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