What is Automatic Conversion?
The automatic conversion feature allows you to exchange bitcoin into any of our supported local currencies at the time of the transaction. This feature offers important protection for merchants who do not want to exposure to potential Bitcoin price volatility.
OpenNode gives you the freedom to convert the bitcoin you receive instantly or at a later date when you desire all within your dashboard. Keep in mind, the price of Bitcoin fluctuates so there is a possibility that if you hold your bitcoin and convert later, the value may have gone up or down.
How does it work?
When you enable automatic currency conversion, every bitcoin transaction that you accept with OpenNode automatically converts into the currency of your choice at the time of the transaction, no matter the size of that transaction. This step completely removes the risk of Bitcoin price volatility affecting the value of your transaction. The funds from the transaction go directly to your traditional currency wallet (i.e., USD wallet, Euro wallet, etc.), not your Bitcoin wallet, with no additional fees*.
Funds automatically hit the USD wallet when automatic currency conversion is enabled. This user has their currency set to USD.
Note: Funds in your USD wallet are not in your bank account.
If you want to withdraw your traditional currency funds - such as USD, EUR, etc. - from your OpenNode account to your bank, you will need to follow the steps described in Bank Transfers.
How to Enable Automatic Conversion
Automatic conversion is enabled by default when you first link a bank account to enable a local currency wallet:
- Log-in to your OpenNode dashboard.
- Click to enable your local currency wallet. This also allows you to add your bank information.
- Follow the steps and fill out the KYC/KYB requirements.
- After review, you will be notified within 5 business days if your account has been approved for automatic conversion.
Disabling Automatic Conversion?
To disable automatic conversion:
- Log in to your OpenNode dashboard.
- Go to Settings, then Payments.
- Use the toggle to disable automatic conversion.
*Funds may be subject to a transfer fee, minimum fees, and/or withdrawal minimums,. See pricing for details.
Automatic Conversion and Underpayments
With the implementation of locked rates, underpayments (aka partial payments) must be topped up within 10 minutes of the first payment in order for full payment to be successfully completed. If full payment is not received within 10 minutes, OpenNode will take either of the following actions:
- If we have the payer’s email address, we email the payer to provide instructions for requesting the return of their underpayment.
- If we do not have the payer’s email address, we email the merchant to provide instructions for the payer to request the return of their underpayment.
Have questions? Let us know!
In the case of any payment discrepancies, OpenNode will respond to merchant inquiries on a case by case basis. You can reach us at firstname.lastname@example.org or use the chatbot at the bottom right of any OpenNode page, 24/7.