Accepting Bitcoin

[AceCobra1]

I was just wondering, how many of you guys run businesses that accept bitcoins and are they worth accepting? I don't mean actually keeping the bitcoins once you get them. There is a website called bitpay that allows merchants to accept bitcoins which seems to be a fee free service:

https://bitpay.com/pricing

 

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[Mattie]

Yes, I'm wondering the same thing. One of my friends was telling me to try bitcoin.

 

[AceCobra1]

I would think accepting bitcoin would certainly make your business stand out from other competitors... but what are the pitfalls of accepting it? I can't see many if it is converted straight into money.

 

[GlobalWealth]

We accept bitcoin

 

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[ddzc]

@Vick does.

 

[Ninjakid]

I think bitcoins will be used a lot more in the future, as people are transferring money electronically more and more. If you're making transactions $1000+ at a time, it's probably worth considering. The problem is, bitcoins aren't really mainstream yet, and a lot of people don't trust them. Rightfully so, as hackers have been able to take down many bitcoin companies with relative ease. I think we're at least two years away from seeing bitcoins being considered mainstream in online transactions. Companies need to develop more secure and sophisticated software before people will feel safe investing in them.

 

[Vick]

yup. I've had 1 sale in bit coin.

 

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[khalidanwar]

I assume anything can be brought with bitcoin online so Bitcoins will flourish soon to come.

Anyways guys, can you invest in bitcoin stock/shares?

 

[Vigilante]

We accept BitCoin. We also accept Monopoly money, chickens, and IOU's.

Is BitCoin still a thing? I thought they determined like 2 years ago that the original creators fleeced everyone. Is this the remnant of the losers of the BitCoin debacle trying to recoup what they lost when the BitCoin market imploded?

 

[theag]

We also accept Monopoly money, chickens, and IOU's.

Thats smart. Popular online marketing wisdom says that the more payment options you offer, the better conversion rates you get.

 

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[Vigilante]

The only issue is with the transport of the chickens. Usually that is local business (from Craigslist.)

 

[Vigilante]

This is SO last year, people :

http://www.wired.com/2014/03/bitcoin-exchange/

And this is just ONE of the stories.

I am going on record as stating that I think you are foolish if you are doing anything with BitCoins other than sitting on the sidelines and watching with amusement as theives and robbers steal money through this unregulated, unvalidated exchange of money for nothing.

 

[GlobalWealth]

I am going on record as stating that I think you are foolish if you are doing anything with BitCoins other than sitting on the sidelines and watching with amusement as theives and robbers steal money through this unregulated, unvalidated exchange of money for nothing.

I'm going on record saying I think you are foolish for not accepting bitcoin for transactional use. Anyone who doesn't really doesn't understand the beauty of the system.

With companies like Expedia . com, Tigerdirect . com and Overstock . com are accepting bitcoin, I'd say they know a bit more than I do about the future of digital currencies.

When visionaries like Richard Branson and Peter Thiel are investing in and accepting bitcoin in their businesses I'd say there is a future.

 

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[Vigilante]

They have less to lose and more to gain.

They may accept $10k worth of monopoly money, but the value of the geeks thinking they are cool because they accept BitCoin may bring in $500k worth of real money.

And, some of those companies are publicly held and lose money anyway, so what the hell difference does it make to them if they lose $50k of someone else's money on artificial currency?

My business runs on cash. Good ol' fashioned, real greenbacks. And chickens.

 

[GlobalWealth]

They have less to lose and more to gain.

They may accept $10k worth of monopoly money, but the value of the geeks thinking they are cool because they accept BitCoin may bring in $500k worth of real money.

And, some of those companies are publicly held and lose money anyway, so what the hell difference does it make to them if they lose $50k of someone else's money on artificial currency?

My business runs on cash. Good ol' fashioned, real greenbacks. And chickens.

You really don't understand bitcoin do you?

For transactional use, it is impossible to lose money. I can make a sale, collect my money in seconds, convert to fiat currency in seconds. I have no bitcoin risk whatsoever.

I can receive a wire in seconds with virtually zero cost vs. receiving a fiat wire in days with $100+ cost.

 

[Vigilante]

So the value becomes in doing a quick swap out of BitCoin for real currency? As long as you are not the last one left when the music stops. Solid strategy. Tell the people who have lost their artificial fortunes that there's no risk. You're kidding yourself. Your strategy is in immediately divesting yourself of bitcoins by converting it to real money. In essence, you're making my point for me. If it were a stable currency, you wouldn't need to play the shell games to mitigate your risk. By your own definition, BitCoin is fraught with peril. You just immediately sell it and hope the market holds within the time it takes you to make it someone else's problem.

There eventually will be a world currency. When that happens, the world will likely have bigger issues than artificial faux-currency markets.

By the way, I have cornered the VigDollar. I own them all. I will start using them as currency some time in 2015. They're going to increase significantly in value, so if you are lucky enough to have me pay you in them now.. you might want to just sit on them a while while I unload the rest of them.

 

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[Vick]

I dont understand when people say Bitcoin isnt real.

Someone paid me in Bitcoin. Went straight to my bank account the next day.

I went and bought Cornflakes with it. Therefore money.

Whats the problem?

 

[theag]

All money isnt real. Its just promises and trust. Some have more, some less.

 

[Vick]

regardless.

digital currency will be in our future.

be wise to keep up with it.

people who fall behind lose.

 

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[Davo]

FYI, Bitcoin is actually the best performing currency in the last 12 months. It'd be silly not to accept it when it's pretty cheap to run and there's plenty of decent POS providers.

 

[Esquire]

Federal Reserve Notes are fiat currency ... but unlike Bitcoin ... it's fiat currency I can pay my taxes with.

And everyone accepts it. I don't like a currency where I have to "figure out" where I can spend it.

Pain in the a$$.

Plus ... I have more faith in the Federal Reserve System ... than I do the "mystery man behind the curtain."

So I'm going to take a pass on Bitcoin. Makes me uneasy.

And call me nuts ... but if you are doing a lot of bitcoin transactions ... my money says you are increasing the odds of an IRS audit.

I could be wrong ... but I might be right.

Pass.

 

[Rawr]

I remember visiting a long time friend and bringing up bitcoin. He said he's mined 5 or 6. The price was $900 and I thought he should sell.
What stops it from going to $50 or $20? People told me "there is a limited supply" so the basic economics would then say the price would keep going up. Yet we have this chart.

 

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[Esquire]

By the way, I have cornered the VigDollar. I own them all. I will start using them as currency some time in 2015. They're going to increase significantly in value, so if you are lucky enough to have me pay you in them now.. you might want to just sit on them a while while I unload the rest of them.

Does the Bar & Grill accept VigDollars ...? If so .. how much V.D. do I need to give you for a rack of ribs ...?

 

[tafy]

Just because you convert them straight to normal money doesn't make it less legit. If someone paid me in dollars it would be converted to pounds asap.

 

[Esquire]

Just because you convert them straight to normal money doesn't make it less legit. If someone paid me in dollars it would be converted to pounds asap.

I suppose that's a valid point. I mean ... if I can instantly unload them for dollars ... I might be of a different mindset.

When begs three questions:

What sort of conversion fee do you end up paying to convert bitcoin to pounds or dollars ...?

What sort of merchant gateway fees do you typically pay when you initially accept bitcoin ...?

And last ... is bitcoin poorly suited for continuity income ...? Or better reserved for one-and-done ...?

I am thinking the latter ... what are your thoughts?

 

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[tafy]

ATM because its volatile you should just convert and not hold.

Bitcoin strength is for paying across borders without fees. Imagine sending your friend in Africa 20$. You will pay more than that in fees alone with a bank. With bitcoin its simple and cheap.

 

[Vigilante]

The fun part of ANY issue is ... no matter what the topic... GW and I will automatically and intrinsically be on opposite sides. Really doesn't matter what the topic is.

 

[Vick]

What sort of conversion fee do you end up paying to convert bitcoin to pounds or dollars ...?

https://bitpay.com/pricing

there are no fees

 

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[AceCobra1]

Guys, thing is, when you accept bitcoin, you are not actually KEEPING it as a bitcoin though. It gets converted straight away into cash and it goes into your bank account so what are the risks? Surely there are none since you aren't actually keeping the bitcoin...

 

[Esquire]

Guys, thing is, when you accept bitcoin, you are not actually KEEPING it as a bitcoin though. It gets converted straight away into cash and it goes into your bank account so what are the risks? Surely there are none since you aren't actually keeping the bitcoin...

So if everyone is playing bitcoin "hot potato" ... who is the ultimate end user ...?

Who is saying ... "sure ... give me all your bitcoins for cash ... sounds good to me!"

Why would I want to be the person on the other side of the equation ...?

Absent a compelling explanation ... just looks like one great big ponzi scheme to me.