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I created an account on acceptbit.com, but could not find any API that could be used in interfacing this with a shopping cart, so that things are done in an automated fashion. Do you know of any services that provide an API to generate deterministic keys / check the confirmed balance of specific keys? I have found https://en.bitcoin.it/wiki/BitcoinNotify which provides potential solutions for half the problem (more are welcome). So, the main problem is how to create bitcoin keys. The ghetto method would be to create a million keys with the main client and just keep them in a database and not reuse them. However, I would prefer to create keys on the fly as needed. Is there a service that has an API to create electrum compatible deterministic keys? Or is there some PHP code that can do it? |
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I am trying to find a way to accept bitcoins with Magento commerce. I have very simple needs. I want the customer to be presented with the bitcoin amount and receive a receiving address and then I want the payment status to update to paid once the bitcoins have been received. I have tried 3 solutions and each one fails: - BitPay - Garbage service that requires 4-5 page application form (longer than my Paypal account required). There is no reason I need to apply for an account and wait for a reply just to accept bitcoins. Everything will be done in bitcoin (I will not be converting it).
- Paysius - I can only assume this solution does not work considering they have not even emailed me a password. Its also very insecure (who emails a password?). Much more secure and convenient is to let the user choose their own password. So, they have 1) made my account less secure 2) inconvenienced me and 3) shown incompetence as their signup form never sends the password, which means I cannot test it.
- WalletBit - I actually was able to signup with this service and even complete a test. However, it spams my customers and tries to steal their attention from my site. Instead of just giving my customers a bitcoin address they can pay, it instead harrasses them into creating a walletbit account (are they trying to be paypal? Even the payment page is a near ripoff of paypal). Only if the customer spends their valuable time reading the page will they find a link at the bottom where they can pay without a walletbit account. No thanks. This company is horrible.
It was also a little disconcerning when I did a trial checkout and it said my walletbit bitcoin balance was 12 bitcoin (I have 0 bitcoins in my wallet), which means a programming bug allowed me to access someone elses wallet. Good thing they use the secure card or else I am sure people would be stealing bitcoins left and right.
So, my question is... Is there a service that easily allows a company to accept bitcoins (no conversion into another currency necessary) for the Magento platform? There has to be a company out there that does this right. If not, |
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Also, why is this software not in magento connect?
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I am interested in using this for my Magento stores. However, I reviewed the source code and the features are incomplete. There is no currency listing for bitcoin (imporant) and there is no refund capability (less important). When will the extension be updated with much needed features?
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What? There are many flaws in bitcoin and Gavin is doing a great job of addressing them. I personally hope BIP 17 or a standard solution is decided on, but I would never hope that bitcoin remains unchanged. Bitcoin can become so much better than it is now.
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I support BIP 17 or a proposal like it. I think that a standard method should be used. Worrying about old clients is not a valid concern, IMO. Bitcoin is still evolving. If every change had to worry about old clients, then in 10 years the bitcoin protocol is going to be a mess. Creating hackish instead of elegant solutions will only make the bitcoin protocol a convoluted mess several years down the road.
On release, a big warning can be placed on it to not use the feature until > 50% of clients support. Easy as that. Bitcoin has survived years without these features. It will survive a couple more months for a solid implementation to be created / adopted.
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It looks great! The only problem is the horrible startup screen. There should be an option to disable that.
It could be better but it's a hundred times better than having nothing for more than one minute. Not really, because I start bitcoin on startup so now it needlessly takes over my screen for a minute when it could be started and minimizing itself to the system tray. |
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It looks great! The only problem is the horrible startup screen. There should be an option to disable that.
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I still do not understand how an ATM can be a financial blackhole. Normal ATMs make money. Why would a normal ATM that also deals with bitcoin suddenly lose money? If anything it should be more profitable than a normal ATM.
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1) Replace Western Union. Seriously. Their fees are enormous, yet it's usually the only option for resellers of grey area items (modchips for games consoles etc). That these companies haven't already switched to Bitcoin surprises me a lot, they transfer quite a lot of money.
I'd love to see that and it's something that could work very well but it needs some organization to figure out how, spearhead it, package it and make it widespread enough to be useful. The tough part is that no one is going to bother being an agent unless they get something for it. So you need to allow for that in the fees, and to some extent you end up back at WU rates. (I've used Moneygram several times internationally as a lower cost method) Get bitcoin ATMs that function as normal ATMs and can give fiat currency exchanged from your bitcoin wallet would effectively kill western union. Its user friendly, "intuitive" (because of people's previous experience with ATMs) and does not require a lot of trust (if an ATM was cheating people it would probably be smashed with a bat before it could cheat too many more). |
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ATMs often have fees with their use. Bitcoins are not suppose to have any fees, that is what is suppose to be superior to them above using a credit card or an ATM. At least with a person to person exchange, a fee can be waived.
Actually, bitcoins are supposed to have fees. Fees are built right into the client. Miners will reject certain transactions unless they have fees and as the bitcoin mining lottery gets halved and the exchange rate continues to go down miners will require even more fees in order to continue to secure the network. In addition, this has nothing to do with bitcoin, but a service that utilizes bitcoin, which means it is up to the business owners and the consumers to decide what is appropriate as far as fees go. |
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Mt. Gox and Tradehill might be big fish in the Bitcoin world, but it's a small pond in here. Developing and deploying ATMs is pretty expensive, and I don't think Bitcoin has any backers large enough for this at the moment. If anything, they'd have to partner with CoinStar or a similar customizable kiosk device that deals in vouchers instead of cash at first.
Yeah, I agree. The capital expenditure of 10,000 ATMs is large. However, mtgox or tradehill could develop a custom ATM with the help of one of the manufacturers that has a bitcoin module. This is similar to what Todd is doing I believe. The cost of this I assume would be $20-50k, which is a few days revenue for mtgox. From there, they can franchise the ATMs, which is a pretty normal practice in the ATM world. So, instead of mtgox buying 10,000 ATMs at $5,000 a pop, 1,000 franchisers do. Hell, they can even sell it to existing ATM franchise owners. There really is not a downside for ATM owners as a bitcoin ATM will generate as much profit as a normal ATM + bitcoin profits. MtGox can benefit because they can collect franchise and exchange fees (for when people deposit fiat money for bitcoins in the ATM). In addition, it would help their exchange business by giving them thousands of points to make exchange transactions. |
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I find the ATMs a good idea. They allow you to buy bitcoins very easily and without troubles. Buying them now imply using an exchange, send money to another banks, set up accounts etc etc... i am pretty sure this discourage a lot of people.
With two smart phones, easy enough to exchange cash for bitcoins/bitcoins for cash with someone. Eliminates the up-front cost of an ATM and the operational costs. Also eliminates the problem of thieves putting a skimming device on the ATM. Yeah, thats great. Except, Chili's, McDonalds, etc does not accept bitcoin. And, when an immigrant sends money back home that bitcoin does not help them buy groceries. What you need is an ATM that allows you to exchange bitcoin to fiat currency locally. The day you can get Wal-Mart to accept bitcoin you have a point. But, until then, the fiat currency I pull out of the ATM using my bitcoin can be accepted by Wal-Mart. |
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I think credit card backed by bitcoins is smarter idea than ATMs at this moment. Then you can pay directly anywhere in local currency and you'll be charged with custom market price for BTC. Unfortunately talking with credit card companies is pretty hard, too (although it's more doable than ATMs).
I agree, this would be a killer app similar to a bitcoin ATM. The great thing about this idea and bitcoin ATMs is it does not require the buy-in of merchants. No matter how you want to slice it, it is easier to install ATMs or do a CC backed by bitcoin than convincing the worlds 10 millions businesses to accept bitcoins and teaching them about crypto, QR codes, and other things they do not care about. |
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ATM are expensive. 0.000000000000000000000000001% of population uses bitcoins.
That is actually not an issue. A bitcoin ATM is not specific to bitcoin. Instead, it functions as a normal ATM (which is quite profitable) and also allows the exchange of bitcoins to local currency for an added fee. So, a bitcoin ATM is an ATM with the added profit of serving the needs of bitcoin users. Also, you might be surprised how many people in mexico would love to go to the bitcoin ATM instead of dealing with western union. |
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Bitcoin ATMs are the killer app for bitcoin. Everything about ATMs make sense. You can spend the next 100 years convincing thousands of businesses to accept bitcoin or you can spend 1 week and put an ATM in a city and now every merchant indirectly accepts bitcoin. It indirectly opens up bitcoin to people who won't be accepting bitcoin in this decade no matter what (poor taxi drivers, poor street vendors, etc). It also will make using bitcoin realistic for immigrants in developed countries who send money back home.
Bang for the buck, nothing beats an ATM in driving adoption and making bitcoins useful. So, why aren't the big players (mtgox, tradehill, etc) or existing ATM franchise owners getting behind bitcoin ATMs? I know about Todd Bethell, but his Web site pretty much seems dead. It seems like a lot more interest would be around ATMs instead of yet another exchange site, another classified listing site, etc.
What am I missing about ATMs? Is there anything besides Todd investigating this?
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There are not 21 million coins. There an infinite number for all practical purposes. Bitcoins can be divided to a thousand decimal places. It would take a simple programming change to do this.
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Yes, I have done it at bitspend.com
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mtgox or a bitcoin atm if anyone would develop it.
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