3 ms·
Afaik Bitpay basically guarantee the what you get as a merchant. Your price your stuff in US$ and it's converted to Bitcoin at the checkout at a rate they are w
by nly 13y ago
Afaik Bitpay basically guarantee the what you get as a merchant. Your price your stuff in US$ and it's converted to Bitcoin at the checkout at a rate they are willing to sell them at (presumably on the open market)
e.g. I just tried to buy 36 months of reddit gold at $89.97, which came up as 0.10454514 BTC = $860/BTC... which is almost exactly the trading rate on Bitstamp.
- bennyg 13y agoYeah, but you have to pretty much turn that money back into cash ASAP if the value of BTC is dropping, or else someone pays you 1 BTC for something and that's worth ~$800 one day and $100 another. If it's just in an account, you've lost a lot of value, right?
- nly 13y agoTbh, I thought Bitpay did all that for you.
- bdcs 13y agoYou can use bitcoin as a payment network so that you have zero bitcoin price exposure. Truly none. For example, with BitPay your POS terminal tells a price denominated in USD to BitPay, (BitPay quotes a bitcoin-denominated price to the customer with a unique address and the customer pays), and then BitPay tells the merchant the payment came through. BitPay credits the merchant account the USD-denominated value. At the end of the day, BitPay settles up the account (eg. ACH payment to merchant bank account). Never does the merchant hold bitcoins.