Which cryptos to accept on site?

Scorpion Ghost · Dec 28, 2018

I added a crypto option on my website to accept payments. I used Coinpayments.net.

When creating my merchant thing, I got this:

I selected the option "All 55+ Coins." I just wanted to set it up last night and go to sleep.

But I know that I don't know much about cryptos, and I would imagine that this isn't very smart of me. I also assume I am able to go into my Coinpayments account and change this. But I don't know what to change it to.

Any advice? Specific cryptos I should accept and not accept the rest? I need some advice please from you crypto experts/gurus.

Thanks

bobby10000 · Dec 28, 2018

Scorpion Ghost said:
I added a crypto option on my website to accept payments. I used Coinpayments.net.

When creating my merchant thing, I got this:

I selected the option "All 55+ Coins." I just wanted to set it up last night and go to sleep.

But I know that I don't know much about cryptos, and I would imagine that this isn't very smart of me. I also assume I am able to go into my Coinpayments account and change this. But I don't know what to change it to.

Any advice? Specific cryptos I should accept and not accept the rest? I need some advice please from you crypto experts/gurus.

Thanks

Just go with auto covert option dude that's the safest one. Or pick all the auto convert coins and add monero that's it.

Scorpion Ghost · Dec 28, 2018

bobby10000 said:
Just go with auto covert option dude that's the safest one. Or pick all the auto convert coins and add monero that's it.

What does that mean, auto convert? When I receive them they automatically get converted into dollars or euros?

Nut-Nights · Dec 28, 2018

I think top 5 + Monero is your best choice.

Scorpion Ghost · Dec 28, 2018

Scorpion Ghost said:
What does that mean, auto convert? When I receive them they automatically get converted into dollars or euros?

Okay, but... which are the top 5? haha

So here's what I'm enabling, and tell me if that's okay?

Bitcoin BTC
Bitcoin Cash BCH
Litecoin LTC
Dash DASH
DogecoinDOGE
Ether Classic ETC - (is this ethereum? enable both this and the one below it?)
Ether ETH - (is this ethereum? enable both this and the one above it?)
Monero XMR

So let me know how that looks?

And what about these:

Here's how my payment page looks at the moment:

Thanks man

Dung Nguyen · Dec 28, 2018

Scorpion Ghost said:
Okay, but... which are the top 5? haha

So here's what I'm enabling, and tell me if that's okay?

Bitcoin BTC
Bitcoin Cash BCH
Litecoin LTC
Dash DASH
DogecoinDOGE
Ether Classic ETC - (is this ethereum? enable both this and the one below it?)
Ether ETH - (is this ethereum? enable both this and the one above it?)
Monero XMR

So let me know how that looks?

And what about these:

Here's how my payment page looks at the moment:

Thanks man

it basically a middleman to hold your fund, like user - > checkout site -> to your address.
it took 2 times to get to your wallet, so it will cost a little bit for users and you to cover the transaction fee if using bitcoin but since its a major coin so (worthy) everything is good as you go.

Scorpion Ghost · Dec 28, 2018

Dung Nguyen said:
it basically a middleman to hold your fund, like user - > checkout site -> to your address.
it took 2 times to get to your wallet, so it will cost a little bit for users and you to cover the transaction fee if using bitcoin but since its a major coin so (worthy) everything is good as you go.

So I think I'm fine on the cryptos I added. But what about the ones falling under "Ripple"?

XRP
BTC.Bitst
CAD.Bluze
EUR.Bitst
GBP.Bitst

And if I should keep these too, should I also add the "USD.Bitstamp" one?

marshallron · Dec 28, 2018

It is complicated to use all cryptos as payment method , try to use only 1-2.

arlind- · Dec 28, 2018

Just pick bitcoin only, all others are shitcoins.

SMSCodes · Dec 28, 2018

Just add the top 5 coins you should be good to go then .
https://coinmarketcap.com/

IG Professor · Dec 28, 2018

Dont over think. Choose the top 3 of CMC

Scorpion Ghost · Dec 28, 2018

Xsesonit said:
Dont over think. Choose the top 3 of CMC

I'm not overthinking it. I just want to give my customers as many choices as possible, without putting myself in any great big risk in the process.

I know, everything is a risk. No risk no reward, bla bla bla.

I think I'm good with what I enabled. But I'm unsure about these:

XRP
BTC.Bitst
CAD.Bluze
EUR.Bitst
GBP.Bitst

And if I should I also add the "USD.Bitstamp" one?... or if I should remove all these?

But no one is answering me

IG Professor · Dec 28, 2018

Btc
Xrp
Eth
Too many options can confuse customers

Scorpion Ghost · Dec 28, 2018

Xsesonit said:
Btc
Xrp
Eth
Too many options can confuse customers

Okay, I removed these:

BTC.Bitst
CAD.Bluze
EUR.Bitst
GBP.Bitst

So I have 9 cryptos available:

BTC
BCH
LTC
DASH
DOGE
ETC
ETH
XMR
XRP

That's it. I'll leave it like this for now. And in time as I receive crypto payments and learn more about all this, I'll add/remove accordingly.

Thanks yall

IG Professor · Dec 28, 2018

It convert the cryptos to usd instant?

Scorpion Ghost · Dec 28, 2018

Xsesonit said:
It convert the cryptos to usd instant?

I don't know. I just assumed I'll receive the cryptos, and then I can convert them myself... maybe wait a little while, look into the crypto in question, see the projections, if it's projected to grow, get more out of it by selling it later.

Why? Is it best I have them convert to USD upon receival?

IG Professor · Dec 28, 2018

If the price can incerase it mean that it can tank too. Thats why you should choose the top 3 of CMC - those are the Alt coins with less chance to lose their value. Imagine taking a payment of 100usd and few days later see it as 50?
If your getaway convert it to USD on autopilot it should not be a problem.

Scorpion Ghost · Dec 28, 2018

Xsesonit said:
If the price can incerase it mean that it can tank too. Thats why you should choose the top 3 of CMC - those are the Alt coins with less chance to lose their value. Imagine taking a payment of 100usd and few days later see it as 50?
If your getaway convert it to USD on autopilot it should not be a problem.

Yeah of course, I'm aware it can go up and it can go down. Calculated risk. I think the cryptos I choose are okay, at least for now.

When you say gateway, are you talking about my site's system for processing the crypto payments, or are you talking about Coinpayments.net?

IG Professor · Dec 28, 2018

Scorpion Ghost said:
Yeah of course, I'm aware it can go up and it can go down. Calculated risk. I think the cryptos I choose are okay, at least for now.

When you say gateway, are you talking about my site's system for processing the crypto payments, or are you talking about Coinpayments.net?

Coinpayments. I think that Bitpay is offering auto convert option

Scorpion Ghost · Dec 28, 2018

Xsesonit said:
Coinpayments. I think that Bitpay is offering auto convert option

Well, I think my site is setup for coinpayments, I'm not sure if I can even use Bitpay without paying the developer to create a whole new "module" on my site or whatever.

Never mind, even if it's not auto-convert, I'll just convert/sell manually. Besides, I don't think I want auto-convert anyway, I'd rather do it manually and keep full control.

You win some, you lose some

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