To put it simply, yes, Namecheap now accepts bitcoin. The announcement was made on the 5th of March, 2013 via a press release. The announcement makes them the first prominent domain name registrar to accept the decentralised peer-to-peer currency, Bitcoin. This is in response to the clamouring of their tech audience for acceptance of Bitcoin and for a company that prides itself on innovation and freedom, this was a no-brainer.
About Namecheap
Namecheap is a domain name registrar and they also offer a web hosting service. The company was established in 2000 by Richard Kirkendall, the CEO. As of June 2019, Namecheap has registered about 11 million domain names.
Apart from domains, Namecheap also provides feature-packed website hosting packages, WordPress hosting, SSL security certificates, Whois Guard privacy protection, email hosting, VPN services, and more offerings. It concentrates on operating at the most reasonable rates in the web domain market, as its name implies. As a result, you should obtain a good return on your satoshis.
Namecheap like to be seen as both an innovative company focused on customer needs and a vehement supporter of internet freedom. To this end in 2017, the company donated $300,000 to Electronic Frontier Foundation and Fight for the Future.
Namecheap accepts bitcoin
Namecheap prides itself as a customer-focused domain name registrar and WebHost. Thus, the decision of Namecheap to accept Bitcoin as a form of payment for products and services was made in response to the demand of the customers. Namecheap as a company has always supported internet freedom and they are at the forefront of innovation. It is therefore not a surprise that the company accepts Bitcoin for payment. The decision was announced in 2013 that clients can now pay via BitPay. 7 years later, a new Bitcoin payment provider was added, BTCPay.
The move by Namecheap to accept Bitcoin has several mutual benefits, for Namecheap and also for Bitcoin.
Cryptocurrencies thrive on usability: This means that the more it is used, the more their value will appreciate. Thus, the acceptance of Bitcoin by world-class companies increases the use case scenarios of the coin and contributes positively to its value.
Potential increase in revenue and customer base for Namecheap: There is a reason why companies that sell goods and services online accept multiple forms of payment. It is to remove every form of limitation customers might encounter while making a purchase. Namecheap’s acceptance of Bitcoin achieves this, especially for customers in third-world countries who face different challenges in completing payments for various products on the internet. For example, certain African countries have really low spending limits, as low as $20 in a month! This means an individual interested in buying a domain worth anything above $20 cannot do so due to card limits. The usage of Bitcoin eliminates this constraint. Additionally, the fact that they are the first website name registration company to accept crypto could be the deciding factor for some customers when deciding who to purchase the domain name from.
Increased popularity: By accepting the most popular crypto as a form of payment on its website, Namecheap’s popularity will keep soaring.
How to pay for a domain name with bitcoin?
To pay for Namecheap’s products or services using Bitcoin, you will first need to top up your Namecheap account using BTCPay or BitPay. To top up, proceed to your profile, under Billing, you will see balance then top up. Under Top Up, select Bitcoin as the payment method and either BitPay or BTCPay as the payment processor. You will need to confirm this transaction within 15 min. you could scan the QR code, send the payment manually or open the payment in your wallet if your device hosts your wallet.
How do I pay for a domain name with bitcoin?
Namecheap has two Bitcoin payment processors. BitPay and BTCPay. I believe the choice depends on you.
Are other cryptocurrencies accepted?
Currently, due to the only two cryptocurrency payment processors available, only Bitcoin-based coins are accepted e.g. Bitcoin cash and core BTC. Other cryptocurrencies such as Ethereum, Litecoin, etc are not accepted but crypto enthusiasts can easily find their way around this as crypto coins can be interconverted. So, for now, Bitcoin-based cryptos are the only accepted cryptocurrency on Namecheap.
Is Bitcoin payment safe?
Yes, paying with Bitcoin is very safe. Namecheap provides website security services to websites and clients. It is therefore expected that they will have the best protection against internet theft of funds and identity.
