BitCoin as Payment option

[JohnBaisheng]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

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[1714753355]

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[1714753355]

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[1714753355]

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[chineseprancing]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

Transactions confirmations maybe? Cause sometimes it take 24 hours to go to its destination

[TastyChillySauce00]

bitcoin will be around for a long time i guess see the latest price rising and current volume of bitcoin traded on market now more than few thousand with only 1 exchanger ,i see the disadvantage is the fluctuation because when the customer paying with bitcoin it take a time to get confirmed so at this time it'll posibly the value of bitcoin become lower or higher,but if you simply use a bitcoin payment gateway API by bitpay or coinbase you don't need to worry about this,however so many online company right now accepting bitcoin even big companies,especially those cloud "things" providers such as cloud server or anything else
about security issues,if you'd use bitcoin payment gateway API , i think there's no any security reason which could possibly threatening,all the problem will be resolved by the API provider i guess

[avikz]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

You will have only two major disadvantages if you add bitcoin as a payment option in your website for providing service.

1. Payment confirmation time
2. Dynamic nature of bitcoin price.


Unlike a bank account transfer, bitcoin transaction need some time before actually showing up in your account. Usually up to 2 hours. So your buyer will have to send the payment first and then have to wait to receive confirmation. Once the transaction is confirmed, then you can send your buyer an order confirmation.

The most important factor is the dynamic pricing. Bitcoin price moves like anything. It can go up to any extent within few hours as well as it can go down to any extent. If price goes up, you will be in profit. But if price goes down, then you need to have contingency plan. Work on it.

[teddy5145]

Don't worry about Bitcoin as a declining in the future, I can see it will be bigger in a long term

The only disadvantages about bitcoin that I could think is confirmation time, If your customer is paying through bitcoin with low fee for miners then the coin can arrive in your wallet for a long time, can take up to 24 hours and at that time the price could go rise up higher or go down

as Aubert says, use payment API like coinbase

If you still wondering how tough bitcoin is go take a look at this articles
https://99bitcoins.com/bitcoinobituaries/
That website listing all of news about speculation that bitcoin will died, which already happened 106
For a currency that's pretty strong

[Daniel91]

It's good idea but you should prepare well for it.
First, be aware that sometimes Bitcoin confirmation time can be long.
Also, Bitcoin price is very changeable.
So, in your case, I suggest that you have some reserve always and it's best, in my opinion, to exchange BTC funds every day to usd in order to avoid any lost because of changeable value of BTC.
Some payment processors, like Solid Trust Pay, offers to do it instantly for you, so you don't need to have separate balance for Bitcoin, you always receive your funds in usd.
Bitcoin will not disappear overnight, don't worry about it.

[Woshib]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

Bitcoin has potential, and I think as long as there are no problems in its development, it will continue to attract peoples.
The price of Bitcoin change a lot, which can be favorable or unfavorable.

[Icathia]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

Bitcoin has potential, and I think as long as there are no problems in its development, it will continue to attract peoples.
The price of Bitcoin change a lot, which can be favorable or unfavorable.

For merchants it's not favorable. The are scared every time the price makes such a big bump.
I do hope to see that this will change in the future.

[wintermeasures]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

I think this is great for the betterment of your website. Because bitcoin is already as famous for ease of payment, security matter that depends on your website data base. because I do not think anyone could broke into bitcoin wallet without knowing the password or private key. Thank you

[hexitor]

There's no problem about longevity or security. Your sole problem is the juridiction in your country (China I suppose, given the name).

[nururochac]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

I don't see any reason for bitcoin to decline, infact more and more companies are offering bitcoin as their new way of payment. And if you did the same, you surely contribute on bitcoin's popularity and that will help as alot who wants bitcoin to circulate.

[pawel7777]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

Just use payment processor (BitPay, CoinBase etc), you'd be accepting BTC but could opt to convert 100% into fiat money. So no price fluctuation risk, no need for complex implementation, no storage risk etc.

Although I'm not sure how do they cope with confirmation times nowadays, before RBF and full blocks they accepted 0 confirmations.

That's probably the best and safest way to start, and if BTC turns to be popular among your customers, you could then accept bitcoins directly (if that's what you want).

[mocacinno]

Depending on your licencing model/technology, the long confirmation times might not be a problem.
If your client needs an active licence that is checked often (each startup, every 24 hours, at random intervals,...) you can deliver a licence as soon as somebody broadcasted a transaction (allowing 0 confirmations). If the transaction isn't confirmed after 24 hours, or if the inputs get double spent, you can just withdraw your licence, so the person trying to scam you just had a free demo, but was kicked out before he had practical use for your software.

If it's a web-based service, it's even simpler... Just lock their account if the transaction isn't confirmed after 24 hours, no worries  

It would be a whole different thing if you were selling physical goods... Once they are sent, it's pretty hard to get them back if the transaction doesn't confirm, or if the sender double-spends. Same thing goes for a lot of digital downloads that don't require a licence, but in your case, i don't see a problem.

[Hazir]

Introducing bitcoin a payment option for your services is always an amazing idea.
And you don't have to worry that bitcoin will disappear completely because that would mean a whole cryptocurrency world is a failed experiment - and that simply won't happen.

I am a bit wary though as I observe that some services which previously were accepting bitcoin (Humble Bundle, Twitch.tv) are't supporting it anymore.
So maybe sustaining bitcoin powered business is not that simple?

[groll]

Hi,
I work for a SaaS based company called JigoCloud http://www.jigocloud.com and we are currently thinking about offering BitCoin as a payment option for our customers. 
Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

Thanks
John

Accepting bitcoins as payment from your customer is nice since it could possibly increase the number of your online clients. But before you engage in bitcoins as mode of payment please consider the processing time before you receive your clients bitcoin it will took an hour but on rare occasions in days. So if your transaction time at present is faster you should study first how bitcoin process is done.

[BitsandBites]

bitcoin will be around for a long time i guess see the latest price rising and current volume of bitcoin traded on market now more than few thousand with only 1 exchanger ,i see the disadvantage is the fluctuation because when the customer paying with bitcoin it take a time to get confirmed so at this time it'll posibly the value of bitcoin become lower or higher,but if you simply use a bitcoin payment gateway API by bitpay or coinbase you don't need to worry about this,however so many online company right now accepting bitcoin even big companies,especially those cloud "things" providers such as cloud server or anything else
about security issues,if you'd use bitcoin payment gateway API , i think there's no any security reason which could possibly threatening,all the problem will be resolved by the API provider i guess

It is a quiet new method it is not here for allong time but there are allot of people not very to talk about because they lost allot of coins by scammers online so if you want to be sure that you are safe dont use the bitcoin method yet.

[gentlemand]

If it's going to cost you large amounts to integrate it into your site I'm not totally sure it's going to be worth it. Most Bitcoin users are hoarding it. A few true believers might spend with you. Either way you're not going to be snowed under with new users because of it.

[DavidoAlto]

If you want to hear what i found about the payment method with the bitcoins i dont like hit because the security of the payment online are so bad you cant get your coins back when you dont received something mean while using paypal that works great.

[Joel_Jantsen]

If it's going to cost you large amounts to integrate it into your site I'm not totally sure it's going to be worth it. Most Bitcoin users are hoarding it. A few true believers might spend with you. Either way you're not going to be snowed under with new users because of it.

Who said ? Being a developer myself,doesn't cost you anything but two hours of API integration as long as only the payment system implementation needs to be done.True that he won't be showered with users on the day 1 but certainly not a bad idea to do so.It would be a good alternative to the users apart from the regular payment methods.You will always  be a step ahead in terms of technology.Go ahead with the idea,you have nothing to lose.

Can anyone see any disavantages? We are slightly concerned about security issues etc..How long do people think BitCoin will be around? We don't want to develop something and than see the popularity of bitcoin decline.

The security is flawed with your regular digital payment systems.Bitcoin is comparatively less prone to that.What could one possibly do with bitcoin payment system anyway ? Steal your coins ? I don't think so.People would embrace the change and they'd have one more place to spend their bitcoins.Don't use bitcoins because of its popularity but the efficiency.Speaking of which,I don't see it getting less popular anytime soon.The implementation costs are less,you can set up a payment system in couple of hours.

[mark coins]

If you want to hear what i found about the payment method with the bitcoins i dont like hit because the security of the payment online are so bad you cant get your coins back when you dont received something mean while using paypal that works great.

Yeah Paypal is still good in my opinion, as if anything goes wrong they will help you in recovering your transaction but same doesn't goes with bitcoin at a moment.