Bitcoin sucks!

[iamTom123]

Volatility is indeed a problem for many merchants yet there are now ways to immediately convert your Bitcoin into fiat or cash not unless you also want to speculate that the value would go up later but turned out to be the other way around. Other shops who are accepting Bitcoin have the problem of low volume because for now not many are so willing to shop using Bitcoin yet...we are still being driven by speculation.

Anyway, this is one area which the Bitcoin community has to seriously look to if we want to make Bitcoin to function just like the other type of currencies already available. Unlike Paypal or even Payza which are based on more stable currencies, Bitcoin is functioning a little bit different.

[tigershark]

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.

At some point, the price of Bitcoin will stabilize and this problem could go away. Remember that credit card companies charge merchants a fee for use, so they cost money as well. Another alternative is instead of exchanging all of the bitcoins for fiat, why not hold some and wait for it to gain value before exchanging? You maybe able to make profit on it if you can do that.

[Kprawn]

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.

It is obvious that you were going about it in the wrong way. Most merchants make use of Payment processors and these payment processors eliminate

the impact that a volatile Bitcoin price might have. I wonder what you would have said, if the price suddenly skyrocketed and you sold something for say,

$1000 and tomorrow that same amount of bitcoins was valued at $1500. Your profit just increased with $500 without you having to lift a finger.  

These Payment processors are quick and eliminate most of the problems you might have... so use them.  

[jtipt]

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.

Yeah exactly, instead of selling instantly at a low rate why not wait a few days and sell and some higher price, that would surely make you extra profit. But if this is way merchants keep thinking about bitcoin, we won't see much merchants adopting BTC as a payment method.

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Your profit just increased with $500 without you having to lift a finger.  

In The Phase of Blow Off it happen not, and here is a proof.

[Rahar02]

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.

Well, at least someone experiences used bitcoin as a medium of exchange proven works even though bitcoin price so volatile.
There are some strategies to avoid loss in bitcoin transaction obviously, such as holding bitcoin for a while if you could manage it, sell bitcoin at higher price will give your stores more cash, but it depends on your management.

[frowsiter]

You are in hurry to abandon bitcoin so quickly. You should try real time conversion and get this clear that bitcoin is same everywhere in the time line. You can a,ways save up your bitcoin generated with product sell and let it grow as the bitcoin value goes up in the market. You should be profitable at this point. Also, I don't understand one point, before selling the product you can put dollar tag on them and tell your customer to pay equivalent dollars in the terms of bitcoin. This will get you max bitcoin and you will not loose money at all.

[worldmobilecoin]

Volatility is indeed a problem for many merchants yet there are now ways to immediately convert your Bitcoin into fiat or cash not unless you also want to speculate that the value would go up later but turned out to be the other way around. Other shops who are accepting Bitcoin have the problem of low volume because for now not many are so willing to shop using Bitcoin yet...we are still being driven by speculation.

Anyway, this is one area which the Bitcoin community has to seriously look to if we want to make Bitcoin to function just like the other type of currencies already available. Unlike Paypal or even Payza which are based on more stable currencies, Bitcoin is functioning a little bit different.

Totally agree with you. BTC volatility is the biggest challenge when trying to sell low volume. Also you are right BTC ecosystem very different from fiat currency.

[YuginKadoya]

You are in hurry to abandon bitcoin so quickly. You should try real time conversion and get this clear that bitcoin is same everywhere in the time line. You can a,ways save up your bitcoin generated with product sell and let it grow as the bitcoin value goes up in the market. You should be profitable at this point. Also, I don't understand one point, before selling the product you can put dollar tag on them and tell your customer to pay equivalent dollars in the terms of bitcoin. This will get you max bitcoin and you will not loose money at all.

I Really think this is their own fault by not having a great system to back up with storing bitcoin, and maybe instead of putting the amount of dollar to it they are using BTC amount instead, and their store doesn't have a real time converter if the amount of bitcoin would move the amount on the store would also move, I think they would not see that the price of their product would just disintegrate because it is not the equivalent price vice versa to bitcoin, Well it is just my conclusion they are at fault while managing their store and accepting bitcoin as a transaction.

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equivalent dollars in the terms of bitcoin. This will get you max bitcoin and you will not loose money at all.

LOL, with -15% loss at few hours for confermations

[giveen]

Why do you all just completely plan to use bitcoin on your site. No one has asked you to remove other payment methods instead what you should have done is introduce bitcoin as any additional way to make payments with the current methods not been removed. But it's fine a business surely makes a mistake once and you should be more careful next time and not everyone in world currently hold bitcoins or are willing to use it to purchase items with high fees.

[xFiber]

First of all bitcoin doesn't suck. 2nd of all bitcoin's volatility is certainly annoying for merchants. I don't think bitcoin is ready yet for retail (no instant transactions) so hopefully you guys can implement it in the future. Anyhow I love bitcoin

[Barcode_]

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.

I think you are getting the wrong idea about accepting Bitcoin as payment, from your post, I assume you exchanged the Bitcoin into fiat money paid to your company immediately after you received the coins. That is a wrong approach, in my opinion, the true values of bitcoin is not in its currency, but in the technology itself.

Have you heard of the story about a guy paying 10,000 bitcoin for 2 pizzas in the year around 2010 when bitcoin values is just cents at that time. The pizza store owner is rich now because of his trust in bitcoins to accept the payment at that time, no one knows what would be the price of bitcoin in another few years time, maybe you should kept some bitcoins paid to your company for a period of time rather than exchanging it into fiat money immediately.

[Caladonian]

First of all bitcoin doesn't suck. 2nd of all bitcoin's volatility is certainly annoying for merchants. I don't think bitcoin is ready yet for retail (no instant transactions) so hopefully you guys can implement it in the future. Anyhow I love bitcoin

if this would be resolved as soon as possible for sure people that invest in bitcoin will enjoy not only seeing the value to rise even more
but more people will acknowledge the existence and the usage of bitcoin this concerned will be resolved accordingly and you will see
that you only got wrong impression just needed to learn deeper.

[mobnepal]

Haven't you heard about bitpay? You can use them to simply convert whatever you accept in bitcoin into fiat at spot price. They also don't have huge merchant fees and offers easy to use merchant tools.

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No one has asked you to remove other payment methods

The Ways to Cash Out are many.
And troubles are exposed of why no one accept BTC at Food Shop.

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Haven't you heard about bitpay?

How they "convert" BTC compared to advcash or epayments?
What is the exchange rate NOW, when it is $2,316.30 at Bitfinex?

[just_Alice]

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.

I'm sorry you had this experience, but like Kprawn said you could also profit big time from accepting bitcoin.

Also announcing that you accept bitcoin you expect to have more customers because of that and most likely you are right, but you also can expect some risks.

[unusualfacts30]

It's probably not the best time to accept bitcoin in stores unless you're ready to take the risk...wait for volatility to end. I think lot of buyers wait till price is up before they make a purchase so they don't have to pay as much in bitcoin.

[Vaskiy]

It's probably not the best time to accept bitcoin in stores unless you're ready to take the risk...wait for volatility to end.

You maybe suggesting this just because of the increased transaction fee. But in several localities even now very few are aware about bitcoin. For this reason even now making an acceptance will not harm, but the growth will start now itself. Because to reach common people it takes time. Even.if the transaction fee is low you're not gonna get profited right now.