Blockonomics Review 2018
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Blockonomics appears to be a system for payment processing designed for merchants (wholesale traders) that accept bitcoin as the preferred currency of the payment. However, Blockonomics does not limit its services only within the frames of being a payment processor. It enables for wallet monitoring, as well as email notifications special for those who hold public bitcoin wallets. The main goal of the company is to make the lives of merchants easier by freeing them from the complicated and time-consuming payment methods. It’s a one-stop place to manage all of your cryptocurrency finances. The platform also allows monitoring of your addresses’ balances. In addition, you will also get notifications on your credits or debits, tag your addresses, have an overview of your wallet transactions, and much more. It also gives you an option to connect to their payments API, create encrypted and secure P2P invoices or create a shopping cart of your own. Unlike Bitpay or Coinbase, Blockonomics functions on a model of direct–to-wallet by providing its users’ services that will enhance the wallets they already have.
What is Blockonomics?
Blockonomics is an India-based startup established by IItDehli alumni named Shiva Sitamraju and a team of international seasoned marketing specialists and developers of digital currency in 2015. Other team members include Srujan S. and Srinivas S. which are big fans of cryptography and decentralization. Their main goal is to develop the endless potential of the blockchain technology use. Although the platform’s name is Blockonomics, the company itself is registered as Crypt Tech Solutions Ltd. The company’s profile at Angel.com points out that their mentor is BTCXIndia.
The platform is a permission-less and decentralized Bitcoin payment solution providing its users with dedicated transaction tools that improve their use of Bitcoin and the wallets they already own. Users can directly accept BTC and anonymously invoice. Basically, they can be their own bank.
Furthermore, it has a feature called Wallet Watcher which allows users to connect multiple BTC wallets to their Blockonomics account. Once they have connected the wallets, they can use the platform’s dashboard to check the status of every wallet like the available Bitcoin balance in the wallets connected, transaction history, pending transactions information, and more. According to its founder Sitamraju, this feature is a highly useful tool for people who utilize desktop wallets.
The company believes that accepting bitcoin as the “international currency” within the Blockonomics platform will help various companies to increase their sales. Its speed, very low transaction fees, security, the respect towards the user information and the overall user-friendliness of the platform make Blockonomics rather attractive.
The platforms main benefits include the following;
- Setting up the platform is easy and quick. You don’t need to wait for API approvals.
- No set-up cost nor recurring fees.
- Add BTC to your store as a payment method.
- BTC transfers do not need any middleman, so payments will directly go to your wallet.
- Any currency selected in your shop can be used.
- The amount of Bitcoin will always be calculated with the current exchange rate.
- Blockonomics platform is secure, and you are the only one who will have access to your private keys.
- It is borderless and permission-less as no KYC or documentation is required, simply use your email to access the payment solution.
- Once your customer placed a wholesale order, it is automatically handled.
Blockonomics is one of the easiest and fastest ways to begin accepting BTC as a mode of payment on your online shop. Since its inception, it has already helped numerous e-commerce sites increase their sales by including not just Bitcoin but Ethereum, Litecoin and plenty of major altcoins as their customer’s payment option.
A merchant has an option to create a payment button on their online shop next to the products they are selling or use a checkout invoice. Just like with accepting payment via PayPal or credit card, they can also setup Blockonomics plugin for Prestashop, WordPress, and any other merchant websites to produce invoices for their customers using the shopping cart on their website.
Users are also allowed to store their cryptocurrencies. BTC payment goes directly to the wallet of your store, and your store has the power to control BTC coin the way you want. Blockonomics support all major wallets such as MyCelium and Trezor just to name a few. Transfers are not required, and an online shop can forget about any hidden fees that are usually excessive.
Plus, the BTC payment solution comes with its own invoicing system for businesses with custom invoices for peer-to-peer, as well as email notifications, historical view of your transactions, and most importantly payments are uninterrupted with no gap limits.
Each transaction using the Blockonomics payment solution will incur a flat 1% transaction fee. This is cheaper compared to the fees of other competitors like the processors of credit cards and various payment systems such as PayPal, which charges more than 2.9%. The platform is pretty much 66% cheaper compared to other alternatives. However, due to the rapid development of technologies some platforms are working on the complete elimination of the fees, which may be a treat for Blockonomics.
- Blockonomics does not have any hidden fees.
- It is a secure platform that offers free service for your first ten transactions.
The address watcher users do not have any payment callbacks but they have subscription fees. As a matter of fact, it does not charge fees up to $ 75 each month based on the limits of the address and the features of API.
In case of the merchants, there are payment callbacks. As it was mentioned above, the payment fee is 1%, however, the first 10 payments are for free. Please note that the platform automatically increases the limits of the address.
Blockonomics does not need any verification or documentation. All that is required is your email id. There are also no limits to the number of payments transacted. You can receive even up to 100,000 BTC per month. The received payments go directly to your own Bitcoin wallet like Blockchain.info, Trezor, Ledger, etc.
One of the most outstanding services that Blockonomics offers is the peer to peer aka P2P bitcoin invoicing. With the rising fame of Bitcoins, the demand for this service is increasing as well. For instance, it is a very good option for the people who want to get paid with Bitcoins for their work. The invoicing solution offered by Blockonomics is for free. The senders have a chance to create unique invoices that are encrypted. As for the recipients, they simply need to evaluate their performance in Bitcoins. It is worth to mention that the system of the peer to peer encrypted invoice is eliminating the third parties, therefore, no third parties are able to have access to the invoice content.
Blockonomics lets people send bitcoins through email. The unique part about this feature is the fact that the recipient does not necessarily need to have an address of a Bitcoin wallet. The process is very simple and can be used very often. For instance, it can be a good alternative for gift cards that people give one another on birthdays, holidays and so on.
Other special features of Blockonomics include things like:
- The payment solution accepts Bitcoin, and other major altcoins on your sites such as ETH, LTC, BCH and XRP via a built-in shapeshift integration.
- No approvals of documentation or API key needed.
- Support for HD wallets such as MyCelium, Blockchain.info, and Trezor.
- The platform supports major fiat currencies.
- The full checkout process is done on your site.
Is Blockonomics Safe?
In order to understand if Blockonomics is a safe platform or not there are some very essential parameters that we need to take into account. Those include:
Seems like Blockonomics has not disappointed its customers so far. There are a lot of discussions going on about Blockonomics that are on various forums and groups where Bitcoin enthusiasts are involved in. Here people tend to share positive reviews and there are no major complaints regarding Blockonomics. Thanks to its easy to use interface and verification free services it manages to attract customers from its competitors. The website of Blockonomics has a trust score of 96% which include factors such as location, ownership details, popularity and reviews from users. Blockonomics is working hard to keep its users happy.
Blockonomics uses encryption as well as HTTPS for the sake of security. Wallet Watcher is a feature of the payment solution that monitors your crypto to ensure that they are secure and safe. Moreover, you will get updates through your email thereby always knowing the status of each of your wallets.
Their customer support is noteworthy as well. If you have questions that you cannot find answers to at their website’s FAQ, you can simply ask their online support which is available 24 hours a day. They are also very prompt in answering any queries. For more complex issues you can submit a ticket via the site and their team will get back to you within a few hours.
As Blockonomics is not requiring verification processes and getting started on this website is rather quick and easy. As for the transactions, it is much faster than in case of its competitors such as credit cards, PayPal and so on.
How to use Blockonomics?
Once you have linked your Blockonomics account to your wallet, you can start trading or use their services. Setting up a Blockonomics account will take just five minutes. If you are a buyer, you will not be paying any fees, while merchants need to pay a monthly fee of $10. You also have a choice to pay a $102 annual fee.
The platform puts the payment directly into your account since it is decentralized. While many exchanges will need you to provide them with your bank details, Blockonomics will only ask you to provide them with your wallet, making all transactions simpler, easier and faster.
Blockonomics payment solution offers services to e-commerce businesses and cryptocurrency users. Transactions between you and their partner merchants are safe and secure, and businesses can rest assured that payments are fast. Blockonomics has a very helpful website full of good guides which is great also for the use of beginners. There is more to this payment solution than meets the eye, which is why it has become one of the top-rated cryptocurrency processing services by reviewers today. It’s still a relatively new platform, but it offers a wide range of features. How it will fare against the likes of bitpay or coinpayments is something that’s yet to be seen.
Pros of Blockonomics
- Peer to peer way of sending BTC using your email address.
- Its BTC MAIL feature uses a secure Splitkey generation for distributed trust.
- Users are instantly paid through their wallet.
- It’s a decentralized platform.
- Excellent customer support response time.
- Your transaction and balance histories are presented in graphs.
- A relatively low transaction fee.
Cons of Blockonomics
- It’ a relatively new product and still on its developmental stage compared to competitors which have been in the game longer and more reputable.
- A potential privacy concern in that users are disclosing an address which gets tied to them, but this shouldn’t be an issue for businesses.
We hope you find this review helpful and insightful. For more reviews like this and articles about cryptocurrency for beginners and experts, make sure to check out the other contents we have.