Please add a Bitcoin option if you sell internationally.

[Jet Cash]

In December of last year, I sold a domain name for $4,000. I decided to run it through the Name Silo market place as a form of escrow, and because my bank cannot accept US dollars directly. Payment was to be effected using Swift. It is now the 10th of February, and I have not received payment, and Name Silo seem to be washing their hands of this payment by putting the onus of research onto me. Had I required a Bitcoin payment, then the payment could have been completed in a couple of hours, and not a couple of months. I understand that the Swift system is not a payment service, but simply a messaging system to introduce two banks to each other, and they then effect the payment directly. Neither of the primary banks make international payments in my case, so it requires two intermediate banks to make the international exchange. What a mess. It's no wonder the archaic US banking system is being replaced by most of the financial systems in the world.

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

[betswift]

yep, you defined it well and nailed it via the international part - the intermediares usually take much more time / effort for you to get the result you could of gotten with BTC in mere days at max..

i hope it will still end up well for you though in your specific case and the funds will be at your hands

[Mia Chloe]

~snip

I've barely come across a payment portal online that doesn't accept crypto not just internationally but locally these days and once they accept crypto you will most definitely find bitcoin and USDT as payment options. Other payment services have made things further easier.

These days some businesses instead just prefer to use a payment provider instead of creating their own payment portal from scratch so yeah most times crypto is always an option for payment.

[NotATether]

SWIFT (i.e. wire transfers) should absolutely be supported as a payment method for these kind of exchanges. What, they expected people to pay such a large amount with credit cards or something?

I get that people do actually do things that way, but wire transfers are standard for businesses to do, which is where domain names fall under.

[Bluedrem]

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

Bitcoin is always the best. Prement system or a hedge of value. No matter what you say, there is no competitor to Bitcoin. In terms of international exchange, Bitcoin has centralized all countries, here you can manage it yourself in your own bank, as well as the easiest method and fastest time. At various times we have seen that one country weakens the economic condition of that country by imposing sanctions on another country, but Bitcoin is a preventive measure where Bitcoin holders get financial security like storing gold. Again, gold can be stolen but Bitcoin is not stolen. If someone can carefully store the seed of 12 words, then the Bitcoin he has will never be lost.
Honestly, the advantages of Bitcoin are not enough. If Bitcoin is compared with fiat or other currencies, then Bitcoin is unique.
Anyway, thank you for encouraging the use of Bitcoin.

[DeeppRockk]

SWIFT (i.e. wire transfers) should absolutely be supported as a payment method for these kind of exchanges. What, they expected people to pay such a large amount with credit cards or something?I get that people do actually do things that way, but wire transfers are standard for businesses to do, which is where domain names fall under.

You're  technically correct that SWIFT is the incumbent fiat settlement layer. That's a fact.. The core divergence is in finality.

A SWIFT message is an instruction, not the asset.
It moves through correspondent banks, each with their own ledger reconciliation and fraud filters. The two-month delay is the sum of those legacy processes.

Contrast a bitcoin tx: a signed script hits the mempool, gets included in a block, and after 6 confirmations you have cryptographic proof of ownership on a global ledger. No business hours, no intermediary risk..

The 'standard' you cite has a lifecycle in days with multiple points of failure. Bitcoin's is in minutes, with the failure point reduced to your own key security.

[dzungmobile]

It's no wonder the archaic US banking system is being replaced by most of the financial systems in the world.

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

You can use bitcoins and some other options as payment options for your business without using bank system but the regulation on Bitcoin and cryptocurrency have changed to be more strictly and have been enforced more seriously. Bitcoin and the blockchain are only technical tools for us to have "our own banks" with Bitcoin decentralized blockchain and Bitcoin open-source non-custodial wallets. That's only like this, and we have to practice properly to actually own our Bitcoin banks.

While for privacy, anonymity and financial flows, it's harder to hide from governments and even we don't interact with banks for such business, it does not mean we can avoid tax.

[m2017]

It is now the 10th of February, and I have not received payment

Why didn't you immediately suggest bitcoin as a payment method? You've been on this forum for a long time. Or did you want to experiment with a traditional payment system?

I've seen quite a lot lately (even from strangers) that people, both online and offline, are using cryptocurrencies for cross-border payments and money transfers. But there's one caveat. Most often, they're talking about USDT. Unfortunately, it's better suited for short-term payments. Due to volatility and the current decline, bitcoin is unlikely to be used as widely. Only if the payment for a service or product is used as a further investment. Also, if you accept payments through bitcoin, you'll lose some of your profits on conversion to traditional currencies (or stablecoins).

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

I completely agree with you, but for the reasons mentioned above, bitcoin won't be used as widely as stablecoins. I think USDT's and other stablecoins are already far ahead in this regard.

I don't like it, but that's what most regular users (whom I observe) have "decided".

But this doesn't give a reason NOT to use bitcoin.

[purple_sparkles]

In December of last year, I sold a domain name for $4,000. I decided to run it through the Name Silo market place as a form of escrow, and because my bank cannot accept US dollars directly. Payment was to be effected using Swift. It is now the 10th of February, and I have not received payment, and Name Silo seem to be washing their hands of this payment by putting the onus of research onto me. Had I required a Bitcoin payment, then the payment could have been completed in a couple of hours, and not a couple of months. I understand that the Swift system is not a payment service, but simply a messaging system to introduce two banks to each other, and they then effect the payment directly. Neither of the primary banks make international payments in my case, so it requires two intermediate banks to make the international exchange. What a mess. It's no wonder the archaic US banking system is being replaced by most of the financial systems in the world.

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

The ability to pay in Bitcoin or stablecoins is essentially a customer-convenience service. I think the more convenient the service we can offer, the higher the likelihood that a client will want to recommend it and use it again. At the same time, the convenience of the service provider also has to be taken into account, they may choose to offer this option, or they may decide not to. In the end, it’s up to each individual.However, a situation involving such a delay is unlikely to encourage repeating the same experience. Rather, it will push people to look for alternative solutions, such as payments in stablecoins or in bitcoin itself.

[Alpha Marine]

The problem is that not many services or customers/clients pay with Bitcoin. I have Bitcoin as an option for receiving international payments, but I mostly use Payoneer to receive payments.
People just don't realise how easy it is to make payments with Bitcoin, especially international payments. I had a friend in a different country that I convinced to accept Bitcoin and stablecoins as payment, and it has made life easier for both of us when I want to pay for something.

A lot of people don't pay with Bitcoin, but always keep that option open just in case.
I have money stuck in one of my bank accounts in a local bank here for a very long time. They have marked the account as no debit and require me to spend a lot of money and time to recover the account, and I don't have that amount of time right now. Issues like this won't happen with Bitcoin.

[Jet Cash]

Just to clarify. I've had Bitcoin as a preferred method to accept payments, either nationally or internationally, for over 10 years. During that time, I've probably only had a dozen payments. My preferred method of payment is via a Visa credit card. I never have any problems, and I get up to 2 months to pay, and no charge for a currency exchange. Of course they make a bit on the spread. I've also claimed a few charge backs, mainly because of thefts which seemed to be by Amazon employees.

Swift is not a payment system, it is simply a complex messaging system to introduce banks to each other, and then they have to arrange their own exchange and money transfer. Bitcoin would have removed these 4 intermediate banks, and the problems and risks associated with these enterprises with their toxic loans. Name Silo allows clients to pay using Bitcoin, but they seem to save this, and no longer pay out via Bitcoin. They charged me $300 for their failed attempt to provide an Escrow service, and I'm having problems in trying to get this refunded.

[kotajikikox]

Sorry that this happened to you. Had they used bitcoin, not only would it arrive to you in a matter of hours but everything would have been transparent too. Hope more people realize the importance of bitcoin in a world where we are connected internationally.

[justinlamode]

In December of last year, I sold a domain name for $4,000. I decided to run it through the Name Silo market place as a form of escrow, and because my bank cannot accept US dollars directly. Payment was to be effected using Swift. It is now the 10th of February, and I have not received payment, and Name Silo seem to be washing their hands of this payment by putting the onus of research onto me. Had I required a Bitcoin payment, then the payment could

Apart from the long waiting time involved in international transfers, they also charge exorbitant fees for those transaction. This is why Bitcoin is the best option and the good news is that many merchants are accepting Bitcoin and other cryptocurrency now and there are many processor ready to be used for seamless transaction. This case present a practical advantage of Bitcoin over fiat payment systems.

[Lucius]

@Jet Cash, is the domain still under your control or did you transfer it to a buyer? I'm asking because I'm curious if you can simply ask the buyer to pay in another way and simply cancel the original transaction.

Regarding BTC as a payment method, I have used it many times in the past ten years, but in the last two years (approximately) it has increasingly happened that various payment processors reject transactions because their AML bot detects them as risky (tainted coins). P2P transactions don't have this problem, but most still prefer payment processors.

[Cryptomultiplier]

@Jet Cash, is the domain still under your control or did you transfer it to a buyer? I'm asking because I'm curious if you can simply ask the buyer to pay in another way and simply cancel the original transaction.

Regarding BTC as a payment method, I have used it many times in the past ten years, but in the last two years (approximately) it has increasingly happened that various payment processors reject transactions because their AML bot detects them as risky (tainted coins). P2P transactions don't have this problem, but most still prefer payment processors.

I haven't really used Bitcoin as a payment method, instead USDT or USDC and it's rarely I must say. Although, I prefer to hold Bitcoin for a duration incase of commercial banking issues where I can't access my fiat currency and need funds urgently.
I don't know how the price of Bitcoin is a phenomenon that makes it a lesser choice for payment, but I think the price movement currently would deter me from even considering it as a number one option for serious across border transactions.

[Jet Cash]

I used the Name Silo market place for the transaction, and they charged me $300 for the purported service. You have to have the name registered through Name Sillo. As soon as they receive payment from the buyer, they remove it from your account. When the funds clear, then they move the name into the buyers account, but stay as the registrar, so they can reclaim it if the payment is subject to charge back. A few days later, they initiate a Swift payment. In this case, they waited a month, but told me the money had been released. Their support has been arrogant and belittling, as they seem to believe it was my fault. I'm not sure what they think I may have done, as my only option is to check my account to see if the money had arrived. I have asked for a refund of the $300, as they have failed to provide an escrow service, but they have not responded to that. In fact the only way to get a meaningful support response is to post on a domainer forum, or in their channel on YouTube. I may send them a link to this thread as well, and I assume that the mods here will be OK with that. My bank tells me that it is not possible for them to track a Swift payment, and only the sender can do that. This may be because of the intermediate banks. They have checked, and verify that they have not received a payment within a $200 dollar range during the probable receipt time. It is further complicated by the fact that they need to check using a Sterling amount, and obviously they are not aware of the exchange rate or any charges that may be applied.

Reclaiming the domain name is not an option, as I suspect the buyer has paid promptly and in full. I know his Name Silo account name, but no other details. I may be able to reach out to hime through his registrant details if he has updated them.

[Zaguru12]

~

I haven't really used Bitcoin as a payment method, instead USDT or USDC and it's rarely I must say. Although, I prefer to hold Bitcoin for a duration incase of commercial banking issues where I can't access my fiat currency and need funds urgently.
I don't know how the price of Bitcoin is a phenomenon that makes it a lesser choice for payment, but I think the price movement currently would deter me from even considering it as a number one option for serious across border transactions.

What Lucius is saying isn’t that bitcoin is actually not use because of the price but most of the platform he actually uses regard bitcoin as a tainted coin and due to AML protocol most payment processors do not accept it and seriously it is a bad tag on bitcoin and a very big mistake by most of this payment processors.

I personally prefer bitcoin regardless of the price fluctuations either if I am sending or receiving because I don’t feel the price change, my bitcoin can drop in my wallets in minutes and if I need to covert it to traditional currencies I do that easily.

Bitcoin as a cross boarder means of payment is something that I have said is one of the biggest innovations of the recent year because it cancels out the hassle and unnecessary expense for fees and also waiting period or decline

[Cryptoprincess101]

Just imagine, since December last year that you performed this transaction and yet hasn't received payments. What if it was an amount that you needed urgently this is how it would have been delayed for this long. Almost 2 months if at all it hasn't gotten to 2 months already. Including bitcoin as a payment method is just the best way to save oneself stress of this nature. Despite that there are times when the mempool is congested such that takes time for a bitcoin transaction to be confirmed but i don't think it can stay up to 2 months before a transaction can be confirmed. If a bitcoin transaction is not confirmed within 14 days, it will even be aborted.

[Aanuoluwatofunmi]

Bitcoin is the simple peer to peer payment service, and it bypasses all political interference and currency restrictions. Lets make it more ubiquitous by including it in all payment options for your international sales. After all, it's why Bitcoin was created.

It is important that we add bitcoin payment into our product and services, because it makes us have a more wider reach concerning the acceptance over it since we operate on a platform and uses digital means to all our customers both locally and globally, bitcoin makes everything about online payment easy to do, because we don't have to pass through the centralized institutions before doing anything that has to do with  finances, while bitcoiners will also be attracted more for patronage, when they see how our platform support for the use of bitcoin in making payments.

[xbetz.io]

This is a good example of where Bitcoin works best as a settlement layer rather than just a “payment option.” For international sales, the problem is rarely the buyer, it’s the chain of intermediaries, compliance checks, and batching delays in legacy systems. Even when banks are acting in good faith, cross-border payments introduce uncertainty in time and finality. Offering Bitcoin alongside traditional rails doesn’t replace them, but it gives both sides an option with predictable settlement and fewer dependencies.