Blockonomics customers who exhaust their free limits are asked to pay a 1% fee per transaction for bitcoin received through our API (including plugins). Non-API users who track addresses/wallets within their Wallet Watcher account also have the opportunity to purchase upgrades to track a greater quantity of addresses at a time. Our questions and answers below explain the purpose of the credit balance within your Wallet Watcher account.
What is the credit balance?
The credit balance is how you can pay for the 1% fee on transactions conducted through our API. Unlike other Bitcoin payment services, Blockonomics is completely non-custodial (which means we can never touch your revenue). As a result, our API users need to preload their credit balance with bitcoin to pay for transactions as they happen.
Example: You receive a total of 0.25 BTC in revenue over a given period. The fee for those transactions will be 1% of that or 0.0025 BTC. The fee for each transaction will be deducted from your credit balance as they occur.
This seems complex, what extra benefits am I getting?
By being non-custodial, Blockonomics offers two major benefits:
- We never hold your funds, so you retain ownership of your own bitcoins. There is also zero risk of losing bitcoins due to our server getting hacked/compromised.
- You instantly receive payments, when the customer pays on your site. You don't need to wait days for payments to get forwarded
Can I try out the Blockonomics API for free?
Yes! You can use your Wallet Watcher account and all of our API features or plugins for 10 free transactions. After that, you will need a positive credit balance to continue using the Blockonomics API.
How do I load my credit balance?
Just scan the QR code image on your specific credit balance page with any regular Bitcoin mobile wallet. If you are using a desktop wallet, just click on that QR code for the same effect. If necessary you may copy/paste the Bitcoin address into a separate wallet as well. Send whatever amount you are comfortable with (see next question).
How much should I load?
You can load any amount you wish depending on the volume of BTC you expect to receive through our service. Even just 10 USD worth of bitcoin will pay for 1,000 USD in revenue (more if bitcoin appreciates in price, less if it declines).
Can I withdraw my credit balance?
Yes. Please create a new ticket giving us the Bitcoin public address you wish to receive your credit into, how much you would like to withdraw, and a screenshot of your credit balance as proof of the amount.
What happens if I run out of bitcoin in my credit balance?
We understand your business needs and don't like to interrupt your payments. Blockonomics will allow a negative credit balance for a period of one month (30 days) during which you can clear your outstanding dues. You will also receive reminder emails from Blockonomics before the end of 30 days. If the balance is still negative a month, your merchant account enters a disabled state during which you cannot receive new payments. To re-enable the account, you can deposit BTC again to make the balance positive and start receiving payments again!
Why am I getting charged 1% on personal payments to my wallet?
Unfortunately, Blockonomics cannot differentiate between personal/merchant payments to your wallet. Please reserve the wallet you linked with Blockonomics for your merchant transactions only. Create a separate wallet for personal payments. If you believe we already charged you for such payments, please log a ticket on our freshdesk portal mentioning the payment tx ids and we will be happy to refund you the fee.
1% fee sounds too much to me?
Other services will promise zero/low charges however, they will have many hidden charges and will manipulate bitcoin price to take commissions as high as 5% from your payment. Our pricing is low and transparent and we provide high uptime with quality service. Also since the payments go directly to your own wallet, we neither do/gain any advantage by manipulating the bitcoin price.