As Bitcoin is proving to provide huge savings for business owners, I would love to hear DP members say whether they accept the currency, or is planning to? I've been using it since 2012, and I love how smooth it makes commerce. What is your take?
At this point I'm preparing my e-commerce business to accept Bitcoin as a payment method. Now that Square, Ebay, and others are moving in that direction I also want to be ahead of the curve accepting Bitcoin. I've been able to learn a lot about Bitcoin currency at accretion.info.
Absolutely not. Bitcoin is very unstable, probably in the past I would, but not at present moment. Sooner or later the bubble with burst.
There are two essential function of a currency 1. Store of value 2. Medium of transaction Bitcoin is extremely deflationary and also volatile, (1) is highly suspected and (2) is still long way to go. I would say the newer forms such as Ripple XRP stands a bigger chance.
Bitcoin is flop idea, i dont think they will succeed with it, though ebay are using it doesnot mean its worth. Ebay is rich and can do with if and buts but for someone with not a lot ofmoney its big risk not worth taking at this point.
It will definitely be worth it when more merchants accept bitcoin. Right now the price is just too easily manipulated by the traders and that is why bitcoin is so volatile. The more merchants start accepting it, the harder it becomes to create those huge jumps in the bitcoin price.
Absolutely not, I never will use Bitcoin if I were offered a million dollars. I am too skeptical about Bitcoins and have seen too many sayings "You are risking this!" is what turns me off.
Yes I do . Works great . If I am selling something for $40 the script just easily adjust the amount of bitcoin the person needs to pay for the item I am offering so that I receive my money . Then if I am not comfortable with how bitcoin is going up and down in price I just turn it into cash as soon as I receive payment . Works Great !
Yes I would absolutely accept Bitcoin. The trick is not to hold the coins for very long after the transaction unless you want to speculate on the value of the coin. I used the coins to conduct business in India from the USA and it made transfers very easy since no banks were involved. The average price of a bank transfer was $40 while the bitcoin transfer was less that 1 penny. Once the coin was transferred, my business partner was able to transfer the bitcoin to INR at his local exchange and we saved tons on those bank fees.
I remember Egold from a few years ago which was shut down without much warning by the US regulators, so am still wary of e-currency. Maybe someday, but for now I will stick with recognised money transfer systems.
I Accept anything that could bring any more potential buyers, Some say Bitcoin isn't a real currency... However it is, Once I deposit my bitcoin balance to my bank account and withdraw it or get someone to exchange it back to USD then it's real money once again. You all should accept and embrace bitcoin, It doesn't hurt to try!
First it was egold followed by liberty reserve now perfect money and bitcoin, those payment methods aren't reliable so try to depend as less as possible on them if you have to, I'd advise to empty those accounts on a daily basis and also to try receiving your funds in USD/GBP or similar instead of bitcoins, it depends, one day the bitcoin currency is high, another it's low so it's a gamble just have the right approach.
I am definitely learning more about it, and will use it for my services. Irreversible payment solves a lot of problem with sketchy buyers.
it is best to accept bitcoin along with other payments. especially with doubtful buyers abt chargeback
Virtual money is way too unstable and insecure. Anyone with a bit of encryption knowledge and a script can create a virtual coin and, as we saw in the recent Mt. Gox fiasco, there are definite security issues. Nope, I don't think I will ever accept bitcoin, or any other type of virtual coin for that matter.
You should absolutely accept any form of payment that is convenient for your customers, and for many people that is bitcoin. I see a couple of people in this thread say that the value of bitcoin fluctuates too much, but I have never seen this. There will only ever be a certain amount of bitcoins produced (compared to our government's fiat currency that prints as fast as the presses will run), so the value is not only stable, but will grow over coming years (unlike fiat currencies that will continually devalue due to a hidden tax known as inflation).