Ethereum

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

Setup

  1. Visit the payment processor admin page in your browser. For example https://yournumifex/admin. Log in if necessary.
  2. Click on the Cryptos tab and expand the Ethereum section.
_images/ethereum_config.png
  1. Enter the URL for an Ethereum node. (See Ethereum Nodes below.)
  2. Enter your treasury address. This should be an Ethereum address that you control. See Treasury Address
  3. Review the gas settings to ensure they are adequate. (See Gas Price.)

You should now be ready to accept Ethereum payments!

Ethereum Nodes

The payment processor needs a URL for an Ethereum node to send transactions and confirm payments.

Option 1: Axia Codex

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

Option 2: Community Node

Running an Ethereum node is somewhat involved and requires powerful hardware. Many are freely available such as MyEtherWallet https://api.myetherwallet.com/eth.

You can also rent Ethereum nodes for a small fee from Infura or Quik Node.

Note that 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.

Option 3: Run Geth or Parity

If you are concerned with maximum security and reliability we recommend running your own node. Included in the software folder is a geth VM which can be used to run a node. You could install geth directly. Numifex is compatible with other Ethereum implementations such as Parity.

Treasury Address

The treasury account is an Ethereum address that payments are sent to after an order is finished or canceled. Ideally, you should control the private keys to this account. But, it can also be an exchange account that 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 accounts are safe.

You can make one with Wallet.

Gas Price

A small amount of ETH (at the data of writing less than a cent) must be payed to the network when money is moved from settlement accounts to the treasury. This fee is called the gas price.

Offering a higher gas price encourages the transaction to transfer into your treasury quickly. Numifex will do its best to use a reasonable gas price, but you may want to adjust it to your own preferences.

For most users it makes sense to use lower gas prices and slower transactions. A good source for gas prices is at ETH Gas Station.

Note that this has no effect on how quickly your customers payment is received, only on how long it will take to deposit funds into your treasury.

Wallet

We recommend the Metamask wallet for storing private keys and transferring around ETH manually. Metamask can also be used to generate and store private keys.

Minimum Confirmations

This option determines how many blocks to wait before accepting a payment. The default of 8 should be adequeate for most users.

When a transaction is submitted to the Ethereum network it may be accepted and included in a block. However, the network may later chose to reject that block in favor of a 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.

Testing Ethereum

If you want to test out Numifex without using real ETH, you can use a test blockchain or try running your own test chain.

Option 1: Test Network

Change the Ethereum node URL to a test network such as https://api.myetherapi.com/rop for Ropsten.

Option 2: Ganache

If you have NPM & NodeJS you can install Ganache. You can install it through terminal:

$ npm install -g ganache-cli