ShapeShift

M2

ShapeShift is a cryptocurrency exchange platform that aim is to provide a fast, private and most convenient way of swapping cryptocurrencies. The platform was formed in 2014 to provide an alternative to cryptocurrency exchange sector. Instead of contacting users with altcoin buyers and sellers ShapeShift provides direct coin conversion. ShapeShift has a strict ‘no fiat’ policy, which means no political currencies are used in its operations.

The exchange works on the following pattern. Users select coins they have and coins they want. Then, users specify the withdrawal address where their new coins should be sent. After, users are given a deposit address, - any funds sent to this address are converted and sent to withdrawal user address. The exchange rate is determined at the moment the funds are received. The user only pays a ‘miner fee.’

Security & Fees

As for security. ShapeShift doesn’t require that accounts be created, neither does it require users to store their funds at ShapeShift. The only information the exchange stores is the transaction link between withdrawal and deposit addresses, as deposit addresses may be reused later. Users can specify refund address in case the transaction fails. The ShapeShift will make sure to send the funds, minus a ‘miner fee’ to the refund address. The only fee customers pay is a miner fee. 

The extension integrates ShapeShift via API. The integration is performed during installation process, without additional steps.

How the extension works

ShapeShift extension for Magento 2 introduces a new payment method to your store. This very payment method allows you to accept Bitcoins, Ethereum, Altcoin and almost ALL other cryptocurrencies for the wares and services you offer.

This is the simplest way to start accepting altcoins at Magento 2 store. With ShapeShift you will only need:

• a Magento 2 store;

• an altcoin wallet.

The extension integrates ShapeShift service via API. The platform requires no registration for both customers and store owners, meaning no personal information is required to make a transaction/swap. ShapeShift doesn’t charge any fees for its services. The only fee customers pay is a miner fee.

When placing an order, a customer selects the altcoin they want to pay with and specify refund address in case the altcoin transaction fails. Then, a customer clicks ‘Place Order’ button and is redirected to proceed to the success page. At this page, a customer finds the amount of the altcoin required and the deposit address where the funds should be transferred. Detailed order and tracking information are sent to customer’s email address.

NOTE:

At this moment to accept BitCoin (BTC) you need to submit a wallet of a different cryptocurrency. ShapeShift is an exchange platform, that’s where the limitation comes from. Placed order currency will be converted automatically, without additional fees (only miner fee) by ShapeShift.

We advise you to use Ethereum wallet. Currently, Bitcoin fees are very high, and the network is really slow, so consider other altcoins and Ethereum as the best alternative.

Install the extension, add wallet and you are good to go

• No registration - nor you, neither your customers need to create a ShapeShift account. The payments are processed at the ShapeShift side, which is API integrated with Magento 2.

• Safe - if the payment is declined for some reason customers receive a full refund and are not charged with miner fees. In addition, ShapeShift doesn’t request any personal customer information.

• Any altcoins accepted - ShapeShift is an exchange platform, which means your customers can pay with almost any altcoin and you will receive the altcoin of your preference.

Why you should try it

It is the future

Cryptocurrencies are future which is happening now. With every day decentralized currencies are gaining more momentum, and it is important to understand how to use them to your advantage.

It is free

ShapeShift extension is a free ticket train you can at least try to hop onto without any risks. It will help you get into the cryptocurrencies and introduce you to the basic operations.

It is safe

With ShapeShift, you use the coin wallet of your preference. The extension only requires your public address where the payments should be sent.

Features

• accept all possible altcoins on Magento 2 websites;

• support for all major cryptocurrencies;

• no login or registration;

• no transaction fee;

• deposit minimum/maximum;

• no need to use multiple wallets, code branches or databases;

• Magento 2 payment method developed with the best practices in mind;

• easy integration

• 100% Free & Open Source