Bitcoin Developer: Merchants Accepting Crypto Can Process Their Own Payments for Less Than $6 per Month

  • Merchants accepting cryptocurrency payments can reportedly process their own payments for less than $6 a month.
  • This according to bitcoin developer Nicolas Dorier, who published a guide on the topic.

Bitcoin developer Nicolas Dorier has recently published a guide revealed that merchants accepting bitcoin can process their own payments through a bitcoin full node via a BTCPay Server, a move that can cost less than $6 a month.

According to the guide, merchants can currently host a BTCPay Server in a process that takes one click through Microsoft Azure. The simplicity, however, will cost them $65 per month. While the cost can be brought down to $20, it could still be high enough to deter businesses from accepting crypto.

Moreover, Azure doesn’t accept bitcoin payments. Per Dorier, some of his friends have had to deal with complications on their Azure accounts because of issues related to their credit cards. Paying with BTC, he implied, would make everything easier.

Per Dorier, helping merchants host their own full node and helping them stop relying on centralized processors, like BitPay and Coinbase, may be important. He stated:

If tomorrow the US government bans Bitcoin, or that using Bitcoin becomes suddenly “offensive or unpatriotic” (which will happen when shit hit the fan with USD), and merchants are using Microsoft Azure, then lot’s of shops will end up closed. This would hurt the ecosystem.

Dorier’s $6 a month solution would see merchants start using an alternative Virtual Private Server (VPS) hosting service. After digging a little into it, he found time4vps, a Lithuania-based service, accept BTC and only costs users $6.87 a month. If they pay for a two-year plan up front, it costs $5.14 a month.

To process their own payments, BTCPay recommends merchants should have a minimum of 2 GB of RAM and 80 GB of storage, while noting it can take a couple of days for the BTC network to synchronize. Using this method, merchants will also be able to accept Lightning Network payments.

BTCPay has notably been around for a year, but has only managed to rise to prominence after travel booking website CheapAir revealed it was using it to accept cryptocurrency payments, after San Francisco-based Coinbase revealed it was shutting down the Merchant Tools solution it used.

CheapAir’s CEO Jeff Klee, in an interview with CryptoGlobe, revealed accepting bitcoin payments was one of the “best decisions” he’s ever made. Per his words, bitcoin has been growing as a part of the company’s business.

Featured image from Shutterstock.

BBC: Facebook Planning to Launch ‘GlobalCoin’ in Q1 2020

Siamak Masnavi

Social networking giant Facebook is planning to launch its own cryptocurrency (internally dubbed "GlobalCoin") and crypto-powered global payments network (internally called "Project Libra") worldwide by Q1 2020, according to a report published earlier today by BBC News, the world's largest broadcast news organization.

Project Libra's Origin Story

  • 8 May 2018: In a post on Facebook, David Marcus, the former head of Messenger, who was at that time also a board member (since December 2017) of crypto exchange Coinbase, revealed that he was leaving that role to set up a new group focused on exploring applications of blockchain technology across the whole of Facebook.
  • 13 December 2018: Cheddar reported that Facebook’s blockchain group is planning to "potentially disrupt the entire payments industry":

"At a private dinner Facebook hosted during a recent crypto conference, one attendee told Cheddar that Facebook employees pitched the idea of creating a decentralized digital currency for the social network’s 2 billion users."

  • 21 December 2018: Bloomberg reported that Facebook was creating its own cryptocurrency (a stablecoin) for money transfers within its highly popular messaging app WhatsApp.
  • 28 February 2019: The New York Times confirmed Bloomberg's earlier story, and said that, according to its sources, this project was "far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers."
  • 8 April 2019: Nathaniel Popper, one of the two journalists who wrote the report in the New York Times, provided this update (on Twitter) about Facebook's cryptocurrency project:
  • 2 May 2019: The Wall Street Journal reported that Facebook was "recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system," and that the core part of this initiative (code-named "Project Libra") is "a digital coin that its users could send to each other and use to make purchases both on Facebook and across the internet." Furthermore, this report said that, according to people familiar, Facebook was talking to "financial institutions including Visa Inc., Mastercard Inc. and payment processor First Data Corp." about investing in this project.
  • 17 May 2019: A report by Reuters said that FinTech company Libra Network was registered in the Republic and Canton of Geneva on May 2. Looking at the entry for Libra Networks, which was published on May 7 in the Swiss Official Gazettte of Commerce (SOGC), tells us:
    • Libra Networks LLC (registration number: CHE193533388) has its registered office in Geneva.
    • According to the English translation, the stated purpose of this company is "provision of services in the fields of finance and technology, as well as the development and production of related software and infrastructure, particularly in connection with investment activities, the payment operation, the financing, identity management, data analysis, big data, blockchain and other technologies."
    • The share capital is CHF 20,000 (100 shares, each with a nominal value of CHF 200); all of the shares are owned by Facebook Global Holdings II, LLC.

Facebook's Stablecoin: GlobalCoin

Here is what we have learnt from the BBC News report:

  • Facebook "is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020."
  • The plan is to start testing the new cryptocurrency (some kind of stablecoin), GlobalCoin, by the end of 2019.
  • Facebook has been getting "advice on operational and regulatory issues" from the UK's central bank governor Mark Carney (whom Facebook founder and CEO Mark Zuckerberg reportedly met in April) and from U.S. Treasury officials.
  • Facebook is also in talks with global remittance firms such as Western Union "as it looks for cheaper and faster ways for people without a bank account to send and receive money."

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