Established in 2014 in Vancouver, British Columbia, Coincards (opens new window) had one main goal: to make it easier for people to use Bitcoin in their everyday lives. The Woocommerce-powered platform makes it simple for folks to buy gift cards from a wide range of popular retailers using Bitcoin. It’s not just about offering another way to spend Bitcoin; it’s about giving it real-world utility. By doing this, they made it simpler for everyday users to tap into the world of Bitcoin.
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# Needs and Goals:
At its core, Coincards is all about getting more people to use Bitcoin in their everyday lives. In their early stages, Coincards grappled with the limitations of traditional payment processors. These systems either wielded excessive control over funds or imposed exorbitant fees, both of which were antithetical to Coincards' ethos. On top of that, the older systems they used had complicated and buggy address reuse issues, causing a lot of headaches and wasted time. So, they set out to find a better way—one that would give them more control over their Bitcoin and cut down on operational costs.
# Choice of BTCPay Server:
Coincards was already on the lookout for a better payment solution when they stumbled upon Nicolas Dorier's tweet (opens new window), which passionately declared, "This is lies, my trust in you is broken, I will make you obsolete." That statement struck a chord, capturing what Coincards wanted in a payment system: full control over their Bitcoin, with no fees attached. Coincards didn't just nod along; They jumped right into the Slack discussions with Nicolas, becoming one of the early adopters and vocal supporters of this game-changing platform.
# The Process:
As Coincards transitioned from Mycelium gear to BTCPay Server, it was a deliberate decision driven by their evolving business needs. Mycelium gear was falling short, especially with its complicated and buggy address reuse systems. Coincards didn't just jump on the BTCPay Server bandwagon; they were hands-on from the get-go, suggesting features and improvements to make the platform even better for merchants like themselves.
Notably: Coincards was the first to fully integrate BTCPay Server (opens new window) into their operations. The sheer volume of transactions they funneled through BTCPay in the initial month could have easily overwhelmed previous systems. But BTCPay Server and its dedicated team, spearheaded by Nicolas, were more than capable. They were deeply committed to resolving any new issues that cropped up, fine-tuning the system for scalability, and quickly rolling out updates, all of which ensured that Coincards ran smoothly with hardly any interruptions.
# Challenges:
Dealing with Bitcoin's well-known price swings has always been a challenge. At first, Coincards tackled this head-on by creating an in-house system that worked with top Canadian exchanges for real-time fiat conversions. It was a smart way to steer clear of the pitfalls of sudden market changes.
But as Coincards grew, they realized there was room for improvement. They switched gears, moving away from their in-house system to embrace BTCPay Server's "Transmuter" feature, a brainchild of developer Kukks. The Transmuter showed just how versatile BTCPay Server could be. It lets users set up custom workflows to perform specific tasks, and that's exactly what Coincards did. They used it to quickly exchange Bitcoin with their go-to providers, which helps keep them insulated from market ups and downs.
# Features and benefits
Improvement over the previous system: Switching to BTCPay Server made a noticeable difference for Coincards when it came to reliability. Nearly all transactions now go through without a hitch, which is a big step up from what they experienced with their previous systems.
The move to BTCPay Server didn't just improve transaction reliability; it also freed up valuable time for the team. Thanks to the platform's efficiency, Coincards has been able to significantly reduce the man-hours previously spent on managing payments.
Beyond the backend efficiencies, the switch to BTCPay Server also had a visible impact on the user experience. Customers have found the new platform to be more intuitive, leading to smoother transactions and an overall improved flow through the checkout process. This improved user experience has been a win-win, boosting customer satisfaction while allowing them to focus on scaling and innovation.
# New Possibilities:
Coincards isn't just sitting back and waiting for the Bitcoin world to evolve; they're active players in shaping that future. They were among the first to experiment with Lightning Network payments through BTCPay Server. This new layer promises to make Bitcoin transactions faster and more secure. And while the wider world may still be getting up to speed on this, Coincards is already there, pushing the envelope and showing what's possible.
While the typical user may not be too worried about which cryptocurrencies they can spend, Coincards embraces the open-source flexibility of BTCPay Server to offer more choices. They've added options like Monero, which aligns with their strong stance on privacy, and Dogecoin for those who like a bit of fun with their spending. They've also opened the door to other well-known coins like Litecoin and Dash. This isn't just Coincards ticking boxes; it's them making a statement about openness and choice in the cryptocurrency world.
# Results
Outcomes: Since integrating BTCPay Server, Coincards has seen more than just cost savings; the move has led to a more streamlined operation overall. The actual reduction in transaction fees is just one piece of a larger puzzle. Behind the scenes, the team has been able to cut back on admin time and the headaches of payment reconciliation.
With BTCPay Server smoothing out the wrinkles in payment processing, our team has found more time to focus on what really matters. We're able to offer even more products and put more energy into growing the business. - Mike Coincards
But it's not just about the money saved or the operational headaches cured. BTCPay Server has opened doors for Coincards that they didn't even know were there. Taking the Monero community, for example. Coincards' service is now well-regarded there, but it's not just about luck or coincidence. Thanks to BTCPay Server's flexibility, Coincards can be a significant player in this space, really helping to drive spending in a community that cares deeply about privacy. This isn't just good for reputation; it shows how committed Coincards is to broadening the horizons of digital spending.
# User Feedback:
User feedback isn't just a bunch of numbers; it's what guides Coincards. And guess what? People are really digging their BTCPay Server setup. It's not just that transactions go smoothly, which they do. What's special is the level of trust Coincards has been able to build. Often hearing that folks choose Coincards specifically because they're comfortable with the BTCPay checkout process and know that the payment flow will be flawless.
# Conclusion
Learnings: Coincards' journey with BTCPay Server was also a path of learning and discovery. Initially, the team at Coincards thought accepting Bitcoin would be a logistical challenge, especially in reconciling transactions. But BTCPay Server turned this assumption upside down. The platform demonstrated that managing Bitcoin transactions could be done far more efficiently than previously imagined.
Then there was the hurdle of the wallet gap limit—a concern that could seriously hamper large-scale operations. However, Coincards navigated this obstacle smoothly. BTCPay Server's own built-in wallet feature fixed this issue instantly, showing all transactions in all wallets without any issues.
We found out pretty quickly that BTCPay Server is more than just code—it's a community. People from all over chime in with advice, share learning resources, and even roll up their sleeves to improve the software. It's not a static thing; it's a living, evolving ecosystem. This kind of support network doesn't just make the tech better; it makes running a Bitcoin-focused business like ours a whole lot easier. - Mike from Coincards
Future Prospects: Looking ahead, Coincards has its eyes set on some big goals. First up, they're itching to get into fresh markets, with** Australia and the Eurozone being next on the map. And they're not just about growing bigger; they're about making Bitcoin more mainstream. Instead of focusing only on Bitcoin as an investment, they're keen on showing people it can be used for everyday stuff, too. They're doing this by backing worldwide conferences, meetups and events that show off how Bitcoin can be used in daily transactions.
You can download a PDF of this case study on this link (opens new window).