Bitcoin as a payment method
- Thread starter MadHMC150
- Start date
craigbowman
Veteran
I'm not currently setup to receive bitcoin, but only at this exact point in time. However, since I have heard about it briefly and your mention of it brings it to the forefront, I will now proceed at taking a serious look at it for real to see how I can make it another alternative way to receive funds. Thanks for the mind shake.
Andrius Simutis
Veteran
Bitcoin is still a thing?
Bitcoins go up and also go crashing down at any given moment. It's like playing the stock market.
http://www.coindesk.com/price/
If you're going to take bitcoin you can't just sit on it like money in the bank, you better watch it like a hawk and be ready to dump it if it starts to go down.
http://www.coindesk.com/price/
If you're going to take bitcoin you can't just sit on it like money in the bank, you better watch it like a hawk and be ready to dump it if it starts to go down.
kwkeirstead
Well-known member
What about PayPal? Anyone using that?
craigbowman
Veteran
I've used paypal for years. I needed something which could handle credit cards and paypal does that.
David W. Jones
Veteran
You still get charged.
MadHMC150
DVXuser Sponsor
Hey everyone, update on bitcoin.
WOW its been an awesome and intense last few years.
Ill address a few mentioned concerns and benefits:
Volatility - There are a verity of companies (coinbase, circle, snapcard, bitpay) that allow you to move from bitcoin to dollars instantly. So if you are mechant, you have 0 risk to market fluctuations in price.
"Ill stick to dollars" - Dollars in my life time have lost tremendous value and it's also expensive to store, as well as move them around electronically. This to me, sounds like "Ill stick to mailing letters" or "I'll stick to the newspaper". The internet changed communications and media, it is also changing finances.
Fees - Bitcoin is essentially free to use. Some 3rd party services charge as much as 0.5% to provide convenience, but you don't even have to use them.
Selling gear - What about scams? Paypal or banking chargebacks? It's impossible with bitcoin. It's like digital cash, once you have it, you have it. No one can reach in your wallet and pull money back out. This dramatically lowers the cost of doing business. So when that nigerian prince wants to send you an extra $100 and have someone else pick it up since he's out traveling the world, why the hell not?
A quick video that I feel explains it pretty well if you haven't seen it:
And this video explores pandoras box on the current and future possibilities of crypto.
WOW its been an awesome and intense last few years.
Ill address a few mentioned concerns and benefits:
Volatility - There are a verity of companies (coinbase, circle, snapcard, bitpay) that allow you to move from bitcoin to dollars instantly. So if you are mechant, you have 0 risk to market fluctuations in price.
"Ill stick to dollars" - Dollars in my life time have lost tremendous value and it's also expensive to store, as well as move them around electronically. This to me, sounds like "Ill stick to mailing letters" or "I'll stick to the newspaper". The internet changed communications and media, it is also changing finances.
Fees - Bitcoin is essentially free to use. Some 3rd party services charge as much as 0.5% to provide convenience, but you don't even have to use them.
Selling gear - What about scams? Paypal or banking chargebacks? It's impossible with bitcoin. It's like digital cash, once you have it, you have it. No one can reach in your wallet and pull money back out. This dramatically lowers the cost of doing business. So when that nigerian prince wants to send you an extra $100 and have someone else pick it up since he's out traveling the world, why the hell not?
A quick video that I feel explains it pretty well if you haven't seen it:
And this video explores pandoras box on the current and future possibilities of crypto.
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MadHMC150
DVXuser Sponsor
Great point, don't just download ANY wallet, thats pretty standard when you download anything these days..
I recommend using an online wallet for newbies (www.coinbase.com or www.circle.com) or download a lightweight wallet like https://multibit.org/.
If you are going to be serious about your coins, you can make an offline (cold storage) wallet with https://bitcoinarmory.com/, which when done right makes it impossible to hack since its never been on the internet.
I recommend using an online wallet for newbies (www.coinbase.com or www.circle.com) or download a lightweight wallet like https://multibit.org/.
If you are going to be serious about your coins, you can make an offline (cold storage) wallet with https://bitcoinarmory.com/, which when done right makes it impossible to hack since its never been on the internet.
MadHMC150
DVXuser Sponsor
I see diners club on a restaurant window once in a while...
Whereas, I use bitcoin at over 75 places to eat: https://www.gyft.com/buy-gift-cards/category/restaurants-beverages/
As well as over 100 business in FL that accept bitcoin directly: https://coinmap.org
Anyone really think you won't be using bitcoin soon?
Whereas, I use bitcoin at over 75 places to eat: https://www.gyft.com/buy-gift-cards/category/restaurants-beverages/
As well as over 100 business in FL that accept bitcoin directly: https://coinmap.org
Anyone really think you won't be using bitcoin soon?
David W. Richardson
Chapelgrove Films
IF you're willing to closely monitor it, predict when the value is going to drop, and sell at a moment's notice. Just like with stocks, gold, silver, etc. This is something I don't have to do with dollars, regardless of the fact that their value fluctuates.