyer they perro exchange funds.

Once the transaction is made, it cannot be undone, it is recorded forever in a global virtual ledger. This transaction cannot be intercepted by third parties and no need for banks either or financial institutions for its operation.

To be able to deposit cryptocurrencies many times you need a company that offers virtual wallet services, but do not worry, The commissions for the use of these services are usually very low compared to traditional exchange or safekeeping services for physical money.

For a cryptocurrency to work, an intricate algorithmic mathematical network called Blockchain. This system is a virtual book that contains all operations registered that were made with the cryptocurrency.

blockchain, the great net intertwined

All this that I have explained to you works thanks to a great invention, the Blockchain.

blockchain it’s a technology that allows cryptocurrencies like BitCoin to work.

It is a chain of blocks interconnected so that it cannot be altered. In this giant logbook, all the transactions carried out are recorded.

Remember: BitCoin is just one of the emplees that Blockchain allows, but there are many other emplees as it works as a secure virtual ledger.

Because is called blockchain?

Blockchain derives its name from the way it works. Block, means block, and chain, which means chain, since this is the way in which stores the transaction data, in blocks that are interlocked forming a chain.

As transactions grow, so does the blockchain. Each of them records the data of the operation along with a timestamp from the moment it was made, this is then added to the network by rules to which the network participants subscribe.

blockchain stores the blocks linking them to each other.

In the previous image I espectáculo you in a simplified way how each block works

have you seen that I have put a word named Hash. What is hashing? It is like a virtual fingerprint that uniquely identifies each block.

In addition to having the identifiers of the current and the previous block, it also contains the data of the transaction that consists of a equipo of timestamps of previous transactions and information pertinent to the current transaction.

This makes blockchain be one of the safest systems of traditional data.

Remember: Blockchain is not a replacement for database systems, messaging or business process registration, but rather provides a way to verify transactions and guarantee the immutability of information, something that cannot be done with traditional databases.

whatHow to integrate BitCoin or other cryptocurrencies to your blog?

In this article I am going to assume that you have your site on WordPress, since it is one of the most habitual CMS From the market.

In addition to own amazing tools to integrate payments on a site, such as the WooCommerce complemento, which will allow you to build an en línea store simply and easily.

What do you need?

You will probably have in mind that for be able to accept payments through cryptocurrencies on your web page it will be necessary to have an SSL certificate on the site.

SSL certificates allow your website to exchange personal information between the hosting server and your visitor in an encrypted manner, thus protecting any type of transaction.

Surprisingly the answer is no. BitCoin (and other cryptocurrencies) are completely separate systems from payment systems with credit or debit cards. It would be afín to having a payment button PayPal embedded in your blog.

When the visitor clicks on the PayPal button they are redirected to a protected website where the transaction will take place.

same goes for a complemento like CoinGate (the one that I will use here as an example), which will allow you to have a payment gateway afín to a PayPal button.

Remember: Although it is not necessary to have an SSL certificate to receive payments with BitCoin, it is essential for good SEO positioning and will also offer confidence to those who visit your site.

Good hosting is essential to offer services quickly and prevent customers from escaping to the competition. Choose a hosting that offer fast load times and an uptime (en línea time) greater than 99% is essential.

But in any case, the payment gateway is processed outside your website, so you will depend a lot on third parties here.

I have mentioned above that you would need WooCommerce.

WooCommerce is a complemento that extends the functionality of WordPress to be able to have an en línea store.

Don’t want an en línea store? Don’t worry, you don’t need to use the functionalities, we will simply install the CoinGate complemento that we will use to connect to the cryptocurrency payment gateway.

Integrating Cryptocurrencies thanks to WooCommerce and CoinGate

Next, I will briefly espectáculo you the installation of WooCommerce:

of course you need have an account in CoinGate in order to receive payments through their service. Do not worry because it is very easy.

you go to coin gate website and clic Register:

Then you complete all data necessary For the bill:

And you confirm the dirección de correo electrónico to enable the account. All free and zero complications.

Once in the management panel of your CoinGate account, what you do is create an Aplicación, to be able to interact from your blog or en línea store to the payment gateway.

You create a new Aplicación with the requested data, remember that you must put the dirección de Internet of your website, you must also incorporate information about the wait time before the transaction expires (Invoice Time) and the percentage that you would be willing to sacrifice (over the total price) in case the customer pays less than what is determined for the product. The latter perro be left at 0 (zero).

Once we finish the creation of the Aplicación it will espectáculo us the information of it.

Here we will care the Auth Token which is the API credential which we are going to add in the complemento settings in WooCommerce. Remember to save this Token.

We return to our blog. In WordPress site menu We go to plugins and there we look for CoinGate and install it:

Once installed, we activate it and go to WooCommerce, then to Settings and finally to Payments.

Within Payments, let’s go to CoinGate, we activate it through the purple slider and clic on the Configuration or Manage button.

Here we enable payments through cryptocurrencies, we put a description and a title and we add the Auth Token that CoinGate gave us.

Ready! Easy peasy. We already have a platform that allows us receive payments in 50 cryptocurrencies.

Let’s see how it would look the payment process of a product through this cryptocurrency gateway:

Other Plugins

Of course CoinGate not the only complemento for WordPress/WooCommerce out there.

I have selected it because it is the one that has been the easiest for me to configure and fenezca-tune. In addition, it is one of the least invasive plugins with an interfaz more simplified for the usuario.

your commission is 1% per transaction, being one of the lowest on the market. But if you want to look for alternatives to CoinGate you perro see plugins like BitPay or CoinBase.

In addition to plugins for payment gateways there are also others where you perro see live quotes, currency conversion calculators, among other things.

If you are interested in see more implementations You perro read about cryptocurrency related WordPress plugins in this article I wrote: The 5 best WordPress plugins.

Conclusion

We have taken a tour starting with what BitCoin is and cryptocurrencies in general in a fácil and concrete way. I hope I have been the clearest possible by explaining Blockchain since this will be one of the technologies that will enhance many applications in the future.

To accept payments in these types of currencies that are becoming more and more habitual, I am convinced that CoinGate in conjunction with WooCommerce in WordPress is the most ideal alternative that offers incredible usability with a low-cost of use and a fácil and fast configuration, allowing you to use up to 50 cryptocurrencies!

Blockchain is a very extensive subject, so I recommend that you learn more about various implementations of this technology. in other current applications and planned for the future.

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Maria Ng Garcia

I am a lover of literature and writing is my lifelong passion. I love sharing my experiences with others to help them pursue their dreams and learn to never give up. “It’s never too late to be the person you could have been.” -George Eliot

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