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Author Topic: Bitcoin as transaction method, convert --> send --> convert, CVC  (Read 533 times)
Glitch
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January 23, 2013, 01:39:07 AM
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Hello,

So I was watching this video at http://bitcoinme.com/index.php/faq/, the guy talks about how you could use Bitcoins only as a transaction method to avoid losing money due to Bicoin dropping in value (starts at 6:30 for anyone interested).

Anyway, the idea he mentions is that the buyer would keep dollars in his MTGox account and the moment he wants to pay for something he 'converts' it into Bitcoins, then proceeds to send those Bitcoins to the merchant. As soon as the merchant receives the Bitcoins he immediately 'converts' it back to dollars. This way you still get the benefits of Bitcoin (anonymous, non traceable, no fees etc), while not risk losing money.

Being totally new to Bitcoin and technically challenged I have a few questions that I hope someone could answer:

1. Have someone taken this idea one step further and integrated it into an actual payment method I could use on my websites?

2. Is it up to the merchant to make sure to adjust prices based on the current Bitcoin value?

3. How fast can you withdraw money from MTGox?

4. Are there any other options besides MTGox out there for Asian customers?

Thanks!
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January 23, 2013, 02:50:30 AM
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A good place to start is https://bitpay.com.

They handle bitcoin processing.

As for the component of a web site that maintains BTC/USD or other currency conversion in real time, I'm not aware of any.  I'm sure some exists or could be built.

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January 23, 2013, 04:26:16 AM
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A good place to start is https://bitpay.com.

They handle bitcoin processing.

As for the component of a web site that maintains BTC/USD or other currency conversion in real time, I'm not aware of any.  I'm sure some exists or could be built.

Agreed bitpay.com is a great service.

Droid!
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