Blockonomics Review: Bitcoin Payment Solution

Blockonomics is a service that allows online stores to receive bitcoin payments and invoice anonymously. It also offers a range of features such as payment tracking, instant email notifications, and bitcoin address lookup.

Description

Blockonomics is a payment gateway that enables online stores to accept and track bitcoin payments. The payments go directly to the merchant’s bitcoin wallet, making it completely decentralized. The service provides an API, plugins, and payment buttons/links to conduct transactions. It also provides merchants with a dashboard, invoice builder, and wallet watcher. The platform does not require passing KYC verification or providing any documentation, letting businesses invoice anonymously.

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How Blockonomics Works

To start using Blockonomics, enter your email, password, and then a verification code that will be sent to the email. Once the verification code is entered, you will be taken to your Blockonomics dashboard. From there, you will be able to create a wallet address to receive payments, view transaction history, and manage your settings.

You will need to obtain an HD (hierarchical deterministic) bitcoin wallet, for example, Trezor, Electrum, or Ledger. Then set up an API, plugins, or links/buttons to start accepting bitcoin payments on your e-commerce store.

  • To set up an API with Blockonomics, click the dashboard tag and choose “Accept bitcoin on your e-commerce store.” From there, you will be able to generate a unique API Key.
  • Plugins are supported on WordPress, WHMCS, PrestaShop, OpenCart, and Easy Digital Downloads.
  • To create a payment link or button, log in to your account and select “Create Payment Button/Link.” You will then be able to customize the button/link and generate a unique URL.

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Features

  • Bitcoin Address Lookup. It is a tool to search for a specific bitcoin address and view its balance and transaction history. You can also get your complete wallet balance by searching for the xPub key (the master key from which all your addresses are made).
  • Peer-to-Peer(P2P) Invoice. Create an invoice, share the link with your peer, and get paid in bitcoin.
  • Wallet Watcher. Monitor multiple wallets and addresses, and assign tags to them to get a quick overview of balances.
  • Transaction Email Notification. You will receive email updates on any changes to the wallet and transactions made on it.
  • Self-hosting wallet. You can deploy a self-hosting free-to-use wallet to send bitcoin.

Blockonomics Fees

The company offers the first 20 transactions free of charge and then a 1% fee per transaction when payments are received through API or plugins. Non-API users may purchase upgrades to track more addresses within their Wallet Watcher. Since Blockonomics is completely non-custodial, meaning it never stores or has access to your funds, it developed the credit balance system. You can load your credit balance using any mobile bitcoin wallet.

Is Blockonomics a Good Bitcoin Payment Gateway?

While Blockonomics is non-custodial—meaning it does not hold your Bitcoin—it is not a self-hosted Bitcoin payment gateway. Instead, merchants depend on Blockonomics’ hosted infrastructure to facilitate transactions. This differs from self-hosted solutions like BTCPay Server, which allow for complete control over both infrastructure and data. For those prioritizing decentralization and independence from third-party servers, Blockonomics may not fully meet these needs.

Additionally, Blockonomics does not support the Bitcoin Lightning Network, which is increasingly important for faster, lower-fee transactions. Without Lightning, Blockonomics may be less appealing for businesses and users focused on efficient microtransactions and scalability. Furthermore, Blockonomics is not Bitcoin-only; it also allows payments in other cryptocurrencies, which might not align with a Bitcoin-only philosophy. Bitcoin-exclusive platforms and websites often prefer solutions focused solely on Bitcoin to minimize exposure to other digital assets and maintain a purist approach. For users and businesses that prioritize a Bitcoin-exclusive payment gateway, Blockonomics’ multi-cryptocurrency support might be a drawback.

On a positive note, Blockonomics does not require Know Your Customer (KYC) verification. Merchants and customers can transact with enhanced privacy, without needing to submit personal information, which makes Blockonomics attractive for privacy-conscious users. However, it’s worth noting that the lack of KYC might have regulatory implications for some merchants, depending on their location. Overall, Blockonomics offers useful Bitcoin payment processing features, but for Bitcoin-only users, its lack of Lightning support, reliance on third-party hosting, and multi-crypto compatibility may present challenges. If looking for a more decentralized, Bitcoin-exclusive solution may find BTCPay Server to be a better fit.

Find out more: BTCPay Server Review

Blockonomics Alternatives

If you’re looking for alternatives to Blockonomics, several options might better suit your needs. Here are a few noteworthy alternatives:

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More Information

Additional information

Bitcoin Only

KYC

Lightning Network

Mobile App

No

API

Yes

Wallet Type

Supported E-Commerce Platforms

WordPress ❘ WHMCS ❘ PrestaShop ❘ OpenCart ❘ Easy Digital Downloads

Referral Program

Yes

Year Launched

2015

Made in

Singapore

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