Should You Use Coingate Payment Button To Accept Bitcoin For Your Product?

2019-03-08

So you want to accept Bitcoin on your website for your product or service and you’re thinking about using Coingate but you’re not sure if it’s the right choice!

I gave Coingates ‘Buy Button’ a shot when launching my last ebook because it had a slick checkout interface that also included the option for Lightning Network Payments, which is the 2nd layer scaling solution for Bitcoin that enables ultra fast payments at only a fraction of a cent in fees.

I announced the launch of my ebook on /r/bitcoin since that sub-reddit loves hearing of new merchants that are accepting Bitcoin for payment, especially if you’re offering a 15% off discount.

I got a sale from a Bitcoin enthusiast and here’s where I run into an issue with Coingate. They have a minimum withdrawal limit, meaning unless I had a minimum of 0.01 of Bitcoin in my account, I wasn’t able to withdrawal it. This isn’t a huge deal as it’s only $38 USD worth as of this writing but my problem is that the limit exists at all! Why can’t I simply withdrawal my bits to my wallet of choice no matter the amount?

When I set up Bitcoin payments in the future I’ll probably set up a custom solution. Not your keys not your coins after all right?