FAQ

CoinSimple Basics

A Closer Look at CoinSimple

CoinSimple Basics

What is CoinSimple?

CoinSimple allows consultants and online merchants to easily accept bitcoins either through a bitcoin payment processor (BitPay, Coinbase, GoCoin) or directly to their deterministic wallet (Electrum, Armory, Trezor) or to any non-deterministic bitcoin wallet. One can use the CoinSimple web app to issue invoices directly, Wordpress eCommerce (see demo site or plugin page), WooCommerce (see demo site or plugin page), Magento (see demo site or plugin page), to sell products through the respective online stores, or a “Pay in Bitcoin” button on any webpage to accept donations, payments or even sell products.

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Does CoinSimple control customer or merchant bitcoins?

CoinSimple does not handle the exchange of bitcoins for the merchants. Instead, it helps merchants integrate any bitcoin exchange, like Bitstamp, ANX, meXBT, and dozens of others, including BitPay, Coinbase and GoCoin.

CoinSimple never controls any customer or merchant funds

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How is CoinSimple different from BitPay, Coinbase, GoCoin?

Broadly speaking, BitPay, Coinbase merchant services, and GoCoin provide two services:

  • merchant processing, which involves generating unique bitcoin addresses for each transaction and creating invoices on behalf of merchants and
  • immediate exchange of bitcoins into local currencies. (This feature has lead some to call BitPay, and GoCoin, “exchanges”, although the term is not accurate).

Like BitPay, Coinbase and GoCoin, CoinSimple provides merchant processing services but it enables it for any bitcoin deterministic wallet (Electrum, Armory, Trezor for now) or any non-deterministic bitcoin wallet (any bitcoin wallet will do). In addition, it alo helps merchants integrate BitPay, Coinbase and GoCoin into their store.

Unlike BitPay, Coinbase and GoCoin, CoinSimple does not handle the exchange of bitcoins for the merchants. Instead, it helps merchants integrate any bitcoin exchange, like Bitstamp, ANX, meXBT, and dozens of others, including BitPay, Coinbase and GoCoin.

Because of the way it performs merchant processing, CoinSimple never controls any of the customer or merchant funds (not even for a second). That, along with the ability for a merchant to use any bitcoin wallet, and have complete control over their funds, are the two main differences between CoinSimple and other payment processors.

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What are the benefits of using CoinSimple?

The main benefits of using CoinSimple are security, simplicity, flexibility and rich analytics.

Security

CoinSimple never touches client or customer funds.

Simplicity

You can sign up with CoinSimple and start accepting bitcoin immediately using payment processing directly to your wallet. Later, if your business grows and requires it, you can use bitcoin-to-fiat processors, without losing any information and without any hassle (No developer is necessary to integrate with existing Bitcoin payment processors)

Flexibility

  • You can choose the best bitcoin price for your business and your customers.
  • You have no single-point of failure if one payment processor goes down or if you have problems with one of your wallets.
  • You can immediately switch between payment processors if they introduce more benefits.
  • You can set your own exchange rate, if you choose so.
  • Choose a different wallet or payment processor per invoice
  • You can connect any bitcoin exchange and convert your bitcoins to national currency worldwide.
  • You can accept more than one cryptocurrency, through integration with GoCoin.

Analytics

Analytics for your customers are kept even if you change the wallet, exchange or payment processor and data is exportable in CSV (Excel format) and Quickbooks formats.

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What are the main features of CoinSimple?

CoinSimple enables consultants and merchants to:

  1. Create email invoices and website payment buttons via the CoinSimple web app.
  2. Enable Wordpress, WooCommerce or Magento e-commerce stores to accept bitcoin via the CoinSimple plugins.

Using CoinSimple, consultants and merchants can:

  1. Choose the bitcoin wallet, exchange or payment processor where the bitcoins will be sent.
  2. Choose the currency that they want to price their invoices and products in. All national currencies and bitcoin are supported.
  3. Choose the source of bitcoin price. CoinSimple currently supports custom prices as well as prices from Bitcoin Average, Bitstamp, Blockchain.info, Coindesk, BitPay, Coinbase and GoCoin.
  4. Send recurring invoices on a certain day of the month or every certain number of days.

All features above are available as a default for every invoice that is generated from CoinSimple, but they can also be changed per invoice.

In addition, inside the web application, CoinSimple users can see analytics data about the total number of invoices that they have issued, how many of those have been paid, and a graph of invoices paid in the last few weeks. All these data can be downloaded for analysis using a spreadsheet, like Excel, or for accounting, using Quickbooks. (Our analytics and data offerings are continuously expanding and improving.)

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What kind of information does CoinSimple collect from the merchants?

  • To sign up with CoinSimple, a merchant needs to enter an email, a password and the name of a business.
  • To accept bitcoin payments to any bitcoin address, the merchant needs to share their address with CoinSimple. CoinSimple can generate invoices on behalf of the merchant so that customers can send their payments directly to the merchant’s bitcoin address via either the Blockchain.info’s receive payments API or BlockCypher’s payment API. Naturally, CoinSimple cannot control the funds in the bitcoin address.
  • To accept bitcoin payments using a deterministic wallet (Electrum, Armory, Trezor), a merchant needs to share their master public key with CoinSimple. The key word here is public. Using the wallet’s master public key, CoinSimple can generate invoices on behalf of the merchant so that customers can send their payments directly to the merchant’s wallet. But CoinSimple cannot control the funds in the deterministic wallet.
  • To accept bitcoin payments using a payment processor (BitPay, Coinbase, GoCoin), a merchant needs to share their relevant API key with CoinSimple. CoinSimple can then generate invoices on behalf of the merchant so that customers can send their payments directly to the merchant’s account in the payment processor. Because CoinSimple just generates the payment page from the payment processor on behalf of the merchant, CoinSimple cannot control the funds in the deterministic wallet.
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A Closer Look at CoinSimple

Who is working on CoinSimple?

Founder and CEO - Nikos Bentenitis: Nikos holds a Ph.D. in Physical Chemistry from Rensselaer Polytechnic Institute (RPI) and a B.S. in Chemical Engineering from the National Technical University of Athens, Greece. As a university professor, Nikos held teaching and research appointments in universities of New York, Texas, and Ecuador. And as a researcher with skills in statistical analysis, geographic information systems and computer simulations, he has managed several multi-institution, multi-country collaborations, published peer-reviewed manuscripts, given invited talks, and reviewed textbooks and articles for peer-reviewed research journals.

CTO - Gabriel Manricks: Gabriel has extensive experience in several computing languages including PHP (developing in pure PHP and contributing to the Slim open-source framework for PHP,) JavaScript (developing the Sails framework and having published a book on the Meteor framework,) and CSS (contributing to the Jeet framework.) Gabriel is a frequent contributor to NETTUTS, the extremely popular site aimed at web developers and designers that offers tutorials and articles on web technologies. Gabriel is also heavily involved with Koding, the developer community and cloud development environment where developers come together and code in the browser. Gabriel is currently working towards his software engineering degree at the Shenkar College of Engineering and Design in Israel.

Technical Advisor - Andreas M. Antonopoulos: Former founding partner of Nemertes Research, Andreas is a broad-reaching technologist, who is well versed in many technology subjects. He is a serial tech entrepreneur, having launched businesses in London, New York, and California. With experience ranging from hardware and electronics to high level business and financial systems technology consulting and decades as CTO/CIO/CSO in many companies, he combines authority with deep knowledge. His many areas of expertise include Bitcoin, crypto-currencies, Information Security, Cryptography, Cloud Computing, Data Centers, Linux, Open Source and robotics software development. As a bitcoin entrepreneur, Andreas has founded three businesses and launched several community open-source projects. He often writes articles and blog posts on bitcoin, he is a permanent host on Let’s Talk Bitcoin and he is a prolific public speaker at technology events.

Design - Jon Myers: Jon is the co-founder of JUFTi games (makers of the iPhone game Cornhole All-Stars), a founding partner for DOmedia (marketplace for alternative, traditional and digital out-of-home media), and the founder of the consulting firm Green Myers with high-caliber customers from all over the world. Jon is an expert in UI/UX design and has worked in the user interface design for big-data DNA analysis aimed at human identification.

Business Development - Jeff Root: Jeff is the founder of Rootfin, LLC - an internet marketing company in the life insurance industry. Jeff has been developing successful sales and internet marketing strategies since he graduated college at San Diego State University. Beyond growing his own companies, he consults with other agencies on building their life insurance businesses online and is developing new technologies to move the industry forward.

Business Development - Eddy Travia: Eddy Travia is the founder of Seedcoin, a global Bitcoin startup virtual incubator currently helping eight seed-stage Bitcoin startups in the development of their cryptocurrency services and products around the world. Seedcoin startups include wallets, bitcoin exchanges, trading platforms, crypto payment processors and software companies. Eddy has worked in graduate management education in Europe for 12 years prior to moving to Shanghai in 2004 to lead the Chinese arm of a European private equity fund. He completed the Stanford Financial Engineering program and managed VC investments in Hong Kong until he discovered Bitcoin and decided to focus on Bitcoin-centric startups and the potential of these firms to transform the worlds of finance, payments and remittances.

Legal and Corporate Governance - Pamela Morgan: Pamela Morgan is an attorney, educator, and entrepreneur. Beyond her crypto-currency friendly law practice, where she advises start-ups and established organizations within the bitcoin space, she is working on projects related to smart law, smart contracts, and using blockchain technology to reduce risk and uncertainty in business and legal settings. She works as a consultant for a number of companies on corporate structure, governance, and with executive teams to facilitate strategic planning. An accomplished public speaker and educator, she speaks at conferences around the world on entrepreneurship, teaching, and smart law. Additionally, Pamela proudly serves as a Board Member of She-Crew, a Chicago-based girls empowerment organization, and the College Cryptocurrency Network, an international student organization whose mission is to foster bitcoin and promote crypto-currency education in colleges and universities worldwide.

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How does CoinSimple make money?

CoinSimple is currently on its beta testing stage and offers its services for free. After the beta stage is over CoinSimple will operate on the subscription model. We will charge our merchants between $30-$300/month based on volume and features and there will always be a free version of the product.

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Who has funded CoinSimple?

Initial funding for CoinSimple was provided by SeedCoin, the world’s first seed-stage Bitcoin startup virtual incubator. Additional funding has been provided by a Hong-Kong based private investor.

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Will CoinSimple integrate PayPal or Stripe payments?

We at CoinSimple believe that the future of payments is decentralized and peer-to-peer. We also believe that the centralized payment processor space is well served, and increasingly crowded. Because of that we have decided to focus on developing products solely for the cryptocurrency space.

What are your options if you are a merchant and want to provide both a decentralized solution (CoinSimple) and a centralized solution like PayPal or Stripe? There are several options but the one that we have found easiest to work with are a combination of Wordpress for your e-commerce store, WooCommerce for the centralized payments, and the CoinSimple WooCommerce plugin for the decentralized solutions. See a demo of such a set up, without the PayPal integration, here.

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