The world is watching the rapid development of the cryptocurrency market with bated breath. While someone has already made much of the successful investment, the others are just thinking about entering the game. Anyhow it is obvious that we have to deal with the powerful trend that constantly increases its impact on many areas of life, including e-commerce businesses and the Magento(https://magento.com/) ecosystem, which has been absolutely renewed. The new version of the popular e-commerce platform, Magento 2, has experienced a significant metamorphosis in comparison to its predecessor. Indeed, we've got an absolutely new e-commerce solution instead of the updated platform version. This explains why it is so hard to migrate from Magento 1 to Magento 2.

The platform introduced dozens of vital improvements and new features that were not available by default in the earlier versions. Furthermore, extension vendors created lots of powerful Magento 2 extensions and modules designed to improve all key areas even more. And of course, there are several plugins for Magento 2 altcoins integration that add a Magento 2 cryptocurrency payment gateway to the platform. But before talking about them, let's figure out cryptocurrency market trends and their possible influence on e-commerce business. You must admit that there is an increasing demand for Bitcoin. The price of this cryptocurrency conquered the $3,000 mark in the first half of the year and continues to grow even despite the 20% crash. According to CoinTelegraph, Bitcoin will be $10,000 in three years. At the same time, some more optimistic scenarios were discussed earlier this year. According to them, the 10k milestone will be achieved by the end of 2017. Although the distance of 3 years is dramatic, both cryptocurrency market trends illustrate the same tendency: Bitcoin is going to rise and share its influence all over the world, since it is not controlled by anybody.

The same is about Ethereum: despite all ups and downs it still exists and continues to move towards the 1k milestone. It is not necessary to be a great analyst to notice this cryptocurrency market trend. But what about its influence on e-commerce?

Unfortunately, most merchants still don't even think about using cryptocurrency in e-commerce transactions. At the same time, various shadow markets have already leveraged the benefits of Bitcoin. You can easily purchase lots of illegal things using the crypto. It is because of a high security level cryptocurrencies provide. Perhaps, the example of lawbreakers selling everything in the depths of the Darknet will motivate honest entrepreneurs to streamline altcoins: why a malefactor already uses the benefits of the new legal and transparent technology, while a man of sterling character keeps a lid on it?

But how to get the desired functionality on an e-commerce website? We have a simple but very effective solution: you need a combo of Magento 2 and a third-party Magento cryptocurrency extension. If the availability of two platform versions confuses you, choose Magento 2 Community Edition - it is quite powerful for achieving most e-commerce goals. And if you want to get all Enterprise Edition features, but don't want to spend money on purchasing the corresponding platform version, here is a detailed guide on what to do: >Magento 2 Enterprise Edition Features On A Community Website ( https://firebearstudio.com/blog/magento-2-enterprise-edition-features-on-a-community-website.html ).Now when you know what app version to choose, we'd like to draw your attention to the existing third-party Magento 2 cryptocurrency modules developed to implement the desired functionality on your e-commerce website.

Firebear CoinPayments Magento 2 Extension

This Magento 2 module allows adding cryptocurrency exchange to the existing e-commerce transactions by providing the integration between Magento 2 and the CoinPayments platform. The platform itself accepts more that 70 altcoins and their number will be increased. The commission is just 0.5% from each transaction - quite a reasonable fee. Furthermore, CoinPayments provides some user friendly features that enhance e-commerce experience. It offers the $PayByName functionality - a single unique $tag is used for receiving payments from all coins. With BitGo Instant, you get rapid Bitcoin payments that are much faster than all existing alternatives. And everything is secured with BitGo - the multisig technology is used for protecting funds. Furthermore, it is possible to protect altcoins in the vault. It means that you can set a time amount within which crypto cannot be spent.If you are a merchant from United States and Europe, we also have some good news: you have a fiat settlement directly to your bank account. And you can enable coins autoconversion eliminating the need to move funds (the feature is available for all countries). At the same time, CoinPayments offers a multi-coin wallet, where crypto is stored online in a secure manner. With the help of Firebear CoinPayments Magento 2 extension, you can get all these features right on your e-commerce website. The cryptocurrency integration with Magento 2 has never been so easy. For further information check this post: Firebear CoinPayments Magento 2 Extension (https://firebearstudio.com/blog/firebear-coinpayments-magento-2-extension.html)

Firebear ShapeShift Magento 2 Extension

Another vital Magento 2 cryptocurrency module by the Firebear studio allows connecting Magento 2 with the ShapeShift cryptocurrency exchange. The core aim of this platform is to provide unlimited exchange between all possible coins. You don't need to create an account or provide any personal data - the procedure is simplified to minimum. Even your funds are not collected by the platform. Specify coins you have and ones you want to get, type addresses of your wallets (destination and refund), and start the exchange. A deposit address will be generated - send your coins to it and get the desired crypto. Only a miner fee is charged, and the transaction takes less than 1 minute. As you can see, the cryptocurrency exchange procedure is not only super fast and secure (no personal data or funds are held by ShapeShift), it is also very budget-friendly, since only a miner fee is charged. With Firebear ShapeShift Magento 2 module, your online storefront can work with only one currency, but accept all coins supported by the ShapeShift cryptocurrency exchange. You can find more information about the module here: Firebear ShapeShift Magento 2 Extension (https://firebearstudio.com/blog/firebear-shapeshift-magento-2-extension.html)

Bitcoin Payments via CoinGate by JSC "Virtualios Valiutos"

Another Magento 2 module that allows using peer-to-peer blockchain technology on your e-commerce store without central authority or banks is Bitcoin Payments via CoinGate. Developed by JSC "Virtualios Valiutos", the plugin provides the ability to accept Bitcoin payments via CoinGate - a Bitcoin payment processor. It acts as a Magento 2 Bitcoin payment gateway.Install the extension, and you will be able to receive payments in Euros and US dollars using the Bitcoin payment network. The 1.3% fee is charged for each transaction, but the module itself is absolutely free. Perhaps, it would be a great idea to combine the plugin with the aforementioned Magento 2 ShapeShift extensions accepting many more altcoins.As for the mechanism behind the Magento 2 CoinGate extension, it is described below. When the module is installed and enabled, customers get the ability to choose the Bitcoin payment option. When such option is selected, a CoinGate invoice is generated displaying the sum to be paid in Bitcoins, a Bitcoin address, as well as a QR code. Next, a customer has two options: to use a smartphone to complete the payment or to do everything on a desktop computer. In case of a smartphone, it is necessary to scan a QR code with a Bitcoin wallet app. Alternatively, Bitcoin Payments via CoinGate by JSC "Virtualios Valiutos" allows using a Bitcoin wallet on the computer to pay for the invoice. As a Magento 2 merchant, you can receive payments either in crypto or fiat: Euros, US Dollars, and Bitcoins are supported. Follow the links below for more information: Bitcoin Payments via CoinGate on Magento Marketplace (https://marketplace.magento.com/coingate-magento2-plugin.html )Bitcoin Payments via CoinGate on GitHub (https://github.com/coingate/magento2-plugin)

Magento 2 Coinbase Extension

There is a module that enables Magento 2 Coinbase integration on GitHub. If you are not familiar with the Coinbase, it is the world’s most popular platform for buying and selling altcoins: Bitcoin, Ethereum, and Litecoin. At the same time, there are some merchant-oriented tools that can be leveraged as Magento 2 features with the Coinbase connector.The module allows accepting Bitcoin on your Magento 2 website with merchant- and customer-friendly functionality. First of all, the Coinbase platform, and as a result the extension, confirms most e-commerce Bitcoin transactions in just a few seconds. Since zero chargebacks occur, costs associated with online fraud are reduced significantly. It is also worth mentioning that all payouts are initiated daily, so you can reckon upon receiving cash in 2-3 business days. As for refunds, they can be issued to customers who use Bitcoin as a payment method via a simple Coinbase API call. More features are described in the following links: Magento 2 Coinbase Extension on GitHub (https://github.com/coinbase/coinbase-magento2) , Coinbase Merchant Tools (https://www.coinbase.com/merchants)

BitPay Magento 2 Plugin

Another community-supported project that provides Magento 2 Bitcoin integration is available on GitHub as well. This time it is based on the BitPay platform. The service allows accepting, storing, and spending Bitcoin securely. Besides, you can turn Bitcoin into dollars with its help. BitPay offers all the necessary retail, billing, and donation tools that enhance the Magento 2 platform with the ability to accept payments from customers worldwide. It even provides the opportunity to receive settlement for Bitcoin payments directly to your bank account using your local currency. Price volatility and risks for this method are reduced to zero. Alternatively, you can store Bitcoin in your secure wallet.Also note that the service offers a payment card, BitPay Card, that lets you load dollars using any bitcoin wallet. No fees are charged! To get all these features on your Magento 2 website, you need a business account on BitPay and the BitPay Magento 2 module. BitPay Magento 2 Plugin on GitHub (https://github.com/bitpay/magento2-plugin)

Bitcoin Direct Payment Method for Magento 2 by Karliuka Vitalii

All the aforementioned Magento 2 cryptocurrency extensions are based on other platforms that work with altcoins. The core principle behind them is integration of Magento 2 with the existing services that operate with Bitcoin, Ethereum, Litecoin, or other crypto. But not all Magento 2 modules share the same idea. For instance, the Magento 2 Bitcoin Direct Payment Method extension utilizes Bitcoin RPC API to accept direct Bitcoin payments. It is an experimental solution with lots of work to be done. For more information, follow these links: Magento 2 Bitcoin Direct Payment Method on GitHub (https://github.com/karliuka/m2.Bitcoin ) , Bitcoin API reference (https://en.bitcoin.it/wiki/API_reference_(JSON-RPC))

Final Words

The future of e-commerce is already here. Don’t waste your chance to leverage it right now getting a strong competitive advantage over other merchants. Do you remember the situation with mobile devices: who could even imagine that people would buy goods using their smartphones? And what about e-commerce itself? In some countries its volumes already surpass the volumes of trade related to brick and mortar shops, but only 15 years ago nobody could think about this. Therefore, we recommend you to pay attention to the past experience and leverage the modern trend right now. The importance of a Magento 2 cryptocurrency payment gateway is absolutely clear and the reliable Magento 2 cryptocurrency extensions are already available. More tools will be released soon, but it doesn’t mean that you should sit idle. Become an early adopter of altcoins in your e-commerce business and watch how the technology is picking up steam reaching new levels of customer services.