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The move is to add bitcoin to your online store, generate a bit of buzz from the gimmick and then remove it since it makes no sense.

by pbreit 11y ago

minimaxir 11y ago
Adding a Bitcoin payment option is not "free," since there is non-technical overhead opportunity cost/QA/support involved with adding Bitcoin payments, even if using a payment processing API eliminates the technical overhead. It is too much effort for "a bit of buzz."
- makomk 11y ago
  Probably the support overhead especially. The most popular Bitcoin payment provider (Coinbase) apparently fails transactions and requires manual intervention if they don't receive them within 15 minutes, and I'm not sure what they mean by receive but it happened to me despite sending payment within a couple of minutes of starting the transaction. Per the docs, they don't send any kind of API callback if this happens, just an automated e-mail telling the vendor what happened. Of course, that's an ongoing cost so it kind of makes sense to add Bitcoin for the publicity and then remove it later.
deleted 11y ago
[deleted]
troymc 11y ago
It seem you also get a bit of buzz when you remove it.
MichaelGG 11y ago
Accepting BTC via a company that converts it to USD immediately is great for high-risk operations. Like, suppose you sell VoIP online to anyone. You're going to have a ton of fraud. BTC allows you to work with legitimate companies and re-sellers without having to worry about credit checks. It's also handy for light hiding of your ID with respect to the store. If I purchase some degenerate online service from a company and pay using BTC, the chances of _them_ getting my actual name are far, far, less than if I use a credit card in my own name. (And buying prepaid cards is more of a hassle.)
bdcravens 11y ago
Especially if you factor in refunds. Stripe, for instance, does immediate fiat conversion, so a refund will pretty much never be 1:1 Bitcoin. Imagine what happens when price shoots up, and customers ask for refunds, thinking they'll profit off of raised Bitcoin price. You'll either have pissed off "customers", or your store will quickly turn into nothing but an arbitrage tool.

The move is to add bitcoin to your online store, generate a bit of buzz from the gimmick and then remove it since it makes no sense.

by pbreit 11y ago

The move is to add bitcoin to your online store, generate a bit of buzz from the gimmick and then remove it since it makes no sense.

minimaxir 11y ago

Adding a Bitcoin payment option is not "free," since there is non-technical overhead opportunity cost/QA/support involved with adding Bitcoin payments, even if using a payment processing API eliminates the technical overhead. It is too much effort for "a bit of buzz."

makomk 11y ago
Probably the support overhead especially. The most popular Bitcoin payment provider (Coinbase) apparently fails transactions and requires manual intervention if they don't receive them within 15 minutes, and I'm not sure what they mean by receive but it happened to me despite sending payment within a couple of minutes of starting the transaction. Per the docs, they don't send any kind of API callback if this happens, just an automated e-mail telling the vendor what happened. Of course, that's an ongoing cost so it kind of makes sense to add Bitcoin for the publicity and then remove it later.

deleted 11y ago

[deleted]

troymc 11y ago

It seem you also get a bit of buzz when you remove it.

MichaelGG 11y ago

Accepting BTC via a company that converts it to USD immediately is great for high-risk operations. Like, suppose you sell VoIP online to anyone. You're going to have a ton of fraud. BTC allows you to work with legitimate companies and re-sellers without having to worry about credit checks. It's also handy for light hiding of your ID with respect to the store. If I purchase some degenerate online service from a company and pay using BTC, the chances of _them_ getting my actual name are far, far, less than if I use a credit card in my own name. (And buying prepaid cards is more of a hassle.)

bdcravens 11y ago

Especially if you factor in refunds. Stripe, for instance, does immediate fiat conversion, so a refund will pretty much never be 1:1 Bitcoin. Imagine what happens when price shoots up, and customers ask for refunds, thinking they'll profit off of raised Bitcoin price. You'll either have pissed off "customers", or your store will quickly turn into nothing but an arbitrage tool.