Bitcoin

This page will help you setup Bitcoin. It also has supplemental information and links to resources about Bitcoin.

Setup

  1. Visit the payment processor admin page in your browser. For example https://yournumifex/admin. Login if necessary.
  2. Click on the Cryptos tab and expand the Bitcoin section.
_images/bitcoin_config.png
  1. Enter your credentials for your Bitcoin Core node. If you are unsure what this is, see Bitcoin Node.
  2. Enter your treasury address. This should be a Bitcoin address that you control. See Treasury Address
  3. Review the fee and confirmation settings to ensure they are adequate. See Gas Price.

You should now be ready to accept Bitcoin payments!

Bitcoin Node

The payment processor needs access to the Bitcoin network to send transactions and confirm payments.

Option 1: Axia Codex

If you are signed into Axia Codex, access to the Bitcoin network is provided. You can still override this with a custom URL.

Option 2: Run Bitcoin Core

The Bitcoin community emphasizes the importance of running your own node.

The official node software is Bitcoin Core. Unlike most cryptocurrencies, it requires only a reasonable amount of disk space (250 GB at time of writing) and network bandwidth.

Bitcoin Core also includes wallet software which you can use to store your keys and manually send transaction.

To use Bitcoin core, download and install it on the same computer as the payment processor. We recommend versions 0.17.x at this time. Run it with the following command to enable RPC.

$ bitcoind -server -rpcuser={YOUR USER} -rpcpassword={YOUR PASSWORD}

The default numifex URL is set to find a local bitcoind instance.

Shared Node

If you do not wish to run your own node, we offer a rental service through Axia Codex.

However, whenever you use another party’s node, you are trusting that person or organization to give you honest information, and to process your transactions correctly.

Treasury Address

The treasury account is a Bitcoin address that payments are sent to after an order is finished or canceled. This can be an exchange account you trust such as a CoinBase wallet. From a CoinBase account, you can make an exchange into a different crypto, or cash out into a fiat currency deposited in your bank account. Make sure the treasury address is correct before using Numifex. If you enter an address that you do not control, payments will be lost.

Note that Numifex never needs access to your private key, so you can be sure your funds are safe.

Fees

Transferring money to the treasury does cost a small fee. Numifex will do its best to use a reasonable gas price, but you may want to adjust it to your own preferences. The option target number of blocks is a parameter which helps fee estimation. A larger number will slow transactions but reduce fees. A higher number will speed up transactions but increase fees.

You can also disregard fee estimation entirely and enter a custom fee rate.

Read more about fees.

Minimum Confirmations

This option determines how many blocks to wait before accepting a payment. The default of 6 blocks is standard and very conservative.

When a transaction is submitted to the Bitcoin network, it may be accepted and included in a block. But, the network may later chose to reject that block in favor of another longer chain. Waiting for your block to be attached to a longer chain decrease the probability of this happening.

Using a lower number will allow transactions to confirm faster, but at the risk that they become invalid and not included in the chain.

Read more about confirmations.