HarryFlashman (OP)
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June 26, 2017, 01:26:44 PM |
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Our experiment with BTC is over. We accepted BTC in 2 of our on-line stores and after losing hundreds and possibly thousands of dollars we are removing BTC acceptance. Stores were selling card access products and chip cards. Simply by the time somebody buys something and gets confirmed and we manage to exchange BTC at Canadian Kraken we are at loss. So goodbye Bitcoin, going back to PayPal and credit cards only.
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Amph
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June 26, 2017, 01:39:35 PM |
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usually the auto conversion is fast enough to avoid losing money and with the current Bitcoin swings you should not lose much
also you must consider the time where you sell when the value go high I'm sure you would be + ev there
anyway if we're a business i would hold to squeeze as much as possible from my revenue, selling now in a uptrend market is stupid
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Wendigo
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June 26, 2017, 01:46:12 PM |
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I have heard that BitPay could convert between BTC and local money on the spot. Have you tried it yet before completely abandoning Bitcoin?
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June 26, 2017, 02:02:53 PM |
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BitPay could convert
How BitPay is better of other exchangers? What is the actual Exchange rate there?
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Raize
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June 26, 2017, 02:05:03 PM Last edit: June 26, 2017, 03:51:05 PM by Raize |
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I don't understand how you could lose money doing this?
EDIT: Oh, you instantly transfer and sell on an exchange. There are services that will cash your coin out for you and take the hit so you don't have to.
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BTCLovingDude
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June 26, 2017, 02:06:42 PM |
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BitPay could convert
How BitPay is better of other exchangers? What is the actual Exchange rate there? BitPay is not an exchange, it is a payment processor for businesses, even big ones like Valve is using it on their gaming platform called Steam to accept bitcoin payments. they have this option that the merchant can receive the fiat equivalent of what the users pay through BitPay. and the rates are according to average market price.
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June 26, 2017, 02:07:18 PM |
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We accepted
Try to integrate some smart contracts reguarding BTC volatility to You local currency, if the volume of sales in BTC is rilevant.
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maokoto
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June 26, 2017, 02:08:20 PM |
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Sorry about hearing that. But if you hold at least some btc instead of just selling them off on the spot you should have some profit.
Probably that is what your costumers are doing: buying things when bitcoin is at its highest.
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June 26, 2017, 02:10:25 PM |
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BitPay is not an exchange
BitPay is a exchanger, that send to You (Business Owner) $ if You like not BTC volatility. They have internal exchange rate, and showing it not on the main page.
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Wendigo
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June 26, 2017, 02:15:32 PM |
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BitPay could convert
How BitPay is better of other exchangers? What is the actual Exchange rate there? https://bitpay.com/tourYour customers pay you in Bitcoin then BitPay converts the payment to your local currency for 1% flat fee. You get cash immediately (direct bank deposit) and you don't mess around with actual Bitcoins.
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BTCLovingDude
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June 26, 2017, 02:17:49 PM |
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BitPay is not an exchange
BitPay is a exchanger, that send to You (Business Owner) $ if You like not BTC volatility. They have internal exchange rate, and showing it not on the main page. no they are not an exchange r you are confused about the meaning of the word. and their rates are clear and transparent for those who are using them. read this to understand what it means: http://www.investopedia.com/terms/e/exchange.asp
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bitbunnny
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June 26, 2017, 02:18:46 PM |
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You obviously haven't explored all the possibilities and ways of functioning before introducing the Bitcoin acceptance at first place, not to eksperiment. You had to be aware of all risks and how to cope with them and then decide what to do. Now if you abandon Bitcoin payments you will only disapoint your customers whose motive to visit your store was that you accept Bitcoins. No one has said that running a business is easy.
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June 26, 2017, 02:20:01 PM |
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then BitPay converts the payment to your local currency for 1% flat fee
How they "convert" BTC compared to advcash or epayments?
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Wendigo
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June 26, 2017, 02:21:49 PM |
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then BitPay converts the payment to your local currency for 1% flat fee
How they "convert" BTC compared to advcash or epayments? Why don't you just contact them and ask them directly how they do that?
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June 26, 2017, 02:22:38 PM |
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their rates are clear
What they will send in this moment to Business owner, in at Bitfinex we have about $2405 for BTC1? Why don't you just contact them
They have even a card, but showing the exchange rate not .com/card
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johnwest
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June 26, 2017, 02:26:19 PM |
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Our experiment with BTC is over. We accepted BTC in 2 of our on-line stores and after losing hundreds and possibly thousands of dollars we are removing BTC acceptance. Stores were selling card access products and chip cards. Simply by the time somebody buys something and gets confirmed and we manage to exchange BTC at Canadian Kraken we are at loss. So goodbye Bitcoin, going back to PayPal and credit cards only.
We have used Bitcoin as a payment gateway in our company for all the services we provide. We have used Bitpay for some months and later we have hired a professional trader and his job is to make us profit in the BTC we have acquired through the selling of our services. We will set targets and make the most of it. Its definitely better than Paypal.
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BillCoin
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June 26, 2017, 02:27:10 PM |
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Hi! That's why you should bitpay or such a business when u want to receive $$$ and not Bitcoins the exchange rate is instant, the customer pays with bitcoin and you get the $$ directly to your bank account, so you don't need to worry about exchange fees and such, and u dont need to worry about the price going down after u received the bitcoins.
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June 26, 2017, 02:30:49 PM |
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the exchange rate is instant
What rate for BTC is in this moment, when at Bitfinex is 2,414.00?
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coolcoinz
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June 26, 2017, 02:54:37 PM |
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Our experiment with BTC is over. We accepted BTC in 2 of our on-line stores and after losing hundreds and possibly thousands of dollars we are removing BTC acceptance. Stores were selling card access products and chip cards. Simply by the time somebody buys something and gets confirmed and we manage to exchange BTC at Canadian Kraken we are at loss. So goodbye Bitcoin, going back to PayPal and credit cards only.
What? That's how it ends when somebody treats Bitcoin like PayPal, thinking it's a payments system that will attract new customers and that's it. You were a fiat store and ultimately wanted only fiat. You weren't interested in Bitcoin and didn't do any research, you just wanted more clients and a quick buck and got an unpleasant surprise. Next time don't be so greedy
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7jaka7
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June 26, 2017, 03:17:36 PM |
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Our experiment with BTC is over. We accepted BTC in 2 of our on-line stores and after losing hundreds and possibly thousands of dollars we are removing BTC acceptance. Stores were selling card access products and chip cards. Simply by the time somebody buys something and gets confirmed and we manage to exchange BTC at Canadian Kraken we are at loss. So goodbye Bitcoin, going back to PayPal and credit cards only.
What? That's how it ends when somebody treats Bitcoin like PayPal, thinking it's a payments system that will attract new customers and that's it. You were a fiat store and ultimately wanted only fiat. You weren't interested in Bitcoin and didn't do any research, you just wanted more clients and a quick buck and got an unpleasant surprise. Next time don't be so greedy I agree. If you wanted to get FIAT fast you should have come up with better system. I believe there are applications which transfer BTC-dollars fast enough, so you don't lose FIAT. And you should probably raise price for users paying with BTC by 3-5%, and explain this is due to volatility of price. Hm... it would be fun if in a few years you would write that you lost hundreds or possibly thousands of dollars because you removed BTC acceptance. You know that Bitcoin could be worth a lot more in future?
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