Let's get Bitcoinstore.com to accept Litecoin.

[esenminer]

Guys come on!

I've been in email contact with their support and I'm trying to get them to put up the feature request in their support application so that we can vote on it but in the meantime please either like the facebook post

https://www.facebook.com/BitcoinStore/posts/102474559962561

or show your support here!

[1714108838]

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[trkmed]

+1

[coblee]

I think bitcoinstore uses BitPay, so it won't be easy for them to accept litecoins until BitPay supports it.

I just sent Roger Ver an email and pointing him to the thread. Let's see what he says.

[esenminer]

Well we are up to 11 likes on Facebook I think we can do better than that!
 
https://www.facebook.com/BitcoinStore/posts/102474559962561

[Seth Otterstad]

LOL at thinking Roger Ver will do anything to support litecoin.  He is one of the largest bitcoin holders on the planet.  Here is Steve from BitPay on litecoin:

Yes, competition is good.  The Bitcoin community should work hard at making Bitcoin as good as it can be to ensure the network effect takes hold and makes it as difficult as possible for an alt-coin to gain market share.  This doesn't mean that an alt-coin would ultimately have to cease to exist, it just means that Bitcoin should capture the bulk of the new adopters of digital currencies such that Bitcoin enjoys a better growth rate (and hence, appreciation in value) than these competitors.  The altcoins could still exist and serve some niche markets.

Is it likely bit pay etc. could offer checkout in any alt-coin of choice?

Yes, but not in the way you think.  Here's some insight into our thought process on this question: Bitcoin is currently the most secure method of electronic payment on the planet.  The network of miners is what provides that security and today it vastly exceeds that of any altcoin.  Bitpay will use the most secure and private payment method available for the actual transaction.  But that doesn't mean you couldn't use Litecoin, you just need a wallet that can automatically exchange Litecoin for Bitcoin just prior to a transaction.  Should something disastrous happen with Bitcoin and Litecoin became the most secure method of payment, we would transition to using Litecoin for the payment mechanism (and then you would need to exchange your Bitcoins for Litecoins just prior to conducting the transaction).

So, when I think about Litecoin (and the other alt coins), I think of it in terms of:
- providing that competitive pressure to Bitcoin that you allude to
- being a contingency solution should something disastrous happen to Bitcoin
- being of some utility for people that might like to have transactions that aren't visible on the Bitcoin blockchain

[str4wm4n]

I asked them if they wanted to buy LitecoinStore.com a while back and they said they were uninterested.

[TheSwede75]

I know the name of the website is 'bitcoinstore.com' but I think it makes sense for them to also accept Litecoins.

There are thousands of litecoin miners with thousands and thousands of litecoins just sitting in their wallets doing nothing. While there are some up and coming sites, bitcoinstore.com could capture most of this market. I suppose one could argue that these users could trade their litecoins for bitcoins before they purchase but that's a huge barrier and involves using exchanges or trades which can be risky. In addition bitcoinstore.com already has the infrastructure to deal with crypto currency so adding an additional currency might not be as complicated. Plus with the volume of bitcoins they do I am sure they can negotiate a very good fee to convert between litecoin / bitcoin and of course litecoin / fiat. I know I would be willing to part with some of my litecoins if I could easily purchase, for example, additional gpus, mobos, psus etc..and i think most litecoin miners would be also.

I guess bottom line is that if bitcoinstore.com started accepting litecoins it would be great way to attract thousands of new customers hence more revenue with what I perceive as a minimum of risk and investment.

Yeah, cause it makes perfect sense! I mean it's named BITCOINSTORE, why would they not accept LITECOIN?? Oh dear.. How about the LTC community stop being fucking lazy and just spamming BTC accepting stores and set up their own damn infrastructure. No wonder LTC is going nowhere.

[TheSwede75]

I asked them if they wanted to buy LitecoinStore.com a while back and they said they were uninterested.

Not super surprised no one wants to buy overpriced domains that you purchased ONLY to resell and not develop though. That shit should be looked down on.

[destruct]

I asked them if they wanted to buy LitecoinStore.com a while back and they said they were uninterested.

Not super surprised no one wants to buy overpriced domains that you purchased ONLY to resell and not develop though. That shit should be looked down on.

Definitely agree. Domain sitters = worse people on the planet.

[str4wm4n]

I asked them if they wanted to buy LitecoinStore.com a while back and they said they were uninterested.

Not super surprised no one wants to buy overpriced domains that you purchased ONLY to resell and not develop though. That shit should be looked down on.

Definitely agree. Domain sitters = worse people on the planet.

I would love to help with the graphic design aspects of the site, I did not buy them ONLY to resell them. I have posted quite a few times asking for people who would be interested in helping me develop them and NOBODY has responded.

I think people who are so narrow minded as to accuse domain squatters of being the "worse people on the planet" are worse than said domain squatters.

I think you're just mad you didn't register them yourself 

[Nolo]

I lost count of the +'s, so I'll just say +10. 

[acs26]

-4.

You guys are missing the point.. The site is called 'BitCoinStore'. I doubt they'll accept it. Sorry guys, you'll just have to make a liteCoin Store.

[esenminer]

I know the name of the website is 'bitcoinstore.com' but I think it makes sense for them to also accept Litecoins.

There are thousands of litecoin miners with thousands and thousands of litecoins just sitting in their wallets doing nothing. While there are some up and coming sites, bitcoinstore.com could capture most of this market. I suppose one could argue that these users could trade their litecoins for bitcoins before they purchase but that's a huge barrier and involves using exchanges or trades which can be risky. In addition bitcoinstore.com already has the infrastructure to deal with crypto currency so adding an additional currency might not be as complicated. Plus with the volume of bitcoins they do I am sure they can negotiate a very good fee to convert between litecoin / bitcoin and of course litecoin / fiat. I know I would be willing to part with some of my litecoins if I could easily purchase, for example, additional gpus, mobos, psus etc..and i think most litecoin miners would be also.

I guess bottom line is that if bitcoinstore.com started accepting litecoins it would be great way to attract thousands of new customers hence more revenue with what I perceive as a minimum of risk and investment.

Yeah, cause it makes perfect sense! I mean it's named BITCOINSTORE, why would they not accept LITECOIN?? Oh dear.. How about the LTC community stop being fucking lazy and just spamming BTC accepting stores and set up their own damn infrastructure. No wonder LTC is going nowhere.

Take it easy that was the first thing I mention in my post.

Nobody has spammed anybody and I don't see how this is being lazy - if Amazon.com only accepted USD you wouldn't go and create a whole new site called AmazonCAD.com where everything is exactly the same but you can pay in Canadian dollars. This has nothing to do with infrastructure. Bitcoinstore.com doesn't process their own payments but they could presumably put pressure on BitPay to accept LTC.

As a business I assumed their aim is to make money and increasing their customer base by a couple of thousand by accepting alternative currency would make sense for them. Bitcoin using customers at his point are a very small market - a couple of thousand people at most? There are at least 4000-5000 litecoin miners so this could double their customer base. However if their goals are different as the last poster mentioned then obviously this approach wouldn't work and the LTC community would have to look at alternatives like putting direct pressure on BitPay to accept LTC.

LTC miners can support the request here:

https://www.facebook.com/BitcoinStore/posts/102474559962561

[CoinHoarder]

Bitcoinstore runs an interesting business model. I saw Roger Ver explain about the company at the Bitcoin conference.

They sell products at a 0% markup and are only interested in investing in Bitcoin, that is how he is planning to make money with the site.

With a business model like that, them accepting Litecoin is a little far fetched, as it could possibly devalue what they have been investing in all along (Bitcoin).

[esenminer]

How about the LTC community stop being fucking lazy and just spamming BTC accepting stores and set up their own damn infrastructure. No wonder LTC is going nowhere.

Agreed.
LTC adopters are trying to nip off bitcoin pie instead of cooking their own.
This is not about laziness though.
Making a store accepting LTC would need a lot of investment.
LTC adopters/holders just don't have enough $(or BTC) to make their currency popular.

Currently there are 18.25 million Litecoins mined representing about $51 million USD - granted this is nowhere near the $1.3B USD capitalization it's nothing to snicker at especially for Bitcoinstore.com with lifetime sales of about 500k. Opening up their store to another couple of thousand users with $51 million USD to spend doesn't sound like a bad idea to me.

Maybe you are right and LTC simply isn't currently valuable enough yet but the future is anything but certain. What's going to happen when BFL starts shipping? What about KnCMiner in September? Another batch of Avalons? When Bitcoin mining becomes unprofitable for GPU miners (more so) isn't it reasonable to expect that they will mover over to a currency they can make some money in like LTC? They aren't simply going to be able to sell their GPUs and buy Jalapenos and start making the same amount of money again. Suddenly those 18.25 million Litecoins might represent $150 million or $300 million so I don't think LTC is going anywhere soon. This LTC bashing isn't necessary since a lot of us who are mining LTC are also BTC miners.

BTC and LTC miners aren't competitors and neither are the currencies - they are complimentary.

[esenminer]

Bitcoinstore runs an interesting business model. I saw Roger Ver explain about the company at the Bitcoin conference.

They sell products at a 0% markup and are only interested in investing in Bitcoin, that is how he is planning to make money with the site.

With a business model like that, them accepting Litecoin is a little far fetched, as it could possibly devalue what they have been investing in all along (Bitcoin).

Agreed that if their business model is as described above it is not realistic to get them to accept Litecoin. However they have a notice on their website which states that if they don't sell another 400k USD of product by June 30 that they will have to raise their prices so maybe there is something there.

[CoinHoarder]

I wish that 50 ltc holders would sell their radeons for real $ and make:
- ltc payment processor

This is already being developed.

- hosting company accepting ltc(selling unlocked iphones would be even better)

Many hosting services already accept Litecoin:

BitVPS - A long-standing VPS/Dedicated Server provider which accepts USD/BTC/LTC.
Fennec Hosting - VPS, dedicated servers, anonymous domain registration & SSL certs.
CrownCloud - VPSs
Litehosting - VPS | VPN | SSL Certificates | Crypto | Security | Register Domain | Domain Transfers
Bytesized Hosting - Seedboxes for LTC/BTC
Okotto - Web hosting
Splinternic.com - Domain Names

[vnezapno]

Many hosting services already accept Litecoin:

Did not find one on webhostingtalk. My bad.
Anyway.
Lets say I am a regular online merchant willing to try out bitcoin as a payment method for my (virtual) goods.
Assume that ltc payment processor is ready and I find out somehow that there is an alternative payment method similar to bitcoin - litecoin.
Can you please convince me to use it instead of bitcoin.
In other words are there real advantages for me as a merchant of using litecoin instead of bitcoin ?

[CoinHoarder]

No, there's no real advantage for a merchant to use Bitcoin instead Litecoin or Litecoin instead of Bitcoin. There are advantages to Litecoin's existence, but I don't think that's what you're asking.

If you're ever bought something using Bitpay, you'd know that they accept transactions without any confirmations, making Bitcoin payments pretty much instant. So, that rules out the main advantage in that Litecoin has with faster confirmations.

There is an advantage to a merchant using both Bitcoin and Litecoin though, because when you accept Litecoin as well, you open yourself up for business from Litecoin users, instead of only Bitcoin users and visa versa.

[vnezapno]

There is an advantage to a merchant using both Bitcoin and Litecoin though, because when you accept Litecoin as well, you open yourself up for business from Litecoin users, instead of only Bitcoin users and visa versa.

"litecoin users" is just a small subset of "bitcoin users". Sadly.