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Author Topic: Question about BitPay  (Read 787 times)
Alpaca Bob
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November 27, 2013, 11:35:50 AM
 #1

Where do they get their fiat from? One particular exchange? Several? Which ones? Do they trade right when purchases are made? If not, how do they deal with the price-swings? What about Bips, and others?

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
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Phinnaeus Gage
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November 27, 2013, 02:26:32 PM
 #2

Where do they get their fiat from? One particular exchange? Several? Which ones? Do they trade right when purchases are made? If not, how do they deal with the price-swings? What about Bips, and others?

Boy, I bet those upward price-swings are killing them right now.

To address your main question, I'm pretty sure we're not privy to where or how they convert, but I will guess Mt Gox or BitStamp. As a company, they can't just sell them to anybody due to regulations, I believe. But, they can be to paid to a principle, whereupon s/he may convert, but now we're talking a tax nightmare.

Then again, I guess it may work if they convert using one entity who's business model is to do such that, akin to a one customer only exchange. Grey, but it might work.

I look forward to meeting Tony again in Las Vegas during the conference on the 10th and 11th.

~TMIBTCITW
niothor
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November 27, 2013, 02:30:43 PM
 #3

They used Mtgox for both the price and exchange. I know they dropped them as a price indicator but not sure about the exchange part.

Alpaca Bob
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November 27, 2013, 05:15:25 PM
 #4

Where is BitPay based? The US?

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
niothor
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November 27, 2013, 05:18:40 PM
 #5

Where is BitPay based? The US?

Headquarters
BitPay, Inc.
3423 Piedmont Rd NE
Suite 516
Atlanta, GA 30305
1-855-4-BITPAY

Alpaca Bob
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November 28, 2013, 10:26:11 AM
 #6

So if they'd use MtGox, that must mean they are able to withdraw dollars to the US then?

I guess I'm asking questions nobody has the answer to, but I figured I'd give it a shot anyways...

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
PenAndPaper
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November 28, 2013, 10:32:13 AM
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So if they'd use MtGox, that must mean they are able to withdraw dollars to the US then?

I guess I'm asking questions nobody has the answer to, but I figured I'd give it a shot anyways...

Well most probably their withdraws will be treated with a higher priority than everybody else.
Alpaca Bob
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November 28, 2013, 12:48:26 PM
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So if they'd use MtGox, that must mean they are able to withdraw dollars to the US then?

I guess I'm asking questions nobody has the answer to, but I figured I'd give it a shot anyways...

Well most probably their withdraws will be treated with a higher priority than everybody else.

That's what I was thinking. That would actually explain a lot of the delays...

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
niothor
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November 28, 2013, 12:52:00 PM
 #9

So if they'd use MtGox, that must mean they are able to withdraw dollars to the US then?

I guess I'm asking questions nobody has the answer to, but I figured I'd give it a shot anyways...

Well most probably their withdraws will be treated with a higher priority than everybody else.

That's what I was thinking. That would actually explain a lot of the delays...

Bitpay is based in Us, but they do have some regional offices , so they could deal in Euros also. usd problem solved.

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