Bitcoin Forum

Just curious. I bought my first pair of llama wool socks.  ;D

Budder... :)

https://bitcointalk.org/index.php?topic=123251.0

Bought a bunch of gifts from Bees Brothers.

(Was going to buy something from another well-known vendor, but this time, even with the discount the pricing was not competitive. Considering, how much trouble and expense it still is for an average person to get Bitcoin, it's crazy to spend it, unless there are real savings over traditional payment.

Right now, non-miners still have to pay at the very least 2%+ to middlemen to use B to shop, which is mighty close to cc overhead OR MORE, depending on what the merchant does with the payment.

The promise of cheaper transaction costs is still an empty advertising gimmick...)  :(

In the U.S. is the ACH bank network in which most transactions have no fee.  The problem is that the transactions can be reversed simply by claiming the transfer was not authorized.

Dwolla is a payment network that uses ACH.  Mt. Gox and Camp BX are two exchanges that accept Dwolla account transfers to fund an exchange account.  The total cost by Dwolla is $0.25 per transaction.  Then the coins can be bought at the market rate.   With Camp BX if you are patient you might even be able to buy below spot as an aggressive seller may come down to your price.

Coinbase is another ACH-based exchange available in the U.S.  They charge a 1% fee and their price is at or real near (fraction of a percent of) current market price.

On the #bitcoin-otc marketplace I can often find a trade to buy or sell bitcoins at the current market rate. 


Well, that's here in limited areas but we will be seeing more.

Here's an example today:

$300 voucher for airfare, you pay $281 worth of bitcoins:
 - http://www.bitmit.net/en/trade/i/8634-300-american-airlines-e-gift-cards/seller_info

$100 AT&T prepaid wireless, you pay $95 worth of bitcoins:
 - http://www.bitmit.net/en/trade/i/2846-100-at-t-gophone-prepaid-wireless-refill-card

The reason they can offer this is because the vouchers are available wholesale.  Most retailers have to charge face value because of the payment network fees and the risk of subsequent chargeback.    When accepting bitcoins for payment, neither of these are a factor.

Bitcoin Store sells electronics ... I've checked the prices on several couple items, they were competitive with Amazon and Newegg and cheaper in a couple instances, especially after factoring in the shipping which is free for orders $100 and up.

Now as a person who earned bitcoins (e.g., provided goods and services and got paid in bicoins, or won big at SatoshiDICE), then cashing out to fiat incurs costs and delays.  For that person, even if the bitcoin merchant sets prices with no discount for bitcoin, that merchant still can earn the business as it then becomes the most convenient method for that person to spend the coins.

So the logic is sound -- merchants receive an economic benefit when accepting bitcoins (ranging from 3% on up depending on their situation -- specifically regarding chargebacks) and these merchants can use that benefit to increase their market share by being able to offer lower prices.

I drive past a corner with two gas stations.  One is cash only and charges fifteen cents a gallon less than the one across the street where credit and debit cards are accepted.  One station is busy all the time and the other is busy only during the morning and afternoon rush hours.  That fifteen cents is about 4% of the purchase price.  People will patronize one business over the other to save a couple percent.

Bitcoin gives an edge.   For some period of time, the merchants that start taking advantage of this will have a competitive advantage over their peers.  It starts out slowly but it scan spread quickly once it catches on.

After the TradeHill disaster, the only thing i want from Dwolla is for them to go bankrupt. If "it's all about me" for you, and it doesn't matter over whose corpses a business with which you deal stepped over, that's a whole another problem...  :D

I'll check CampBX next time, and hop around the myriad of other exchanges, maybe even go through the hassle that #bitcoin-otc is for Bitcoin regulars, not to mention the average consumer...  ::)

Coinbase does work pretty smooth, except for the week-long wait. So, there is 1%+ a shopper would pay to the middlemen of Bitcoin.

Then we add the 1-2.49% i paid to BitPay, which the merchant naturally passed on to me in the item price. So, i was up to 2-3.49%+  ??? Welcome to credit card charges parity in the Bitcoin world! ...not to mention all of my time to buy Bitcoins, transfer them around, etc...

Right, so the edge that Bitcoin gives them, at least some of them are using against the consumer, after he went to all the expense and trouble of acquiring Bitcoin.

I checked Coinabul prices, for example, which if i understood right was one of the organizers of this event.
Even with the discount, Coinabul was ~1B more expensive on the same 1oz silver coin with shipping than one of their giant competitors, such as Ampex, with all of its processing overhead.

So, while Bees Brothers service is top notch, the Bitcoin Black Friday Sale was really not worthwhile to me. I can get the same stuff cheaper, with less hassle using a credit card and such. I won't participate again, until i see real deals, price-match guarantees, and the "Bitcoin edge" is not being used again me.  :D

Bitcoins!  ;D

Jewels.

http://i45.tinypic.com/294mj41.jpg

Just arrived today..

Bitcoin Coffee, and All Things luxury

I bought GameJackel from slysoft.

Ooo. My socks came today and I have never been more excited about socks.

http://i48.tinypic.com/33dzfbk.jpg

They look pretty comfy

Bitcoins.