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I tell them I want to get paid X dollars in bitcoins, and they tell me how many bitcoins I should ask for and what address they should be sent to. Stripe then g
by minimax 13y ago
I tell them I want to get paid X dollars in bitcoins, and they tell me how many bitcoins I should ask for and what address they should be sent to. Stripe then gives me the dollars I asked for (minus a small processing fee, of course).
How much is the fee? Is it a fixed amount or proportional to the transaction value? How does Stripe set the dollar denominated bitcoin price? One easy way to make a bitcoin payment look cheap is to offer a low fee but offer a slightly inflated exchange rate and take a profit out of the difference between the rate used for payment and the rate you can get in the market (exchanges or dealers). It's hard to compare the economic value of dollar denominated bitcoin payments (relative to credit cards) without knowing these details.
- shawabawa3 13y ago> How does Stripe set the dollar denominated bitcoin price? One easy way to make a bitcoin payment look cheap is to offer a low fee but offer a slightly inflated exchange rate I just made a $5 payment, and the btc value matched the bitstamp exchange rate
- pc 13y agoWe actually haven't figured out how the pricing will work yet. (We want to make sure we have the product right first.)
- minimax 13y agoThanks for responding! Can you comment about how you set the bitcoin/dollar rate you use for pricing?
- waffle_ss 13y agoWill you be easing up on the "prohibited businesses"[0] restrictions for these Bitcoin transfers, since you aren't beholden to the credit card networks for these transactions? I've got a business that falls under category #2 that I'd like to use Stripe for but can't. [0]: https://stripe.com/prohibited_businesses https://stripe.com/prohibited_businesses
- driverdan 13y agoWhy bother with Stripe if you just want to accept BTC? Use BitPay, Coinbase, or someone else.
- deleted 13y ago[deleted]
- darkarmani 13y agoOh, i thought you were going to say "Mail-order brides," which for some reason they don't let you do.
- simonebrunozzi 13y agoHi Patrick. I think you should either give some guidelines, or ask for explicit suggestions about it. Great move, by the way. Happy to buy you a coffee and chat about it next time I see you in the Mission.
- jamesaguilar 13y agoIf I were building it, I'd just match the price to whatever the prices were on the exchange I'm using, maybe with a small amount of padding to cover pessimal volatility.