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Providers: Why no bitcoin yet?
Why don't you accept bitcoin yet?
- no chargebacks ever, no payment fraud
- lower or no fees
- more customers since only few providers accept bitcoin
- even more customers from countries affected by US sanctions (assuming you are not a US based provider) or where Paypal is not available
- privacy for your customers as well as for yourself, no payment information can be stolen or abused
- no dependence on a certain company or payment gateway
- protects against inflation if you don't pay out (although volatility risk) / pay out in a stable currency
Comments
Because our central bank is not publishing official exchange rates for bitcoins, which makes accounting of bitcoin transactions questionable.
Why would "official" exchange rates matter for accounting? What you end up getting is what you got. . . kind of self explanatory from an accounting point of view. No?
Just use the current exchange rate at point of sale? Or use a provider that pays out to seller in USD (Coinify).
No. All payments in foreign currency are accounted in local currency, calculated with the official exchange rate of the day of the payment. No official exchange rate - can't account it properly.
Exactly.
But.. e.g. bitpay pays out right away, I think? edit: or at least converts
-> price on website is $5 -> customer pays $5 in BTC -> you get $5
Thing is say you have a VPS that cost $300 a year and to make it easy BTC at the point of sale is $300 per one bitcoin. You accept a bitcoin. You log that as your price sold for as you sold the product at the value of $300 at the time of processing payment. Nobody says "Oh sorry that's £200 but $300 is now worth £240 you need to pay the remaining £40" as an example... So if you later sold the bitcoin for $500, that's $200 extra profit on top that is of nobodies concern really...
All I'm saying is use the price of bitcoin at the point of sale for your records...
I agree. PayPal doesn't use 'official' exchange rates either...
Only few pay by Bitcoin because no chargeback if they feel something wrong, no fraud attempts.
All of my dozens VPS are paid only by Bitcoin.
Are you sure you are not https://en.wikipedia.org/wiki/Anna_Chapman?
@rm_ Damn, you've got me!
With so many providers making accepting bitcoin so easy, coinbase, bitpay, we saw no reason not to add it.
Another thing: Bitcoin can only be withdrawn into actual cash when someone is willing to take the coins off your hands and exchange + fees.
Have accepted BTC via bitpay for about a year or so, couple of issues as BitPay allow customers to request refunds and their module does not support refunding, but no major issues with it.
Have been accepting Bitcoin for a while. No issues. Customers use it fine too.
We've had a good experience so far accepting Bitcoin through BitPay. No fees ftw.
+1 for BitPay , BlockChain is also working perfect.
Though, we are still on edge as our Govt. ( in India ) is not having a clear policy for BitCoins.
try https://hostclean.com
My company accepts BTC, a load of companies are joining the wagon honestly.
Not sure what the laws/regulations are in your country. But here in the U.S. you are allowed to accept anything whatsoever in exchange for services. You can accept payment in bitcoins or in used mousepads if you like. You just keep records, explain what you transacted to your accountant, and he figures out how you pay tax on your income at the end of the year. Accurate valuation of bitcoins or mousepads doesn't even matter much to the gov't as you will still be taxed on gains later if they went up in value (though there is some potential for abuse due to different tax rates applicable in some cases; obviously, run an honest business and that won't be a problem).
I can't see any reason why you wouldn't accept Bitcoin at this point.
Well, like i said, some countries ( for us in India ) , there is a confusion over the future of BitCoin. If it passes the test ( the fears of bitcoins being used for illegal stuff and money laundering and a sttrict response by the Govt. ) i dont see why bitcoing must not be the #1 choice for any online transaction.
As of now, BitCoin is stable and with BitPay and BlockChain, things are far far more easy than any other gateway.