dashed-slug.net › Forums › WooCommerce Cryptocurrency Payment Gateway extension support › Integrating Bitcoin and Altcoin wallet plugin with woocommerce
March 1, 2021 at 8:57 am #10122TopicxchangetraderParticipant
My question is how do i get my money when someone buys a product or recharges their store wallet through the bitcoin and altcoin wallet plugin.
Because am really confused, there is no clue on how the money is going to be deducted and transferred to me.
Please i need a response and a clear explanation of how it works. Thank you.March 2, 2021 at 7:09 am #10131alexgKeymaster
Users with an account on your site can deposit funds to their account. These funds are now in your site’s hot wallets, but users still have access to it, so that they can withdraw it again. The plugin’s ledger keeps a copy of these transactions on your MySQL DB so that the user accounts are debited on deposits and credited on withdrawals.
Once users have a balance, they can go to your WooCommerce store and purchase goods. On checkout, they choose which crypto balance to use. Since you have already set up exchange rates, the plugin knows the exchange rate between each crypto coin and your store’s base currency. So the price of each product can be estimated in the various cryptocurrencies on your site. A user will only be able to select a cryptocurrency if they hold enough balance to pay for the entire cart.
On checkout, the funds are transferred internally, (i.e. via off-chain transaction that only exists on your DB) to your designated shop owner account. You set what this user account is in the payment gateway’s settings page. You will likely want this to be your admin account. This account can then withdraw funds to an external wallet, such as an exchange, where you can sell your crypto for fiat.
Hope this is clear.
If you plan on using this gateway, take the time to study the entire homepage for the extension. See also “how does the user pay?” in the FAQ section.
Please let me know if you have any more questions. If your question is about something else, please open a new thread.
with regardsMarch 3, 2021 at 6:32 pm #10157Donfury1Participant
Please what is the recent exchange rate point of btc and usdMarch 4, 2021 at 8:54 am #10160
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