ZoneBitcoin EditorialAs you know, the bitcoin is not just a financial asset that we buy to save and invest. It is also and above all a means of payment in its own right. Merchants can use it to receive payments. Likewise, individuals can send bitcoin directly to each other.
For traders, this remains a tremendous boon because new software has just been updated. This is BTC Pay Server. No need for a payment terminal (point of sale) to accept payments from now on!
So, yes, of course, there are tons of software to accept BTC payments for merchants, certainly. That said, what makes BTC Pay Server special is that it was developed by bitcoin contributors from all over the world.
It is, in fact, a open-source software, free (excluding network costs) and accessible to all. It is in fact the possibility of completely owning (without third parties, banks or intermediaries) your own payment processor.
It is not a private company that is behind BTC Pay Server. In this way, it becomes the most popular and democratic software available for accepting payments. The software is actually free to use. The fees charged are those of the Bitcoin network itself.
Here is a short article to find out more.
What is BTC Pay Server?
BTCPay Server is an open source bitcoin payment processor available to merchants and individuals. Anyone can use BTC Pay Server. There is no private company behind it. Donations and the network of volunteer contributors keep the software up to date.
This makes it one of the most advanced software available. Likewise, it is also the most accessible software that exists on the market.
Who can use BTC Pay Server?
All traders around the world can use it. We are talking here about merchants who have physical stores but also those who have an online store. It serves as a sort of payment terminal. A payment terminal that does not need physical support. And that has always been a problem for most countries. In fact, buying a payment terminal costs around 500 euros, not to mention maintenance costs).
Its ease of use is its major asset. The software BTC PayServer is free. Anyone can download it and use it immediately.
When it comes to users, it’s even simpler. Anyone who wonders whatyou can buy with bitcoin, can pay with BTC Pay server. A simple QR code that you scan with any app, and presto, payment is made.
What are the advantages of using BTC Pay Server?
Besides the ability to accept and process bitcoin payments, what does the BTCPay server offer to those who choose to self-host payment processing?
It's safe
BTC Pay does not have access to your private keys. It also doesn't need a wallet to work. However, one can very well have a hardware wallet to strengthen security.
The BTC Pay server is self-hosted and runs on a full node. This gives it the ability to verify Bitcoin transactions overall.
It's free
This is certainly the argument that makes BTC Pay Server highly anticipated around the world. Some developing countries cannot afford an online payment service. BTC Pay software is free.
There are no service fees, bank fees or merchant fees. No, the only fees are those of the BTC network.
It's anonymous
No data is shared during transactions carried out on BTCPay. Thus, the invoices are anonymous.
It's open source
This is perhaps the most interesting aspect. However, one may fear using open source software when we think about customer service. In fact, if you encounter any problems, there is a whole community of developers who can help you. The documentation on the site and publicly accessible on Github is very complete.
Likewise, the community regularly continues to improve the service continuously.
It's scalable and adaptable (API)
You can add new integrations of your choice as well. For example, you can use a cloud provider of your choice or even use several to process transactions. So you can also personalize your functions.
You can also fully control the application via an API. This means that you can connect your store to, for example, WooCommere on WordPress, Shopify and/or Lightning Network.
It won't require any technical knowledge to do it. Besides, if you know the BitPay API, know that BTC Pay is compatible with it.
Easy accounting management
BTC Pay remains an online payment service that supports BTC. It therefore allows you to generate and manage various invoices. Merchants can process things like refunds, tipping, and even an affiliate system.
With BTC Pay, merchants can also create a recurring payment system (by subscription) and even more complex subscription systems based on time for example.
What are the disadvantages of BTC Pay Server?
Now that we have seen all the advantages of using BTC Pay, it is time to see the disadvantages of this software for accepting btc payments.
You cannot accept FIAT payment
BTC Pay does not allow you to accept payments in FIAT, either in euros or dollars. This goes hand in hand with the fact that payments are anonymous. There are also no KYC rules either. All transactions are anonymous.
The cost of accommodation
You will need to configure a node to run the software. This requires a certain cost. If you choose the third party hosting option, it will cost around $10 per month. This is a first investment to consider. You can also decide to stupefy yourself. This is the cheapest option. A hundred euros if you buy one Raspberry for example and a few hours for configuration will be necessary.
Perhaps this is why BTC Pay Server software is not chosen by all traders. It is on this precise point that they choose other alternatives which allow them to accept bitcoin payments for their store.
You can read our article to find out more: Accept bitcoin payments for your store.
That said, it remains a one-time expense. This is still more economical than if you had to pay fees to Visa and Mastercard for life.
Payment asset limit
Of course, the BTC payment software for your store allows you to receive bitcoins. However, you can only accept bitcoins. You also have special features such as receiving payments in L-BTC, LN-BTC for example.
Basically, BTC Pay only allows payments that are made on the Bitcoin extended network. Later, and this is still under development, other versions of cryptos will be authorized (in particular stablecoins on the Lightning network).
How to configure your own server?
In fact, there are several tutorials on the internet and on the BTC Pay Server website. That said, this can be a barrier for some people. You still need knowledge of the Bitcoin network, to know how it works.
Here is a tutorial that explains how to install via a LunaNode:
You must indeed install a Bitcoin node, which will be used for all the transactions you make. You can use the software additionally Umbrella, for example which is very simple. The latter also works on the Lightning Network.
Likewise, installation can be done on inexpensive equipment such as Raspberry Pi 4, For example. (We also used a Raspberry for the Stakebox For example). It will cost you the equivalent of 100 euros and the installation will only take a few hours.
Is BTC Pay Server good software for accepting bitcoin as payment?
We took a tour of the BTC Pay Server. You have seen that this remains excellent software for accepting bitcoin for your bitcoin.
However, we also saw the limits. In fact, these are technical so to speak. Beyond that, there is no other obstacle. Moreover, you can call on a freelancer, or a developer to configure the software.
It must be said that the game is worth the effort. Having such a functional payment terminal without having to go through banks or intermediaries is priceless.
You can accept payments from all over the world, without any geographical barrier issues.
This is a luxury that only Bitcoin can give us! Thanks Satoshi!
If you are a trader or want to sell services/products and buy cryptocurrencies, there are other easy-to-use software options.
For example, we can recommend BitPay which is a reference in this area. Otherwise, there are many other processors. You can find out the list by reading the following article:
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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