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Author Topic: Bitcoin Store - buy bitcoins with LR, GDP or Pecunix  (Read 6699 times)
jgarzik
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August 31, 2010, 02:12:38 AM
 #1

For your average person, who just wishes to buy something with bitcoins, dealing with the markets seems like an unnecessary burden.  Therefore, I put together a site for beta-testing which permits direct bitcoin purchases, at spot price + a markup:

     The Bitcoin Store - https://bitcoinstore.yyz.us/

It accepts Pecunix, Liberty Reserve-EUR and Liberty Reserve-USD payments, and sends bitcoins to a Bitcoin Address specified via email.  Transaction fees for payments are included in our markup.

This is an experiment.  We'll see.  If fraud or chargebacks become a problem, the site will cease operation.

Comments welcome.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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jgarzik
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August 31, 2010, 03:51:54 AM
 #2


Just added LR Euros (LR-EUR), in case anybody prefers that.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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August 31, 2010, 06:35:31 AM
 #3

LR doesnt have chargebacks Smiley

Whats your markup for this service?
jgarzik
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August 31, 2010, 06:49:52 AM
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LR doesnt have chargebacks Smiley

True but it does charge transfer fees, which we currently absorb.

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Whats your markup for this service?

At the moment?  There isn't a set number, it's largely a finger-in-the-air experiment for each currency.  Looking at non-bitcoin exchanges, for example, Liberty Reserve-USD seems to be slightly undervalued compared to PayPal-USD, so I try to compensate for that.  Each payment method has its own transfer fees, though I could look into giving people the option of paying that themselves, and reducing the price.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
Anonymous
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August 31, 2010, 08:43:59 AM
 #5

LR doesnt have chargebacks Smiley

True but it does charge transfer fees, which we currently absorb.

Quote
Whats your markup for this service?

At the moment?  There isn't a set number, it's largely a finger-in-the-air experiment for each currency.  Looking at non-bitcoin exchanges, for example, Liberty Reserve-USD seems to be slightly undervalued compared to PayPal-USD, so I try to compensate for that.  Each payment method has its own transfer fees, though I could look into giving people the option of paying that themselves, and reducing the price.



https://www.alertpay.com/en/Default.aspx here is a payment gateway worth investigating.
jgarzik
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August 31, 2010, 09:13:37 AM
 #6

https://www.alertpay.com/en/Default.aspx here is a payment gateway worth investigating.


Their terms regarding transaction disputes and resolutions certainly makes for interesting reading...


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
Anonymous
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August 31, 2010, 09:36:34 AM
 #7

https://www.alertpay.com/en/Default.aspx here is a payment gateway worth investigating.


Their terms regarding transaction disputes and resolutions certainly makes for interesting reading...



They claim they dont have chargebacks yet in their tos it says they do?wtf?

Im coming to the conclusion that it is almost impossible to avoid this situation.
jgarzik
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August 31, 2010, 04:45:32 PM
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They claim they dont have chargebacks yet in their tos it says they do?wtf?

Im coming to the conclusion that it is almost impossible to avoid this situation.

Handling chargebacks is required by law in the US, which indeed leads to an unavoidable situation.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
jgarzik
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August 31, 2010, 09:12:23 PM
 #9


Updated and simplified the Google Checkout experience a bit.

I wonder if there is a payment processor that accepts only debit cards?  The chargeback issue is largely one of credit cards, if I understand correctly.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
Anonymous
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September 01, 2010, 03:04:08 AM
 #10

They claim they dont have chargebacks yet in their tos it says they do?wtf?

Im coming to the conclusion that it is almost impossible to avoid this situation.

Handling chargebacks is required by law in the US, which indeed leads to an unavoidable situation.



Yerah but they also fine you $37 extra for the "service".
Anonymous
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September 01, 2010, 03:51:33 AM
 #11


Updated and simplified the Google Checkout experience a bit.

I wonder if there is a payment processor that accepts only debit cards?  The chargeback issue is largely one of credit cards, if I understand correctly.



This site provides some useful info .


http://www.merchantseek.com/thompson-merchant-services.htm#retail


Debit card payments need a merchant account usually.They start at about $300 to $400 with a per transaction fee.Im not sure what level of fees or selling volume that would need to make it worthwhile.Perhaps a consortium of  bitcoiners might be interested in investing,or you could try to get a business partner lol.
jgarzik
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September 01, 2010, 06:23:03 AM
 #12


Google Checkout support has been removed.  Apparently they don't like digital currency.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
FreeMoney
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September 01, 2010, 08:38:42 AM
 #13


Google Checkout support has been removed.  Apparently they don't like digital currency.



Damn, that was fast. Eh, did they contact you or did you remove it preemptively after reading terms or something?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Anonymous
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September 01, 2010, 09:00:51 AM
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Google Checkout support has been removed.  Apparently they don't like digital currency.



I think they just purchased their own virtual currency.They probably think bitcoin is the competition.
jgarzik
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September 01, 2010, 09:02:58 AM
 #15

Damn, that was fast. Eh, did they contact you or did you remove it preemptively after reading terms or something?

BCS had contacted support on an unrelated issue -- Google Base was having trouble "claiming" our store's URL -- and while handling that support issue, Google says they noticed a policy violation, and disabled BCS's Google Checkout account.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
FreeMoney
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September 01, 2010, 09:13:39 AM
 #16

Hey, sponsored link at the top of google, very nice.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
FreeMoney
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September 01, 2010, 09:41:48 AM
 #17

Damn, that was fast. Eh, did they contact you or did you remove it preemptively after reading terms or something?

BCS had contacted support on an unrelated issue -- Google Base was having trouble "claiming" our store's URL -- and while handling that support issue, Google says they noticed a policy violation, and disabled BCS's Google Checkout account.

Oh.

If you really wanted to sell via google checkout could you sell the passwords to MyBitcoin accounts that were loaded up or similar?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Anonymous
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September 01, 2010, 10:07:40 AM
 #18

Damn, that was fast. Eh, did they contact you or did you remove it preemptively after reading terms or something?

BCS had contacted support on an unrelated issue -- Google Base was having trouble "claiming" our store's URL -- and while handling that support issue, Google says they noticed a policy violation, and disabled BCS's Google Checkout account.

All your Bases belong to us.....

jgarzik
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September 02, 2010, 07:04:54 AM
 #19


Rates are now posted via RSS 2.0 at http://bitcoinstore.yyz.us/rates-rss.xml


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
jgarzik
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September 03, 2010, 12:58:49 AM
 #20

Purchases are now limited to 10,000 BTC per day per IP (ie. per person), in an attempt to pro-actively comply with US regulations.

We want to help establish bitcoin as a viable digital commodity, a store of value, by making it easy for others to obtain bitcoins.

We do not want to enable law-breakers or money launderers etc.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
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