Academy Member Community
Get informed answers to your Wordpress questions – right here in the Academy member community. One of the benefits of your free membership.
Already a member? Sign In.
-
utilizing crypto
Hi Dave and community, hope all is going well.
Dave reading your latest edge newsletters, I see you know a bit about crypto as well.
I own a little bit of crypto, and I recently been researching how to make my own crypto currencies.
I also been thinking how I could utilize my own crypto coin, token, NFT’s on a website.
This is what l came up with so far:
(for simplicity i will use $100.oo USD as example prices)
I would like my own token or coin perhaps ~hosted~ on Coinbase exchange.
have a membership that cost say $100.oo USD
out of that $100.oo:
pay business 90% (paid to Coinbase exchange account)
have an affiliate receive say 10% (paid to Coinbase exchange account)
have a coin, or token whole or partial depending on value at time of sale. let’s say that cost equals $100.oo USD
out of that $100.oo:
pay business 90% (paid to Coinbase exchange account)
have an affiliate receive say 10% (paid to Coinbase exchange account)
also sell or auction off NFT’s to investors straight from sites shop pages
website would use:
WordPress for cms.
woocommerce for shop.
affiliatewp for affiliate program.
so far I found these gateways:
Coinbase Commerce
https://wordpress.org/plugins/commerce-coinbase-for-woocommerce/
and
AffiliateWP Crypto
https://clickstudio.com.au/downloads/affiliatewp-crypto/
I believe these 2 gateways together would allow me to accept payment and be able to pay out affiliates with the Coinbase exchange.
one issue I come across is how could i sell coins/tokens and NFT’s directly on my website?
one way that i found is by:
Cryptocurrency Product for WooCommerce
https://wordpress.org/plugins/cryptocurrency-product-for-woocommerce/#installation
but unfortunately it does not support Coinbase, does anyone know one that does?
what are your or anyone else’s thoughts on building a website utilizing crypto?
also have you built similar type of site before?
any recommended tips, tricks, or plug-ins
-
3 Replies
-
Well, it is one thing to be able to accept crypto for payments on your website…. and quite another to create your own coin and expect Coinbase to list it on their exchange.
Frankly, good luck with that. 🙂
Coinbase has a definite selection process before a coin gets listed. And, keep in mind, the ONLY thing that gives any coin any value at all is adoption and active buyers/sellers. You simply coding up a coin doesn’t mean it has any value at all.
So, you can take crypto on your site. You can even pay affiliates in crypto. But, I wouldn’t even bother trying to make your own.
NFTs are a different matter, but you’ll need to do your own research on that. It is a big hype bubble right now, so a lot of people think they can just mint something out of thin air and it’ll be worth a bunch of money. Doesn’t really work that way most of the time.
-
thank you Dave for your wisdom, especially the info about getting a coin onto coinbase. I am just intermediate when it comes to cryptocurrencies. I still have more research and learning to do.
I was planning on creating another website just for my crypto learning, and I came up with the idea above. It will mainly be just a side project for my personal research and a way to teach others about what i learn.
“NFTs are a different matter, but you’ll need to do your own research on that. It is a big hype bubble right now”
I love your analogy there, and agree 100%. I think NFT’s will really shine with fans of all sorts of artists and big corporations in the coming years, as they are being used atm as a memorabilia pieces for there fans and/or investors.
I also see more and more retailers accepting cryptocurrency this past year, and believe in the next few years consumers will be adopting into the crypto world. I don’t think fiat currency is going away or anything, I just see more people getting educated and starting to use cryptocurrencies and believe adoption is going to be a must for e-commerce in the coming years.
“So, you can take crypto on your site. You can even pay affiliates in crypto. But, I wouldn’t even bother trying to make your own.”
I will definitely be starting off with using crypto for the store and affiliates. The building and selling a coin is more of a challenge for me, as well as building an NTF. I am not going to build them in hopes to be the next bitcoin, it will be more of an educational experience that i will be able to blog about. However I will need to find a way to incorporate all three later down the road, if I am able to actually build a coin myself.
I was also briefly thinking, I have an old url named scriptedIntelligence that I used for a chatbot, forum, and blog that i built in my younger years. it relied moderately on adobe flash and heavily on outdated php code, that would take me a very long time to rebuild today. what would be your thoughts on perhaps using the url for a cryptocurrency blog?
-
Seems like it would be fine to use that domain. 🙂
-
Log into your account to participate in this discussion.