Why isn't it popular to sell BTC by credit card?

[|Bitkoin|]

My question is: What is preventing companies from selling Bitcoin by credit card?

As far as I can see, the fees are not bad (2.9% + $0.30), there is no possibility to file a claim (ala PayPal)... the only issue might be chargebacks.

But, EVERY business needs to worry about that. It doesn't matter what product is being sold, those are always possible.

So, what exactly is stopping everyone from doing this? To me, it seems like a no brainer!

[1713468486]

1713468486

[codehtcmail]

You want credit card companies to support the blockchain technology that will make their business useless ?
It's not a matter of chargebacks, it's a matter of survival for them, if cryptocurrency and peer2peer payment systems become the new trend, their business and their HUGE profits are in danger.
That's why Paypal is forbidding any cryptocurrency related transaction through them and I suspect credit card companies have the same rules.

[|Bitkoin|]

Aren't chargebacks essentially impossible to fight against?

Why would selling Bitcoin be different than any other product/service?

[eternalgloom]

2.9% fees and you're calling that 'Not bad'? For me that's just too high to even bother looking into that.
And yeah chargebacks are a huge problem since Bitcoin transactions are not reversible, there's your reason why most companies wouldn't even bother.

[~Bitcoin~]

I have recently read that visa is trying to bet partnered with chain.com which is blockchain based company. that may open doors for every card reseller of visa accepting visa payments to buy bitcoin directly.

[844bankbtc]

The biggest reason is credit card information is easily stolen and disputed. That means there are a lot of scammers trying to buy bitcoin with credit cards.

Only stupid people take credit card online for bitcoin. We take them at my office but we have to have a matching ID and we photocopy it if you use a credit card.

Using cash to buy bitcoin locally is the ultimate/fastest/private way to get bitcoin

[erikalui]

I feel that companies should consider selling bitcoins for CCs. There are many companies/brands that accept CC payments so what's the problem with accepting this payment mode for BTC transactions as well. They could take their precautions before accepting payments which would make it safer for them.

[844bankbtc]

Because scammers and criminals like when they can use an easily stolen payment method (credit card) to buy bitcoins.

If a criminal steals a credit card and buy bitcoin with it, I can easily/quickly turn that BTC back into my local currency.

If a criminal steals a credit card and buy shoes on Amazon, I can't really turn those shoes back into cash as easily.

[BitBerau]

Be cause of Credit card charge backs 
That is the main reason. It is a virtual good so how can they prove that it was received by the buyer or not?
They can't so that is why. It is worst than paypal to be able to buy via credit card I think. When buyer protection is involved. 

[844bankbtc]

For the record I accept credit cards for bitcoins but if you want to pay with one you have to come to my office and we photocopy your ID. Cash is still the fastest/cheapest/anonymous way.

[Amph]

and bitcoin was meant to be used directly anyway, i can't understand all this crap about using it with fiat, buy your coins and use it with the service that are available online

there is also open bazar now, if you can not, then simply dump it and use fiat, you can not mix regualted money with unregulated money that's the problem

[romero121]

I have recently read that visa is trying to bet partnered with chain.com which is blockchain based company. that may open doors for every card reseller of visa accepting visa payments to buy bitcoin directly.

That might be a reason, another thing is that with the spreading of bitcoin we are also giving path for the use of the banking system. To avoid those scenario credit card usage for bitcoin buying may be not preferred.

[|Bitkoin|]

Why hasn't a company used Facebook?

Ex.

1. Login with Facebook.
2. Verify Facebook phone number.
3. Save info in case of fraud.

[tiggytomb]

Charge backs and fraud I would suspect being the two main reasons, you can use your credit card with some companies once you have verified your information and supplied ID.

[844bankbtc]

Why hasn't a company used Facebook?

Ex.

1. Login with Facebook.
2. Verify Facebook phone number.
3. Save info in case of fraud.

A facebook account can be easily faked

[matanx]

Because i think this is usage of Bitcoin debit card
high fee than normal debit card / credit card
In normal user view, it is no different between these card.(exclude some traveler and multi-national company)
So many bank wouldn't sell it, it wasting their time.
and the Bitcoin company wouldn't sell it normal use, the market is too little

As,i know, ANX intl, bitpay, coinbase are doing these project....but it so far alway to be normal debit card.

[Jasad]

My question is: What is preventing companies from selling Bitcoin by credit card?

As far as I can see, the fees are not bad (2.9% + $0.30), there is no possibility to file a claim (ala PayPal)... the only issue might be chargebacks.

But, EVERY business needs to worry about that. It doesn't matter what product is being sold, those are always possible.

So, what exactly is stopping everyone from doing this? To me, it seems like a no brainer!

in my opinion,companies getting hard to sell bitcoin by credit card because credit card is not easy to get like other method,i think not all people want and can use debit card,might for richman or people who life in metro city,its easy,but people who life in outside the city will getting hard to use credit card.

[alani123]

In order for a business to accept credit card payments, they'd need a payment processor, and many of the traditional processors will outright refuse to process payments for anything that could be even remotely risky. Due to the fact that bitcoin payments are irreversible whilst credit card payments are perfectly reversible, processing CC payments for bitcoin would attract many chargebacks. The reason bitcoins can't be sold reliably for bitcoin is because there are very few CC payment processor in that would accept payments with such a high likelihood of chargebacks and fraud, and if you want run a service selling bitcoins you wouldn't have any success if you had to change your payment processor every now and then.

This problem is only surpasses though complicated loopholes that are impractical for the consumer. You wouldn't enjoy the benefits of a POS CC payment with bitcoin because registering to a bitcoin exchange required ID verification no matter what medium you're trading with. That, on top of the fees, has reduced demand for buying bitcoin with cards, when methods like bank transfers can be as practical given that there are so many burdens for CCs when it comes to bitcoin.

[CEX]

We at CEX.IO have enabled withdrawals to payment cards about a month ago, this option is unique on the market and widely used by our clients.
Thus, you can sell Bitcoins on the exchange and withdraw your fiat funds (USD, EUR, RUB) to any debit or credit Visa/MasterCard. In most cases, withdrawals are processed instantly, so you can use your funds right away.

Recently, we have also decreased withdrawal commissions. The updated fee schedule is available on the website and looks as follows:

Withdrawal Fees

Visa
$ 3.80 per USD withdrawal
€ 3.50 per EUR withdrawal
2.5% + ₽ 30.00 per RUB withdrawal

MasterCard
1.2% + $ 3.80 per USD withdrawal
1.2% + € 3.50 per EUR withdrawal
2.5% + ₽ 30.00 per RUB withdrawal

Deposit fees for buying Bitcoins using credit card have also been lowered:

Visa, MasterCard
3.5% + $ 0.25 per USD deposit
3.5% + € 0.20 per EUR deposit
5.25% + ₽ 15.57 per RUB deposit

We'll be glad to see you among our customers. Let us know if you have any questions.