Things have been going fairly well here at CryptoJunky.com over the last several months. In light of this recent success I decided to go ahead and pick up a few additional domain names, and what better place than NameCheap. For those that aren’t aware, NameCheap was one of several large internet based companies that decided to accept Bitcoin earlier this year. What follows is a quick overview of my experience using Bitcoin with NameCheap.
Before setting anything up I went ahead and checked to see if the domain names that I was looking for were available, which they were. I haven’t used NameCheap in the past, simply because I’d become comfortable with other hosting services. Creating a new account was easy, simply clicking on My Account -> Sign Up For An Account Now.
NameCheap allows you to either pay at checkout or add funds ahead of time. With Bitcoin you’re required to add funds to your account and then shop. My options were Bitcoin, Paypal, Google Checkout, Visa, Mastercard, and American Express. According to NameCheap Bitcoin takes the longest at around an hour as opposed to a few minutes for most of the other services.
Once I clicked on Bitcoin I had to fill in my full contact information, such as address, phone number, etc. Finally I was asked how much I’d like to add to my account in US dollars. I entered $60 USD and then clicked proceed to bitpay.
Once at bitpay a bitcoin address and QR code were listed along with an amount of Bitcoin to pay and a timer. As with other sites that use Bitpay, the timer starts at 15 minutes and counts down. Once I sent my funds from my Bitcoin wallet (I always triple check for address correctness) it took just a few seconds for Bitpay to acknowledge that they’d been received. From here I returned to NameCheap.
Using NameCheap is about as simple as domain registrars get. I searched for the domain names that I wanted and added them to my shopping cart. From there I entered the contact information required and proceeded. Once I arrived at the funds portion of the checkout process I had to wait as my Bitcoin had not yet confirmed.
Most vendors and Bitcoin users require that a Bitcoin transaction is confirmed six times before the transaction is considered valid. This is a security measure to defend against people trying to double spend. Transactions are generally confirmed about once every ten minutes, meaning that a full six confirmations takes about an hour. Hence the slight wait in funding my NameCheap account and being able to use the funds.
While it’s slower than say a major credit card or a service like paypal, it is also much lower on fees. Compared with a traditional wire transfer, it’s fairly quick. For me the Bitcoin transaction took a bit over an hour to process. This is understandable given that the confirmation is on average every 10 minutes but can vary somewhat.
The domains that I purchased ranged between $9.69 and $10.69 USD for one year. Once my funding was complete the purchasing was straightforward. From that point on NameCheap worked as though I had funded through any other method. At the checkout screen I chose pay with existing funds which simply debited my account the specified amount.
I found using Bitcoin with NameCheap to be a fairly quick and painless process. If I could I’d rather keep a balance in Bitcoin at NameCheap and have it converted at time of purchase into USD if necessary. Perhaps that is something that will come with time. Other than that I had no problems using NameCheap and Bitcoin together. They’ve managed to integrate Bitpay nicely into their funding options. I look forward to using Namecheap for future projects and funding them with Bitcoin.
You can contact us at CryptoJunky at zoho dot com with questions about this article or others.