Accepting Bitcoins this year ?

duploelabs

Any conference on bitcoin that starts to refuse to accept it's own currency raises a lot of flags for me

https://news.bitcoin.com/miami-bitcoin-conference-stops-accepting-bitcoin-due-to-fees-and-congestion/

sysprogrammer

duploelabs wrote: »

Any conference on bitcoin that starts to refuse to accept it's own currency raises a lot of flags for me

https://news.bitcoin.com/miami-bitcoin-conference-stops-accepting-bitcoin-due-to-fees-and-congestion/

well ,that is due primarily to the $40 fee with each bitcoin transaction at the time of print, they still accepted other forms of crypto.

In my case, I expect only 10-15% of customers to pay with crypto, and I am fine with simply holding on to these coins in my wallet.

ymmv
SysProg

sysprogrammer

TripleAce wrote: »

I started accepting Bitcoin on my eCommerce a couple of weeks ago. No orders yet but the setup is pretty straight forward with a simple WP Plugin. Then the payment would go through the Coingate gateway (I chose Coingate but any exchange is fine) and is converted into FIAT currency (EUR) with the exchange at the time of the purchase, I then receive EUR.
I could have chosen to receive Bitcoins but I am not sure how that work that out from an accounting stand point and also it would add a lot of work if I need to update the product pricing everytime Bitcoin swings 10%+ (basically daily ).
Honestly, the only reason I added this payment method is because it looks cool

thanks TripleAce,

Yeah I agree it looks cool and it makes for good advertising. I had a look at coingate also and I'll continue to have a look at other api's from payment processors. Coinagte is very easy to integrate with woo I must admit.


Cheers,
Sysprog

GreeBo

If you are accepting BTC through a third party then it might be ok, but if you are actually receiving the BTC then I wouldnt go near it.

Someone pays you 1 BTC for a €20K car...3 hours later the transaction is confirmed...however 1 BTC is now worth €10K...what do you do now?

Someone pays you 1 BTC for a €20K car, 3 hours later txn is confirmed but for some reason you need to refund the customer. 1 BTC is now worth €40K...what do you do now?

Its far too volatile, which is why anyone who used to accept it no longer does.

sysprogrammer

GreeBo wrote: »

If you are accepting BTC through a third party then it might be ok, but if you are actually receiving the BTC then I wouldnt go near it.

Someone pays you 1 BTC for a €20K car...3 hours later the transaction is confirmed...however 1 BTC is now worth €10K...what do you do now?

Someone pays you 1 BTC for a €20K car, 3 hours later txn is confirmed but for some reason you need to refund the customer. 1 BTC is now worth €40K...what do you do now?

Its far too volatile, which is why anyone who used to accept it no longer does.

thanks for taking the time GreeBo,

While I admit this would not work for something like a car dealership, in our case it as not as much of a problem.

For us, a refund will amount to a guests booking deposit, so it suits my model to receive cryptocurrency and hold on to it.

I intend putting 15% of profits into crypto coin regardless, and this way saves me some fee's.

I do not intend burdening a company with a forex exposure.

thanks,
Sysprog