I was wondering how they expected to make money. Their new offering is not bad for several reasons:
- Because Bitcoin adoption is still low, many "coffee shop" merchants won't have more than 30 Bitcoin transactions per month.
- 1% is still roughly 1/3 of credit card fees.
- If the merchant is a Bitcoin enthusiast, he can send the bitcoin directly to his own wallet, hodl it, and pay no fee.
- "Free, Unlimited, Forever" always sounded too good to be true, and made me suspicious.
I'm still going to suggest BitPay to the local tea shop.
Or, you can do what Sonny Vleisides under the auspices of BFL did, and amass hundreds of transactions from various sources, then use BitPay as an exchange to covert over ten million dollars worth of bitcoins, making sure to not do over 30 such transactions within any given calendar month or thirty-day period.
BTW, I may or may not be privy to pending indictments like I was privy to current layoffs prior to them being announced. Like I've alluded to in that now locked thread, REAL shit has yet to hit the fan.
Break-away Friday somewhere in Africa: