{"id":14948,"date":"2022-05-02T14:03:11","date_gmt":"2022-05-02T08:33:11","guid":{"rendered":"https:\/\/zebpay.com\/?p=14948"},"modified":"2022-05-02T14:03:11","modified_gmt":"2022-05-02T08:33:11","slug":"shopify-accepts-bitcoin-as-payment-method","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method","title":{"rendered":"Shopify Bitcoin Payments: Ethics Lash"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method\/#Strategic_Partnership_Between_Shopify_And_Strike\" title=\"Strategic Partnership Between Shopify And Strike&nbsp;\">Strategic Partnership Between Shopify And Strike&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method\/#What_is_Lightning_Network\" title=\"What is Lightning Network&nbsp;\">What is Lightning Network&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method\/#How_To_Make_Payments_In_Bitcoin\" title=\"How To Make Payments In Bitcoin\">How To Make Payments In Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method\/#Ethics_And_Malpractice_Consequence\" title=\"Ethics And Malpractice Consequence&nbsp;\">Ethics And Malpractice Consequence&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/shopify-accepts-bitcoin-as-payment-method\/#Key_Takeaways\" title=\"Key Takeaways&nbsp;\">Key Takeaways&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Here is some exciting news for all you crypto enthusiasts. What if someone told you that you can now shop on your favourite online stores by paying in Bitcoins?&nbsp;<\/p>\n\n\n\n<p>Yes! You read that right. Shopify, which is the world&#8217;s 18th largest e-commerce company, has decided to take the plunge into accepting Bitcoin payments for all its members hosting their online store on their platform. Shopify has firmed up a strategic tie-up with a Strike &#8211; payments network company to enable its users to make payments in Bitcoin.&nbsp;<\/p>\n\n\n\n<p>For those who are not aware of Shopify, it is a Canadian e-commerce company that hosts online stores on its platform; its services allow merchants to open online stores across 175 countries. With such varied nationalities of people hosting their accounts on Shopify, most transactions take place in international currencies. To secure all the trades and make the process more global, Shopify has taken this decision.&nbsp;<\/p>\n\n\n\n<p>However, the crypto community has raised some serious concerns over this partnership. They believe giving Bitcoins without any KYC (Know Your Customers) can lead to malpractices and can be treated as a way of avoiding taxes. To know more about this in detail, let us dive right into the article by learning more about this strategic partnership between Shopify and Strike. We will then understand the arguments made by the crypto community that question the legality of using Bitcoin as a payment method on e-commerce platforms. Lastly, we will explore the future, and whether such trends will continue to prevail or not.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategic-partnership-between-shopify-and-strike\"><span class=\"ez-toc-section\" id=\"Strategic_Partnership_Between_Shopify_And_Strike\"><\/span>Strategic Partnership Between Shopify And Strike&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the recent Bitcoin conference in Miami, Jack Mallers, CEO of Strike, a crypto payment network, announced a strategic partnership with Shopify that would allow retailers on Shopify to receive payments in Bitcoin. Such integration will help retailers simplify the transactions by enabling them to take digital currency in US dollars while saving money on processing fees through cash-final settlements. Strike plans to employ this service via \u201cLightning Network\u201d to help merchants receive US dollars in a cheaper and faster way. The success of this partnership lies in the Lightning Network so let us first understand the network in detail.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-lightning-network\"><span class=\"ez-toc-section\" id=\"What_is_Lightning_Network\"><\/span>What is Lightning Network&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The lightning network is an international payments network that focuses on increasing transaction speed. It aims to lower transaction costs, and was built to propagate financial inclusion worldwide. The network was built on the blockchain and a layer-2 communication and payment network. The lightning network takes the load of the leading blockchain network as this is a layer-2 network and aims to improve scalability.&nbsp;<\/p>\n\n\n\n<p>Lightning network will essentially convert Bitcoin payments credited to merchants into US dollars. The aim of building and adopting such a network is to help merchants receive digital payments from all over the world.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-make-payments-in-bitcoin\"><span class=\"ez-toc-section\" id=\"How_To_Make_Payments_In_Bitcoin\"><\/span>How To Make Payments In Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This integration between Strike and Shopify is available to any customer worldwide because that person has a Bitcoin-Lightning Network-enabled wallet. According to a press statement issued by the team of Strike, only \u201cqualified\u201d merchants will be able to register themselves for receiving payments in Bitcoin. This service is live in Los Angeles at a streetwear designer Warren Lotas\u2019s store. Maller, CEO of Strike, announced that new merchants would be onboarded with this program in the coming month. Furthermore, offline retailers such as Walmart and McDonald&#8217;s will also be invited to use this network.&nbsp;<\/p>\n\n\n\n<p>Despite all the good things that come with this technology, the crypto community has some strong views about the ethics and malpractice that can happen while using this technology. Let us understand this in detail.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ethics-and-malpractice-consequence\"><span class=\"ez-toc-section\" id=\"Ethics_And_Malpractice_Consequence\"><\/span>Ethics And Malpractice Consequence&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Matt Ahlorg, a cryptocurrency researcher, deems this strategic tie-up between Shopify and Strike a significant event in the crypto world. He believes this will allow users of Bitcoin to \u201cdump\u201d or \u201doffload\u201d coins without going through any KYC. Such practice can lead to tax avoidance. Other crypto experts have suggested not taxing low-value transactions. Many believe government regulators will try and form established rules and regulations that will bring clarity.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Companies such as eBay have already hinted at integrating alternative payment methods into their organisation that is currently processing billions of dollars every day. Similarly, New York Digital Investment Group (NYDIG) launched a program within their company that enables employees to receive remunerations in the form of Bitcoin (<a href=\"https:\/\/zebpay.com\/in\/buy-bitcoin\/\">BTC<\/a>).&nbsp;<\/p>\n\n\n\n<p>Such developments tell us that alternate digital payments such as Bitcoin, Ethereum, etc., are here to stay. The government regulations and refinement of rules will settle the dust, and as crypto enthusiasts, it is essential to choose the proper cryptocurrency exchange that offers secured wallets.\u00a0<br>One such cryptocurrency exchange in India is Zebpay. If you want to learn more about cryptos, ZebPay is a great place to start. At <a href=\"https:\/\/zebpay.com\/in\/\">ZebPay<\/a>, it is straightforward to purchase and sell multiple crypto assets on a single platform. Furthermore, a user-friendly interface allows you to monitor real-time crypto market price variations and provide a seamless crypto trading experience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is some exciting news for all you crypto enthusiasts. What if someone told you that you can now shop on your favourite online stores by paying in Bitcoins?&nbsp; Yes! You read that right. Shopify, which is the world&#8217;s 18th largest e-commerce company, has decided to take the plunge into accepting Bitcoin payments for all [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14948"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14948"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14949"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}