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Title: [PROJECT] Sell Bitcoins INSTANTLY for cash - what am I missing? Post by: Freefallr on February 02, 2014, 01:59:28 PM Hello!
I have a few questions regarding an idea for a simple project that came in my mind recently. When you buy something online with Bitcoins, the vendor has the possibility to accept Bitcoins directly or with a service like Bitpay, which takes the coins and gives the vendor USD/EUR/whatever at the current market price. Why shouldn't I/we/someone else make a service where you can sell your Bitcoins instantly (via Bitpay) and get fiat money in return? Instead of selling them on an exchange service where you have to find a buyer for your price or where it needs a few days until you recieve your money? Isn't this simpler, if you have a service which ALWAYS and INSTANT gives you fiat money for your BTC? You would get cash cards, Amazon gift cards, or whatever in return for your BTC. I don't know if I am missing something or if there are projects like this around or if there's just no market for this, I just wanted to ask the community if this simple idea could work out? It somehow sounds "too simple to be true", but I would really like to hear your opinion. Thanks in advance! :-) Title: Re: [PROJECT] Sell Bitcoins INSTANTLY for cash - what am I missing? Post by: guybrushthreepwood on February 02, 2014, 02:22:57 PM Hello! I have a few questions regarding an idea for a simple project that came in my mind recently. When you buy something online with Bitcoins, the vendor has the possibility to accept Bitcoins directly or with a service like Bitpay, which takes the coins and gives the vendor USD/EUR/whatever at the current market price. Why shouldn't I/we/someone else make a service where you can sell your Bitcoins instantly (via Bitpay) and get fiat money in return? Instead of selling them on an exchange service where you have to find a buyer for your price or where it needs a few days until you recieve your money? Isn't this simpler, if you have a service which ALWAYS and INSTANT gives you fiat money for your BTC? You would get cash cards, Amazon gift cards, or whatever in return for your BTC. I don't know if I am missing something or if there are projects like this around or if there's just no market for this, I just wanted to ask the community if this simple idea could work out? It somehow sounds "too simple to be true", but I would really like to hear your opinion. Thanks in advance! :-) I'm confused. How is this any different from what you initially just described with Bitpay? Title: Re: [PROJECT] Sell Bitcoins INSTANTLY for cash - what am I missing? Post by: Freefallr on February 02, 2014, 02:29:50 PM The difference is:
Bitpay is for companies who want to sell goods/services and accept Bitcoin (but without the volatility risk and everything, because they get their BTC transfered to USD/EUR/etc. immediately). My service is for individuals who want to sell Bitcoins and get "real" money (USD, EUR, etc.) for it, but without having to wait for a buyer for their coins. Title: Re: [PROJECT] Sell Bitcoins INSTANTLY for cash - what am I missing? Post by: bitbitz on February 02, 2014, 04:38:04 PM Bitpay or localbitcoins is what you are thinking about
Title: Re: [PROJECT] Sell Bitcoins INSTANTLY for cash - what am I missing? Post by: guybrushthreepwood on February 02, 2014, 05:17:52 PM The difference is: Bitpay is for companies who want to sell goods/services and accept Bitcoin (but without the volatility risk and everything, because they get their BTC transfered to USD/EUR/etc. immediately). My service is for individuals who want to sell Bitcoins and get "real" money (USD, EUR, etc.) for it, but without having to wait for a buyer for their coins. Can you not just use one of the current payment processors for personal payments? Isn't that what they already do? |