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Accepting Crypto Currency (AKA Bitcoin) for Payments?

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JAJT

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Setting up my shopify store for the new venture and I came across a section titled "alternative payments" which is basically a list of crypto-currency solutions:

- BitPay
- Coinbase
- GoCoin
- MultiSafepay
- G2A Pay
- FuturePay
- LAY-BUY Powered by PayPal
- Alipay Global

Does anyone have any experience offering these kinds of payment solutions on their online sites? Is it a huge waste of time for a very fringe kind of buyer or something actually worth considering in 2017?

I admit to not having kept up with the crypto stuff AT ALL so I'm curious if anyone who has implemented it has had positive (or negative) things to say about it.
 

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No direct experience, so take my advice with a truck of salt, but from what I understand cryptos are treated as assets by the tax authorities here in the States. Not sure about in Canada, but if they have a similar stance then it could complicate your tax situation. IMHO, as much as I love the concept of decentralized currency, it's probably not worth the hassle for the small # of payments you would get.
 

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Setting up my shopify store for the new venture and I came across a section titled "alternative payments" which is basically a list of crypto-currency solutions:

- BitPay
- Coinbase
- GoCoin
- MultiSafepay
- G2A Pay
- FuturePay
- LAY-BUY Powered by PayPal
- Alipay Global

Does anyone have any experience offering these kinds of payment solutions on their online sites? Is it a huge waste of time for a very fringe kind of buyer or something actually worth considering in 2017?

I admit to not having kept up with the crypto stuff AT ALL so I'm curious if anyone who has implemented it has had positive (or negative) things to say about it.

And the tax man spake saying: For every bitcoin thou receivest, thou shalt pay me vig. And lo, thou shalt pay a CPA and tax attorney for yay, bitcoin is an abomination to me.

IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply
 

AgainstAllOdds

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USD is the most valuable currency in the world. If someone wants to buy your product, they have the means to pay in a real currency. No need to get crypto-currencies and then have to switch them over to dollars.

If you do that, then you're adding unnecessary complexity and increasing your sales by close to 0%... unless you're selling something illegal, in which case you should quit and start a real business instead.
 

JAJT

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Fair enough.

I'm really not aware of how many people these days are into the crypto payments thing and the fact that shopify offered it had me wondering if it's much bigger than I was aware. Also I was under the impression I'd be receiving cash through a bitcoin-to-cash conversion, not the coins themselves if I used these providers (I could be mistaken).

I appreciate the input.
 

Xavier X

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I don't think it's worth the trouble, provided your product or service is a "standard" one.

Services like Coinbase require an account with them.
So, I assume if you choose them as your processor, your Bitcoin payments will go to your Coinbase wallet.

Bitcoin can be pretty volatile. So, if you receive the Bitcoin equivalent of $100, and while in Coinbase, the market value drops - then it's your loss.
Some services try to mitigate this by auto-processing an instant conversion/withdrawal to your bank account. However, there are fees.

I used Coinbase briefly some years ago, and they're alright. However, with the fees and low user rate considered, I'd say skip it, for now.
 

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Setting up my shopify store for the new venture and I came across a section titled "alternative payments" which is basically a list of crypto-currency solutions:

- BitPay
- Coinbase
- GoCoin
- MultiSafepay
- G2A Pay
- FuturePay
- LAY-BUY Powered by PayPal
- Alipay Global

Does anyone have any experience offering these kinds of payment solutions on their online sites? Is it a huge waste of time for a very fringe kind of buyer or something actually worth considering in 2017?

I admit to not having kept up with the crypto stuff AT ALL so I'm curious if anyone who has implemented it has had positive (or negative) things to say about it.

Hello!
I think if you implement Bitcoin (or other cryptocurrencies, like ETH, LTC, DASH, etc. ) you will gain a lot of exposure in all the crypto community, as long as you advertise it on bitcointalk.org forum.

If you have a physical store, you can add it on coinmap.org - Bitcoin accepting shops, ATM's & venues.

In my opinion, I suggest you to use Bitpay and avoid Coinbase.

If you have other questions about BTC and cryptocoins, I will be glad to help you!
 

Roli

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Setting up my shopify store for the new venture and I came across a section titled "alternative payments" which is basically a list of crypto-currency solutions:

- BitPay
- Coinbase
- GoCoin
- MultiSafepay
- G2A Pay
- FuturePay
- LAY-BUY Powered by PayPal
- Alipay Global

Does anyone have any experience offering these kinds of payment solutions on their online sites? Is it a huge waste of time for a very fringe kind of buyer or something actually worth considering in 2017?

I admit to not having kept up with the crypto stuff AT ALL so I'm curious if anyone who has implemented it has had positive (or negative) things to say about it.

I have a fair bit of experience using various cryptocurrencies, and some of the answers on this thread make me chuckle. The fact is, Bitcoin and its cohorts are the future. So why shield yourself from the future?

Advantage number one - Very low to no transactions fees - Instead of paying between 1 and 3% which your usual gateways charge you, you're looking at 0.0001% (ballpark)

Advantage number two - No waiting time - If I send a payment to you in Bitcoin right now, you will have it in 10 minutes max. Surely this is good for cashflow?

Advantage number three - Conversion software and apps - Not so much an advantage as an advancement, back in the day, if I paid you in crypto, you would have to sell that crypto on an exchange for fiat currency, and then transfer that currency to your bank account. These days with things like Cryptopay, it's an instant conversion to whatever currency you want.

Advantage number four - No currency conversion fees - If somebody in another country pays you in your currency, then they will have to pay a conversion fee, say from Sterling to Dollars. That costs them money, and may change their mind about the purchase they're making, as it will make it more expensive. With Bitcoin that is completely negated. Surely anything that makes your customers purchasing experience easier and more pleasant is a good thing, nes pas?

Advantage number five - As pointed out by @Frankie Relax, Exposure - By offering customers the chance to pay with crypto you are opening up your product to an audience that may not have noticed you, before, more potential customers is always a good thing.

Advantage number six - Free marketing - As a follow on from number five, the crypto-community is a very tight knit one, and if your product is exciting, and/or is the first of its kind to offer crypto-payments, you will get lots of people tweeting and talking about it on forums. "Hey have you heard? @JAJT is offering XYZ on bitcoin now!! Check it out!"

Advantage number seven - You are personally adjusting for the future and opening yourself up to new investment opportunities - OK this is slightly more oblique; and perhaps is open to discussion. Maybe you, or your peers will not agree it is the future, however let me put it this way.

Last May I bought some Bitcoin at $525, just before the halvening (look it up, to long to explain here) and also around the time the Chinese government, said that they were backing the digital currency as it was a good way for their rural, unbanked population to become part of the global economic community.

Thus started the famous Chinese bull run, Bitcoin went from $525 up to around $850 dollars in a few months, and after a minor setback went up to around $1200 today. The Russian government are apparently set to make a similar statement, and everyone is expecting a Russian bull run.

More and more people around the world are investing in Bitcoin because their own currencies are being hyper-inflated via fractional reserve banking, quantative easing, and various other nefarious (yet legal) practices.

This includes the all mighty dollar...

In conclusion I use Bitcoin at least 3 or 4 times a month, and I would use it more if more people accepted it, I am not alone in this. Whether you agree with my points about the future of Bitcoin and crypto in general, if you are being offered a hassle free way to accept these payments, and you sell globally in volume, take it. It won't cost you anything, and you won't be left kicking yourself in a couple of years, saying "damn, wish I had gotten on that gravy train when I first saw it."
 

Roli

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USD is the most valuable currency in the world.

Without wanting to start a political debate or argument, I just wanted to point out that your statement is pretty wide of the mark. Here are a list of The 10 Most Valuable Currencies In The World. (Spoiler alert: the US dollar is not on the list)

Though I will concede that value, does not just mean monetary value, and there is ease of use to consider. However when a currency has such a huge debt attached to it via fractional reserve banking, future bonds and such, it simply cannot claim to be the most valuable in the world.

Here's another List Of Most Valuable Currencies which does not quite agree with the first in all points apart from the fact that the US Dollar is not on it.

EDIT: On closer inspection the second list is quite out of date, £1 is now equal to roughly $1.30
 

AgainstAllOdds

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Without wanting to start a political debate or argument, I just wanted to point out that your statement is pretty wide of the mark. Here are a list of The 10 Most Valuable Currencies In The World. (Spoiler alert: the US dollar is not on the list)

No need to be an a**hole, especially when you lack the ability to use context to infer meaning.

But for your sake, let me rewrite my statement above: there is no currency more liquid than the US Dollar.

Obviously some are going to be worth more when compared 1:1, however, when you're accepting payment for a product, then I'd always prefer 1USD over 0.80 GBP - the only exception being if I lived in Great Britain.

Every foreign nation loves dollars, that's why it's the global standard, and that's why the US Dollar is "the most valuable" (liquid).
 

Roli

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No need to be an a**hole,liquid).

Genuinely sorry you felt that way. I wasn't trying to be smart, it was just in the context of the post. Please accept my humble apologies, I really value your contributions to this forum and to some of my threads.

:wideyed:
 

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AllenCrawley

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I have a fair bit of experience using various cryptocurrencies, and some of the answers on this thread make me chuckle. The fact is, Bitcoin and its cohorts are the future. So why shield yourself from the future?

Advantage number one - Very low to no transactions fees - Instead of paying between 1 and 3% which your usual gateways charge you, you're looking at 0.0001% (ballpark)

Advantage number two - No waiting time - If I send a payment to you in Bitcoin right now, you will have it in 10 minutes max. Surely this is good for cashflow?

Advantage number three - Conversion software and apps - Not so much an advantage as an advancement, back in the day, if I paid you in crypto, you would have to sell that crypto on an exchange for fiat currency, and then transfer that currency to your bank account. These days with things like Cryptopay, it's an instant conversion to whatever currency you want.

Advantage number four - No currency conversion fees - If somebody in another country pays you in your currency, then they will have to pay a conversion fee, say from Sterling to Dollars. That costs them money, and may change their mind about the purchase they're making, as it will make it more expensive. With Bitcoin that is completely negated. Surely anything that makes your customers purchasing experience easier and more pleasant is a good thing, nes pas?

Advantage number five - As pointed out by @Frankie Relax, Exposure - By offering customers the chance to pay with crypto you are opening up your product to an audience that may not have noticed you, before, more potential customers is always a good thing.

Advantage number six - Free marketing - As a follow on from number five, the crypto-community is a very tight knit one, and if your product is exciting, and/or is the first of its kind to offer crypto-payments, you will get lots of people tweeting and talking about it on forums. "Hey have you heard? @JAJT is offering XYZ on bitcoin now!! Check it out!"

Advantage number seven - You are personally adjusting for the future and opening yourself up to new investment opportunities - OK this is slightly more oblique; and perhaps is open to discussion. Maybe you, or your peers will not agree it is the future, however let me put it this way.

Last May I bought some Bitcoin at $525, just before the halvening (look it up, to long to explain here) and also around the time the Chinese government, said that they were backing the digital currency as it was a good way for their rural, unbanked population to become part of the global economic community.

Thus started the famous Chinese bull run, Bitcoin went from $525 up to around $850 dollars in a few months, and after a minor setback went up to around $1200 today. The Russian government are apparently set to make a similar statement, and everyone is expecting a Russian bull run.

More and more people around the world are investing in Bitcoin because their own currencies are being hyper-inflated via fractional reserve banking, quantative easing, and various other nefarious (yet legal) practices.

This includes the all mighty dollar...

In conclusion I use Bitcoin at least 3 or 4 times a month, and I would use it more if more people accepted it, I am not alone in this. Whether you agree with my points about the future of Bitcoin and crypto in general, if you are being offered a hassle free way to accept these payments, and you sell globally in volume, take it. It won't cost you anything, and you won't be left kicking yourself in a couple of years, saying "damn, wish I had gotten on that gravy train when I first saw it."
^ This.

I will say that I haven't had a whole lot of orders on my website that paid with cryptocurrency. Maybe a dozen or so. It's painless to set up and the currency is converted to cash and deposited in my bank right away.
 

Roli

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^ This.

I will say that I haven't had a whole lot of orders on my website that paid with cryptocurrency. Maybe a dozen or so. It's painless to set up and the currency is converted to cash and deposited in my bank right away.

I can imagine at one point somebody somewhere said a similar thing about PayPal ;) The future is coming...
 

Frankie Relax

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I have a fair bit of experience using various cryptocurrencies, and some of the answers on this thread make me chuckle. The fact is, Bitcoin and its cohorts are the future. So why shield yourself from the future?

Advantage number one - Very low to no transactions fees - Instead of paying between 1 and 3% which your usual gateways charge you, you're looking at 0.0001% (ballpark)

Advantage number two - No waiting time - If I send a payment to you in Bitcoin right now, you will have it in 10 minutes max. Surely this is good for cashflow?

Advantage number three - Conversion software and apps - Not so much an advantage as an advancement, back in the day, if I paid you in crypto, you would have to sell that crypto on an exchange for fiat currency, and then transfer that currency to your bank account. These days with things like Cryptopay, it's an instant conversion to whatever currency you want.

Advantage number four - No currency conversion fees - If somebody in another country pays you in your currency, then they will have to pay a conversion fee, say from Sterling to Dollars. That costs them money, and may change their mind about the purchase they're making, as it will make it more expensive. With Bitcoin that is completely negated. Surely anything that makes your customers purchasing experience easier and more pleasant is a good thing, nes pas?

Advantage number five - As pointed out by @Frankie Relax, Exposure - By offering customers the chance to pay with crypto you are opening up your product to an audience that may not have noticed you, before, more potential customers is always a good thing.

Advantage number six - Free marketing - As a follow on from number five, the crypto-community is a very tight knit one, and if your product is exciting, and/or is the first of its kind to offer crypto-payments, you will get lots of people tweeting and talking about it on forums. "Hey have you heard? @JAJT is offering XYZ on bitcoin now!! Check it out!"

Advantage number seven - You are personally adjusting for the future and opening yourself up to new investment opportunities - OK this is slightly more oblique; and perhaps is open to discussion. Maybe you, or your peers will not agree it is the future, however let me put it this way.

Last May I bought some Bitcoin at $525, just before the halvening (look it up, to long to explain here) and also around the time the Chinese government, said that they were backing the digital currency as it was a good way for their rural, unbanked population to become part of the global economic community.

Thus started the famous Chinese bull run, Bitcoin went from $525 up to around $850 dollars in a few months, and after a minor setback went up to around $1200 today. The Russian government are apparently set to make a similar statement, and everyone is expecting a Russian bull run.

More and more people around the world are investing in Bitcoin because their own currencies are being hyper-inflated via fractional reserve banking, quantative easing, and various other nefarious (yet legal) practices.

This includes the all mighty dollar...

In conclusion I use Bitcoin at least 3 or 4 times a month, and I would use it more if more people accepted it, I am not alone in this. Whether you agree with my points about the future of Bitcoin and crypto in general, if you are being offered a hassle free way to accept these payments, and you sell globally in volume, take it. It won't cost you anything, and you won't be left kicking yourself in a couple of years, saying "damn, wish I had gotten on that gravy train when I first saw it."

Very good analisys. I'm glad another one on this forum use Bitcoin on a regular basis!

I would point out another three advantages of cryptocoins:

#1 Anonymity (or, better, pseudo-anonymity) . This is a crucial concept and if you want I will explain in detail.
#2 Ownership: if you use banks, paypal or other centralized methods, they can reject some transaction (often with no meaningful reasons). If you use cryptocoins this could never happen. You are the only owner of your money. It is a sort of digital cash. If you put your money in banks or e-wallets, basically they own your money. With cryptocoins you are your own bank!

Maybe it's useful to say it once again.
With cryptocoins you are your own bank!

#3 No limits: if you use banks, paypal or other centralized methods, they often can limit you (for example you cannot transact more than 'x' per day etc.) . Using cryptocoins this could never happen. The reason is basically the same as #2.

IMHO there are many reasons to start using Bitcoin (and other cryptocurrencies as well). As @Roli said, this is the future.

But, in my opinion, the most important reason to start using cryptocoins is that they give you control. The @MJ golden rule of control is fully fulfilled only if you control your money. If you delegate the management of your money to a third party, you aren't in control.

And there are only 3 ways to control your money:
- using cryptocoins
- using cash money
- be a banker, with your own traditional bank.
 

CoeLorenzo

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^ This.

I will say that I haven't had a whole lot of orders on my website that paid with cryptocurrency. Maybe a dozen or so. It's painless to set up and the currency is converted to cash and deposited in my bank right away.

Its painless to set up???? I wish lol i am having a hard time setting up a way to accept cryptocurrencies through my big cartel any suggestions. I do believe its the way of the future so i am trying to jump on board and become one of the first urban brands to accept forms of cryptocurrency. let me know if you have any suggestions my site www.prettybaked.co
 

Roli

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Its painless to set up???? I wish lol i am having a hard time setting up a way to accept cryptocurrencies through my big cartel any suggestions. I do believe its the way of the future so i am trying to jump on board and become one of the first urban brands to accept forms of cryptocurrency. let me know if you have any suggestions my site www.prettybaked.co

What have you tried so far?
 

lowtek

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No need to be an a**hole, especially when you lack the ability to use context to infer meaning.

But for your sake, let me rewrite my statement above: there is no currency more liquid than the US Dollar.

Obviously some are going to be worth more when compared 1:1, however, when you're accepting payment for a product, then I'd always prefer 1USD over 0.80 GBP - the only exception being if I lived in Great Britain.

Every foreign nation loves dollars, that's why it's the global standard, and that's why the US Dollar is "the most valuable" (liquid).

They don't love dollars, they need them because OPEC only trades oil in dollars ( for now ).
 

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