Bitcoin has become a popular name among people. It’s a cryptocurrency that makes it possible to make secure and anonymous digital transactions. Being a cryptocurrency, it is essentially lines of computer codes that have a monetary value. These code lines are duly generated by high-end computers. It is also called digital currency. It is created by carrying out complex mathematical computations. It is policed by various computer users also called miners. Physically, there is no existence of this currency. It is digital-only. The bitcoin has revolutionized the entire financial system. The usage of Bitcoin has grown as a payment method. A lot of companies have now started taking payments using this virtual currency. At present, over 100,000 businesses are already accepting Bitcoins. Among them are big giants like Amazon, Microsoft, Dell etc. It is one of the most popular cryptocurrency right now. It allows the user to carry out digital transaction while remaining completely anonymous. The content of his transaction is also secure. It also allows businesses and users to avoid any unwanted attention.
In this fast-evolving scenario of Bitcoin and Web applications, it is imperative to know how to accept Bitcoins in the website application. If a website is developed in PHP, then you can hire any PHP development company to add Bitcoin payment. But first, it is essential to understand how Bitcoin works.
Bitcoin is a digital currency as well as a payment system. It allows peer-to-peer transactions among users. It means that there exists no intermediary between the transactions. All the transactions made, however, are verified as well as recorded. They are done in a public distributed ledger often called blockchain.
Bitcoin is essentially a decentralized system. The computer resources from different people are utilized when it comes the to the payment process. These people are known as miners who was also mentioned before. They are rewarded with Bitcoin for different services they provide. The miners can even prioritize any transactions. It essentially means that they can also alter the transaction fees. They also provide faster transaction processing to a different user who made higher payment fee.
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All the information which is required to make these transactions in Bitcoins is duly stored in a “wallet”. A Bitcoin wallet is essentially a software application. It maintains all the user’s account information along with credentials which prove his ownership. These wallets are used to make transactions. There is a growing trend of Bitcoin wallet app. It enables easier transaction by the users.
So, now we know how Bitcoin works, let’s move on to how we can integrate Bitcoin payment on websites developed during PHP website development.
The easiest and simplest Bitcoin integration solution that is available is provided by Bitcoin payment processors. These websites offer you with a bitcoin wallet, called a REST API, for a small transaction fee. It allows you to prioritize your Bitcoin transactions with miners. It also allows you to send information related to the payment to your site. Most of them provide libraries that can be used to help you in easy integration with these APIs provided. For instance, we will discuss and use one from Coinbase. It can easily be installed through Composer.
First, you need to instantiate the class by means of entering the application key as well as secret. Once you have done that, you can move on to creating a checkout. It is an API resource that is utilized during the integration of Bitcoin with your website as a payment option.
The Checkout class then can make an iframe or a button code. This will be displayed on your target website where you want to integrate Bitcoin payment. Using this, users can make transactions.
The iframe will also display your product details. It includes name, price and description. It will also display the address which can be utilized to make the payment. This allows the user to make the payment through his Bitcoin wallet. Once it is done, Coinbase will then process the Bitcoin transaction. It will then send a callback to the server you have. The callback issues a notification to your application that the particular transaction was successful. It also sends it to the URL which you have mentioned in your Coinbase account.
Bitcoin is changing the world of financial transaction as we know. It has transformed the system by its inherent anonymity and security. With its great features, it has gain popularity in recent years. The value of Bitcoin is increasing, well controversial, but still, it is being used by many. Big companies have started to accept payment using Bitcoins. It is now important to adjust your website to allow Bitcoin payment. Integrating Bitcoin payment can be quite complex. You can hire PHP developer who has experience in doing so. You should make sure that he knows the required protocols and essential information.