Updated: 05/11/18
Having flexible payment options during checkout is generally favorable to conversion rates. How about checking out with Bitcoin, Ethereum, Litecoin, or other cryptocurrencies?
Despite the volatility of Bitcoin (ranging in recent years from $13 to over $20,000), major retailers such as Overstock.com, Expedia, Newegg.com, Microsoft and Playboy have started accepting Bitcoin as payment.
For a full list of websites offering Bitcoin as a payment method, visit SpendBitcoins.com.
If you are operating a larger scale eCommerce site, it is worth doing some A/B testing to see if offering Bitcoin increases conversion rates or average order size. There are now a handful of Bitcoin Magento extensions that can be installed with our help. Unfortunately, Stripe, who was an early adopter of cryptocurrencies, has recently discontinued their service as of January 23, 2018.
You can reduce your liability related to cryptocurrency rate fluctuations by:
- Sticking to the major cryptocurrencies (such as BTC, ETH, or LTC)
- Making sure your cryptocurrency prices are quoted in real-time
- Exchanging (ie, selling) your cryptocurrencies for fiat currencies (such as USD) frequently, unless you can afford to speculate
