Episode Highlights:

  • 00:03 – Comparing Of Two Tools
  • 01:25 – Coinbase Commerce
  • 05:02 – Bitpay

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Transcription:

Hey, What’S Up, Guys? It’S Dan Again From Crypto Camacho

00:03 – COMPARING OF TWO TOOLS

And today guys I want to compare two tools for you so you guys get kind of the lowdown on what tool may work the best for you. If you guys have thought about ever accepting cryptocurrency as a payment on your website, in an email, if you want to basically bill somebody, bill anybody and bill them in cryptocurrency. You can do that today. There are really two major players in this space. There’s Coinbase commerce and there is a Bitpay merchant service. Today I want to review both of those. I want to give a quick comparison of both Bitpay merchant services and Coinbase commerce, show you some of the pros and cons of both systems and show you really how you can set up a payment system on your website, and your business through point-of-sale on your iPad, on your phone. Basically, the ability to accept cryptocurrencies Bitcoin, Ethereum so forth and so on in your business right. I’m going to start enabling this on my website itself. I’m going to start enabling this in different areas in my business to where I’ll be able to accept cryptocurrency as a form of payment for whatever it is I want to sell right. Whether it’s a course, whether it’s you know a promotional item. Whatever it may be and I want to sell I want to have the ability to allow people to pay me in cryptocurrency. So, that’s why I’m exploring Bitpay and why I’m exploring Coinbase commerce right. So, let’s really jump into it first.

01:25 – COINBASE COMMERCE

So, first, we have a Coinbase commerce right. So, Coinbase Commerce; Coinbase as you all know is probably the easiest place to buy and sell Bitcoin, Ethereum, Lite coin and Bitcoin cash right probably the easiest place to do that. So, now they have something called Coinbase commerce which is essential there’s the start of their merchant services platform that they’re going to be building outright. So, you can accept cryptocurrency as a form of payment in the form of Bitcoin, Bitcoin cash, Ethereum, and Lite coin that’s currently what Coinbase accepts right. And this is the interface that you would use if you sign up to Coinbase commerce. Here are some sample checkouts and what they may look like if you charged $47 for a product. This would be the link that you send out to somebody for that product to have them make payment for that purchase and here are the balances that you would have. The one thing I don’t like about Coinbase commerce is that there’s no way currently to withdraw your cryptocurrency right. So, if I go to balances and I look at Bitcoin or Bitcoin cash, if I just click on Bitcoin right now I don’t have any Bitcoin in my actual account balance, but withdraw is disabled and there’s a little message here that says withdrawal functionality is coming soon, to withdraw funds immediately import your recovery phrase into the third-party wallet such as Jack’s right. so, they’re basically making you use a third-party service to get your cryptocurrency out of your merchant’s wallet when you accept it. You know by using their tools so not a great experience. Not a very easy user-friendly thing to do. And so, for Coinbase, I’m not too bullish on that. I do like the fact that coin base Commerce offers the ability to accept Ethereum and Lite coin. It’s something that Bitpay currently doesn’t offer. They offer Bitcoin and Bitcoin cash. You can accept those as forms of payment, but not Ethereum and Lite coin and so that’s one thing I do like about Coinbase commerce. For payments, I haven’t received any payments yet, so there won’t be anything here, but you do see these sample. Ones down here pretty simple, pretty straightforward interface, Very basic right for checkouts. Those are those sample checkouts. I just sent you and then you got a settings section which basically you set up your personal information right. if you want to accept payments like on a website, you would click on this little button down here. If you wanted to sell a product, you would just click on this little button right here. You would enter the name of the product and the product description and then you would actually add the price. Let’s say it was $500. You could upload an image, you click Next, you basically then generate code to embed on a website right. So, share a link or embed a payment button on your website to start accepting. So, you could share this link in an email right here right. And so, when I go to copy that and I paste it into a new browser it’ll basically come up with a portal to pay to make payment for that product that I actually just set up right. So, here’s the portal to do that with right here okay. So, now you’ve seen that and you could also embed this into a website like you have a Word Press website, blog anything like that, you could embed this in as well. So, limited functionality but you can do a little bit with it. You can’t necessarily integrate it with any shopping carts, and you know Word Press or Joomla or Drupal type of websites. That functionality doesn’t quite exist yet. So, no integrations, they’re really just what you see is what you get with Coinbase commerce very easy, but the one really huge, the huge con of Coinbase commerce right now is that you can’t actually withdraw your funds. There’s no way to do that using any of the major cryptocurrency. So I don’t like that, I don’t like the fact that you have to do that not a great user experience makes it really hard right.

05:02 – BITPAY

Okay so, now let’s jump over to a Bitpay. So, when I look at Bitpay this is kind of the overview page right. I just signed up for this I don’t have any money in this account. I haven’t had any revenue come in but I imagine it’s going to be plotted on this little graph right here for payments. I don’t have any payments created yet. So, I don’t have anything here but I imagine there’s line item that’ll come up for payment tools. This is what I really wanted to show you there, there are a number of ways that you could actually integrate

Bitpay into you know whatever however you want to you know promote something a product, a service or whatever and accept payment in the form of cryptocurrency right. You can send somebody an email bill directly from the Bitpay interface here right. You just click email billing; if you want to create a bill you basically can send a bill through an email directly from at your Bitpay merchant account. You basically, put in the email address that you want to send to; you put the amount that you want to send. You could make this a recurring bill if you wanted to and you could do it you know every week, every day, every month, every quarter or whatever on whatever day you want. So, recurring payments I love that that’s a very, very, very nice and you know very useful feature that I will be implementing in the near future. And then you put the item whatever the item is right. And you can add multiple items if you’re selling a bundle of product or something right. Then you actually can save it as a draft or you could send it, send the bill immediately self right. So, you do have to put in an email address. I’m not going to send it right now, but that’s a really nice thing about Bitpay merchant services. You can email a bill; you also can add payment buttons to a website right. To a website, to an email, to wherever you want really where there’s a hosted web page. You can add a payment button and you know basically just put the price of what you want to charge for whatever it is your selling, then you ant add whatever button size you want and then you basically generate code down here. You copy that code and then you’ll get some little button like this by now. If you’re using Bitcoin as your form of payment right so you say buy now somebody will click on it and they’ll be able to by you know by clicking on it. This is what they’ll see. They’ll be able to buy right here. Okay so, that’s really how that works and that’s a really nice feature as well. You could add a little payment button to your website or wherever you want which I think is awesome. Next you have a hosted catalogue. So, you know quickly create Buy Now buttons for your websites. So this is really where Bitpay is integrating into your website right. You can generate buy now buttons that specifically for particular items. And we’ll show you the clicks the metrics and so forth around whatever item was purchased. And lastly you can add point-of-sale apps right here. So, you could integrate this into your iPhone, into your iPad and accept cryptocurrency payments directly on your phone right or add directly on your iPad, which I think is very, very cool. And I haven’t used it yet, but that’s what you can do with that as well. And then you can integrate really with anything with a managed API, you can integrate Bitpay into. So, you who if you have a web service, if you have a web app, if you have a SAS app you can integrate that with any of these Bitpay functionalities right. So, a lot more functionality on the Bitpay merchant services side compared to Coinbase commerce by far it blows Coinbase commerce out of the water. I am going to start using Bitpay merchant services and not really used Coinbase commerce for the time being until they you know kind of add more services potentially. But so, that’s really it. Just a very simple review of the two Bitpay and did a merchant services and Coinbase commerce. And let me know what you guys think. I’d love to know what one you like the best, if you’ve used both of them, if you plan on adding merchant services to your website or blog or you know email or whatever you want. And you going to start being able to accept merchant services in the form of cryptocurrency. I’d love to know what you guys think. I am going to do that you’re going to start noticing on my website that different payment options will pop up for different products or serve that I may offer. I may start a coaching program, I may start a you know trading program where I charge people to join a group and actually sign up to basically get notifications for different stock picks oh I’m sorry different stock picks. A different cryptocurrency picks that I might make. And when I’ll trade them and so forth. So, anyway if you’re looking for that I’m Dan from cryptocamacho.com please subscribe by clicking on that little red button below. If you like what you saw and I’ll give you daily dose of cryptocurrency news updates tips and tricks to help you make more money than you can elsewhere guys. I’m Dan again I will talk to you later. Hope you enjoyed it? See you guys