btcpay

BTCPay – Interview with the author of ‘Bitpay factory’

BTCPay – yes we support it and we love it

BTCPay is amazing. It is a way for you to accept Bitcoin but not the old school way of manually accepting it but an automatic system that generate invoices for clients. You do not rely on a third party that accept BTC for you. You keep 100% of the funds sent because you are your own payment processor.
See an example that we did for Barbershop Djuka: https://btcpay.cryptodome.net/apps/859xAPfTNsTw3mmWMGuhDAdPPaQs67wcW7Pv9g5FzzWX/pos
btcpayAnyone can click and generate an invoice. We run Bitcoin and Lightning full node on our own infrastructure and through BTCPay…Barbershop Djuka accepts both Lightning network payments for Bitcoin and Litecoin.

All right, enough of the chit chat, lets talk to the man in charge, a prodigy child behind BTCPay. Let us talk to Nicolas.

1. What is your name?

Nicolas Dorier

2. What is your background?

I graduated in 2011. from SUPINFO (French IT oriented school)
As I was studying there, I was also teaching there about .NET Programming.
I then founded an IOT company which failed after 1 year.
And then kept working as a .NET consultant and Microsoft Certified Trainer until I met Bitcoin in 2014.
Been working on it since then, never looked back.
I now work for Metaco, a Swiss company providing a cryptocurrency custody platform designed for banks.
I also work for DG Lab, a company in Tokyo, which does a lots of stuff: Contributing to Bitcoin, educating the dev community in Tokyo, researching and developing new applications on the blockchain (mainly Bitcoin, also some work around Element of Blockstream).

3. You graduated from collage?

Yes, SUPINFO in 2011.

4. When did you get an idea to do BTCPAY?

When Bitpay published this https://blog.bitpay.com/bitcore-segwit-activation/
I was shocked as I trusted and advised this company to my customers for so long. I swore to make them obsolete and I will deliver on that promise once BTCPay integrates with exchanges.
It also occurred to me that Bitcoin had a weakness: Lot’s of services are depending on centralised services like Bitpay, and it does not have to be that way. What is needed is a proper open source infrastructure which does not require linux guru skills to deploy.

5. What is BTCPay?

It is an open source payment processor compatible with Bitpay’s Invoice API.
This is meant so merchants using Bitpay can easily migrate, and also to make Bitpay’s plugin easy to fork and adapt to BTCPay.
On the long run, I think people will run BTCPay even if they are not merchant. Having your own node means also taking full advantage of the fact that Bitcoin is a programmable money.
Things not possible to do with centralised services become possible.

6. If I put a timer on you and you do a BTCPay implementation, considering you are a prodigy child, how much time would it take you to bring it online for general store/scenario for Company X to use it?

It depends what the company X is using as e-commerce software. If it is woocommerce, and the company host BTCPay itself, an hour should be enough.

7. Is it open source?

Yes

8. Is it free?

Yes, although you still need to pay for your server host.
Hosting on Azure is around 60USD per month, you can drop it to 25USD per month once your node is synched.
You can run it elsewhere if you want though.

9. Why is it free?

No way to do open source while not being free.
While BTCPay is free and open source, it does not mean that someone can’t fork and act as third party host for other merchants.
This is why I call BTCPay a “Bitpay factory”. You can create your own instance, and charge merchants to open an account on it if you want for the simplicity offered.

10. Will there be paid features?

No. Someone might fork it and add paid feature if he wants though.

11. How will you sustain the project if it is free?

By establishing a community.
http://slack.forkbitpay.ninja/ is home to a lot of merchants asking question and asking for features.
People are helping each other, this is a way better support than talking to a script oriented help desk person.
I made it easy for developers to contribute by bundling all dependencies for running BTCPay during development inside docker-compose.
It makes it easy to develop on any OS you want without crazy linux guru magic.
.NET is a widely successful ecosystem, and code quality is great. If the project succeed and that I disappear, no wonder it will continue to be built upon.

12. What are your top 5 features you plan on implementing next?

1. Payment forwarding. So received money can be sent directly to an exchange.
2. Exchange bot. So you can enforce a specific % of your holding in Bitcoin on the exchange.
3. 1 and 2 combined means you can control volatility risk: You keep 1 BTC on the exchange in the form of BTC.
When you get paid in 0.1 BTC for your service/product you forward it to the exchange and while it is waiting for confirmation you sell 0.1BTC immediately out of your 1BTC stock (you end up with 0.9BTC on the exchange). When the 0.1 BTC you sent to exchange reaches the exchange your balance is back at 1 BTC (0.9+0.1) at the exchange, but 0.1BTC out of the stock was sold immediately upon receiving it, thus converting it to cash and thus 0 risk of price oscillation.
4. IFTTT (if this, then that integration) so that you can fire different actions easily once you receive money
5. LightningShift like Shapeshift, but that anybody can host: The merchant show a QR Code for On-Chain payment. You only have Lightning Network wallet: you send the money to the LightningShift, and LightningShift pay directly on-chain for the same amount.
6. On chain atomic swap: If two people have a BTCPay server, then it is easy to do a protocol so that a merchant can provide liquidity for altcoin without you having to trust him.
7. Wallet integration: You should be able to send lightning network payment or Bitcoin payment just by going on the page of your server and submitting the credentials. This would be the first secure and easy to use self-hosted wallet.
This is 7, but this is what excite me. Lot’s of thing become possible once you have a server with your own full node which keep connectivity.

13. What is your opinion on Bitcoin’s future?

Buy Bitcoin and HODL! Exciting stuff happening on all levels.

14. Do you think some companies that are slow as *** will somehow manage to implement Bitcoin in their business? If so, why do you think so?

Yes, as long as doing so is easy for them, I see no reason why not.
It is my goal to provide an easy self hosted solution so you don’t need an IT team to get it running.

15. Do you believe in alts?

I am bitcoin maximalist, but I don’t reject alts, they are useful experiments.
BTCPay support Litecoin, soon DOGE, and a wide range of other coins (BGold, BCash, Dash etc…)
I think that Lightning network can bring a golden age of alts if there is tools allowing easy second layer cross chain swap.
Maybe it will be backed into BTCPay one day.

16. Would you rather save 20 000 euros in a bank or in Bitcoin?

Bitcoin. You can add any number of 0. Will still be Bitcoin.
I keep fixed amount of fiat as insurance so that I don’t sleep in the streets if Bitcoin goes to zero. The rest goes to Bitcoin.

17. What if the price flops?

It never flops. 1BTC = 1BTC, very stable. HODL.

18. When someone new reads this interview, what can you tell them, top 3 things they need to educate themselves?

Hard question. New to what? to BTCPay? to BTC?

19. Do you read books? Give us 3 to read today.

The Pragmatic Programmer from Andy Hunt and Dave Thomas
The Sovereign Individual from James Dale Davidson and William Rees-Mogg (keep in mind this book has been written way before Bitcoin)
Thieves Emporium from Hernandez, Max

20. Conclusion, from the horses mouth:

You don’t have to be a merchant to use BTCPay, try to set it by checking the One Click deployment on https://www.youtube.com/channel/UCpG9WL6TJuoNfFVkaDMp9ug , this is a fun journey.
Then come on http://slack.forkbitpay.ninja/
Special thanks to @ RockstarDev which is doing awesome contribution to BTCPay!

Get back to main blog index or get back to main CryptoDome page

or check out BTCPay implementation we did for Barbershop Djuka: https://btcpay.cryptodome.net/apps/859xAPfTNsTw3mmWMGuhDAdPPaQs67wcW7Pv9g5FzzWX/pos

accepting Bitcoin