Bitcoin sucks!

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accept

Only SmartContract is a solution.

[HarryFlashman]

To answer to everyone:

We pay equipment with hard dollars so yes we need to exchange BTC into USD, often. Many suggested to speculate and wait until BTC goes up and exchange with great profit. One person even broke it down into "idiotproof" transaction, get at $1000 value, and next day it is $1500 and voila, 500 dollars profit without moving a finger. Amazing, how we never came up with such idea?! Or even guy who paid 10000 BTC for pizza as someone suggested.

How about selling something at $2750 value (like just 2 days go) and getting $2320 value (as of right now)?? How that sounds for great opportunity to get what's money worth?

We post to exchange BTC about 1/2 - 1 hour after confirming transaction and in dropping market whatever value one puts to trade out gets unfulfilled. So for all practical reasons there is no stability in BTC transactions at all. Everybody here assumes that BTC is going up all the time and that is simply not true. Just week or 10 days ago it was almost 3000 dollars. Now it's 25% less.

By the way all prices in the stores are USD, people send 100 USD in BTC as their wallet is telling them at that moment. Sometimes buyers speculate and pay tomorrow or in 2 days. After we noticed that trend we warned everyone that quote is good for 1 hour, but even that is not good enough. Anyway, we'll take it out. Yeah it's great but really not worth it.

[Raja_MBZ]

Actually instead of using bitcoin as a payment processor, OP used it as a short-term investment. Short-term investment is always risky, you can either get a good profit or good loss.

Suggestion for OP, try instant conversion to your local currency after each usage of bitcoin, that should help you out.

[squatz1]

I wouldn't come to saying something like this, I would be one to come out and say that Bitcoin could use a lot of work and could look to alt-coins for these ideas to be able to innovate and help themselves prosper and grow. When it comes to Bitcoin, we're going to have to fix the issue that we have with fees at the moment, I'm not going to be one and come out that having fees is ridiculous, cause it isn't the miners simply just aren't going to be doing something for nothing. But the current fees, they're a bit insane when it comes to how high the prices are.

Once we fix the network congestion issue, I think we should be fine on fixing the fees and then moving forward to being able to get more and more adopters of Bitcoin to build a solid size community here.

[skorupi17]

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.

A Newbie account that was made to post and claim that Bitcoin sucks, well done.

This type of problem that you are stressing is not that difficult to handle. Some company or something that provide instant BTC-fiat services to businesses will come handy to your concern. Japan formally accepted Bitcoin as a mode of payment right? So they handled this type of issue.

Yes, Bitcoin is very volatile and with just a blink of an eye you can gain or loss. And if you are accepting it as a payment, you have to deal with it rather than telling that it sucks.

To answer to everyone:

We pay equipment with hard dollars so yes we need to exchange BTC into USD, often. Many suggested to speculate and wait until BTC goes up and exchange with great profit. One person even broke it down into "idiotproof" transaction, (1) get at $1000 value, and next day it is $1500 and voila, 500 dollars profit without moving a finger. Amazing, how we never came up with such idea?! Or even guy who paid 10000 BTC for pizza as someone suggested.

How about selling something at $2750 value (like just 2 days go) and getting $2320 value (as of right now)?? (2) How that sounds for great opportunity to get what's money worth?

We post to exchange BTC about 1/2 - 1 hour after confirming transaction and in dropping market whatever value one puts to trade out gets unfulfilled. So for all practical reasons there is no stability in BTC transactions at all. Everybody here assumes that BTC is going up all the time and that is simply not true. Just week or 10 days ago it was almost 3000 dollars. Now it's 25% less.

By the way all prices in the stores are USD, people send 100 USD in BTC as their wallet is telling them at that moment. Sometimes buyers speculate and pay tomorrow or in 2 days. After we noticed that trend we warned everyone that quote is good for 1 hour, but even that is not good enough. (3) Anyway, we'll take it out. Yeah it's great but really not worth it.

1. You have a wrong point of view about Bitcoin. Bitcoin does not work that way. Bitcoin is volatile and it changes its value up or down within minutes. No one guarantees that a $1000 value will become $1500 overnight. That "one person" just gave you a honey about Bitcoin and it seems no hatchet was given. It seems that you did not look into Bitcoin and just believed on that "one person" for his/her "idiotproof"

2. Again, volatility. There is no certainties in Bitcoin. Do some research.

3. It's your call. You engaged in Bitcoin the wrong way I guess.

I suggest you stick around in this forum for a while. Maybe knowing Bitcoin deeper will help you with your experiment. This forum will educate you about Bitcoin. But be careful, some are trolls around here that spreads wrong information about Bitcoin.

[SvenBomvolen]

That's really shocking to hear such kind of experience. Bitcoin transactions are not so long to loose money on the price difference and bitcoin doesn't jump from 100$ to 2500$.
I thought a business which based on bitcoin is developing very profitable from a day to day. I remember a story when some guys were selling pizza per 20 BTC each! I doubt that their business ended the same like yours.

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I remember a story when

What tell that story? Nothing.
Check here Buterin to send BTC8 for some book.

But You have not seen to buy ETH for $1, Right?

[vitaliikho]

A very brave experiment!! But I think it's too early for such experiments.

[pearlmen]

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.

The challenge might be enormous now but it won't be long which your business should be one of the trailblazers when the challenges have gone but outrightly stopping it might not be the best option. You should have just reduce the acceptance of the coin in other to reduce the stress of conversion and if possible look for a supplier who accepts bitcoin so you will avoid the stress of converting before using to buy your supplies.

[Coinmyjob]

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.

The challenge might be enormous now but it won't be long which your business should be one of the trailblazers when the challenges have gone but outrightly stopping it might not be the best option. You should have just reduce the acceptance of the coin in other to reduce the stress of conversion and if possible look for a supplier who accepts bitcoin so you will avoid the stress of converting before using to buy your supplies.

Some users themselves began to fan the topic, which gave Bitcoin the opportunity to substitute real money. Everyone talked about the fact that this is impossible, but some people generally insist that no one will be used as a means of payment for any goods in any stores. I do not think that Bitcoin has any negative actions in this regard. So here you are wrong. It is necessary to use Bitcoin only for its purpose. Bitcoin is a commodity through which one earns money and not a means of payment.

[Lorilikes]

Don't let Two bad experiences spoil all of Bitcoin for you. Instead you should rethink the services you are using to host the exchanges or wallets.   It really makes a difference. The fee problem will shift back into a reasonable gear in August.

[Bunsomjelican]

I have heard that BitPay could convert between BTC and local money on the spot. Have you tried it yet before completely abandoning Bitcoin?

As far as I know Bitpay was one of the potential coin in cryptocurrency, and it is one of the altcoin that being used for payment or accepted bitcoin not an exchange one.moreover bitcoin is not suck only to those people who don't have enough knowledge about in bitcoin.

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and it is one of the altcoin

https://coinmarketcap.com/currencies/views/all/

Please, find it.

[mk4]

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.

Welp, I don't blame you, do to the high transaction fees and time of bitcoin as of now; but didn't you do your own research first before going on bitcoin?  A quick visit to any bitcoin or crypto forum would let you know almost immediately the scaling problems of bitcoin today. Maybe you should've done your homework before adding a crypto payment method huh?

[avikz]

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 am sorry to hear about your losses but that's actually a challenge for stores to accept bitcoin. The dynamic pricing has made it really tough for bitcoin to be accepted as a payment system anywhere. You may incur huge profits and also may incur huge losses which is what happened in your case.

Bitcoin is not meant to become a payment processor for internet. It is mainly an investor's instrument. If you hold it for long term, then it makes sense. Otherwise bitcoin won't give you profits, you will only end up paying more in transaction fees which will eat in to your profit.

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If you hold it for long term

LOL. Do You mean, that he need to sold all his deposit of items, fire personel, close or sell Office and Deposit and going to wait some 25 Years to find the exchange rate above $1?
What a perfect Strategy.

[BitFinnese]

That's really shocking to hear such kind of experience. Bitcoin transactions are not so long to loose money on the price difference and bitcoin doesn't jump from 100$ to 2500$.
I thought a business which based on bitcoin is developing very profitable from a day to day. I remember a story when some guys were selling pizza per 20 BTC each! I doubt that their business ended the same like yours.

Not all business are profiting from bitcoin, I believe business setups in bitcoin are the same as business setup in a normal currency except that they are using a cryptocurrency.  This business still needs to promote and advertise.  Their success depends on the success of their marketing strategy.  Anyway,  a person should be well aware of the right transaction fee to be able to send Bitcoin in the most fastest way in order to minimize the changes of rate between transfers.

[batang_bitcoin]

You cant see the brighter side of bitcoin. Are you converting it directly to dollar? If that is your process and method you will be losing a lot of bucks. But if you are going to wait for the right time of selling it, you can even make double or triple the normal price of your product.

[eann014]

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.

Well I think bitcoin is not good for online payments. Maybe because of its unstable value, but it's not clear on how could you loss hundreds? I think you must know first how to manage bitcoin and we always need to check the value of bitcoin

[chixka000]

Maybe you can fool someone but not us i guess? If you want to quit then go. However we keep in believing that btc would succeed in many diffrent ways