There are not many cryptocurrencies that blend the utmost efficiency with the Proof-of-Work protocol, but DigiByte nails this mix perfectly. DGB displays performance that is envied by most Proof-of-Stake cryptos. Since the DGB coin is intended for being used as a form of digital cash, it is positioned well for being adopted as a means of payment by online stores. NOWPayments lets every WooCommerce-based merchant accept DGB crypto payments in a private and secure way at a low cost.
- DigiByte is a fast blockchain with low-cost transactions.
- DGB payments free businesses from chargeback fraud.
- WooCommerce merchants can get paid in DGB using NOWPayments.
What is DigiByte?
The DigitByte blockchain has a massive source of competitive advantage which is the speed of transactions. Since DigiByte adds new blocks every 15 seconds, its transactions are 40x faster than those of Bitcoin. Yet, as the official website of DigiByte correctly points out, it is much more than simply a fast cryptocurrency. In fact, it is a platform comprising several layers and offering users an opportunity of taking full advantage of the blockchain tech’s potential. DigiByte utilizes 5 cryptographic algorithms that greatly boost its network decentralization making it one of the most decentralized blockchains out there.
Pros and cons of accepting DGB crypto on WooCommerce
Seeing customers purchasing products or services gives pleasure to every entrepreneur. Unfortunately, payments entail a bad side effect, namely, high bank fees.
Banks and payment processors are particularly harsh on merchants since they like to charge them exorbitant fees for simple transactions. The DigiByte crypto can assist merchants in getting out of this predicament by switching to low-cost DGB payments. On average, it costs only a few cents to make DGB payments. So, by accepting DigiByte coin payments, companies can significantly bring down their costs, while allowing customers to avoid major bank fees. Fewer expenses equal higher profits, and DigiByte payments are an excellent way to achieve this.
Chargeback fraud protection
Chargeback fraud is a serious issue for lots of firms that annually costs the corporate world billions of dollars. The worst part about it, though, is that there is no way to prevent it, as long as traditional payment methods are concerned.
Chargebacks are always granted by third parties such as banks or payment processing services which rarely make good decisions and, in many cases, decide to approve chargebacks requested by criminals. DigiByte can assist businesses in regaining control over chargebacks. Each DigiByte cryptocurrency transaction is recorded in a public ledger and is irreversible. So, when DGB is sent to another address, it is gone forever for the sender. Companies can protect themselves from such illegal chargebacks by deploying DGB payments.
Low fees are not the only element of DigiByte efficiency. In addition to lowering businesses’ expenses, DigiByte can significantly improve the speed of their operations. DigiByte transactions are 40 times faster than Bitcoin’s.
The scalable infrastructure of the blockchain ensures that all payments are processed as quickly as possible. Furthermore, the transaction speed remains constant regardless of the distance between the sender and the recipient. Subsequently, DigiByte payments can accelerate the entire payment process for businesses making it more convenient for customers.
As with any cryptocurrency, DigiByte has one notable issue – its price may experience considerable fluctuations. Since DigiByte is decentralized, its price is not controlled by any entities, so it is completely exposed to market forces.
Yet, businesses can overcome this issue by activating the NOWPayments’ auto-conversion feature. This will allow them to charge clients in DGB but still get fiat.
How to accept DigiByte on WooCommerce?
WooCommerce merchants can use NOWPayments’ plugin to accept the DigiByte coin:
- Sign up for a NOWPayments account by pressing this link.
- Specify your DigiByte crypto wallet address and generate an API Key.
- Go to this page to install the latest version of the WooCommerce plugin.
- Next, upload the nowpayments-payment-gateway-for-woocommerce directory to the /wp-content/plugins/directory.
- Activate the plugin through the ‘Plugins’ menu in WordPress.
- In the WooCommerce Settings page, go to the Payment Gateways tab, then click “Enable NOWPayments.”
- Go to the “Manage” section and enter your NOWPayments’ API Key.
- Click “Save changes,” and the gateway will become active.
Learn more about DGB crypto and DigiByte payments
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- How to benefit from Digibyte donations if you are an influencer
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- An Extensive Review on Digibyte