Crypto currencies are gaining popularity due to its decentralized nature and anonymity.
It is an open source digital currency that uses cryptography to secure transactions.
In this tutorial, I will show you how to use a crypto currency API in WordPress.
First, let us understand what is a cryptocurrency.
A cryptocurrency is a type of digital asset designed to work as a medium of exchange using cryptography to secure financial transactions, to control the creation of additional units of the currency, and to verify the transfer of assets.
What Is Cryptocurrency?
Cryptocurrencies are virtual currencies that use encryption techniques to regulate the generation of units of currency and to verify the transfer and receipt of funds.
They differ from traditional fiat money in several ways. For example, cryptocurrencies are decentralised, meaning there is no central authority that issues them. They are peer-to-peer electronic cash systems that allow online payments to be sent directly between two parties without going through a financial institution.
There are currently over 1,500 cryptocurrencies available, most of which are based on blockchain technology. These include Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dash, Dogecoin, Zcash, NEM, Stellar Lumens, ByteCoin, Factom, MaidSafeCoin, Peercoin, Primecoin, Quark, Reddcoin, Freicoin, Blackbytes, GoByte, Digibyte, Aurum, BitShares, Counterparty, NXT, Decred, Stratis, Stellarterm, Golem, EOS, OmiseGo, Qtum, Bitshares, HashCash, Namecoin, PIVX, QTUM, DASH, GAS, ICOCoin, Syscoin, Viacoin, and many others.
The first cryptocurrency was bitcoin, which was invented in 2008 by Satoshi Nakamoto. It was released into circulation in 2009.
Bitcoin has been described as the world’s first successful application of cryptocurrency, although prior attempts had failed. The concept behind bitcoin is to use cryptographic proof instead of trusted third parties to validate transactions.
Blockchain is the underlying technology that underlies bitcoin and other cryptocurrencies. It is a distributed database shared among all users of a particular cryptocurrency. Blockchain records every transaction ever made in a block of data called a chain. This chain of blocks forms a public ledger.
Why do we need a crypto currency API?
We need a crypto currency API because it allows us to integrate our website with the various crypto currency exchanges.
For example, we can create a page where people can buy bitcoins with their credit card. We can then charge a small fee for each purchase.
This way, we earn some extra revenue and at the same time, we give our visitors a chance to try out buying bitcoins with their credit cards.
How to install a crypto currency API in WordPress
- To install a crypto currency API, you will need to download the API key from the official website.
- Once you have downloaded the API key, you will need to copy it and paste it into the appropriate field in the plugin settings.
- Now, click on save changes.
- Click Install Now.
- You should now see a new menu item in the plugins section named “Cryptocurrency”.
- Click on it and activate the plugin.
- That’s it! Your crypto currency API is installed.
Cryptocurrency APIs are an easy way to add cryptocurrency functionality to your website. They allow you to accept payments in Bitcoin, Ethereum, Litecoin, and others.
You can even integrate them into your own crypto currency wallet. This allows you to convert between different cryptocurrencies without having to pay fees.