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> Accepting bitcoin as payment isn't beneficial right now. There's no benefit for merchants, because it's instantly converted back to traditional currency. I s
by wwwtyro 12y ago
> Accepting bitcoin as payment isn't beneficial right now. There's no benefit for merchants, because it's instantly converted back to traditional currency.
I see two advantages: 1) They get their name in the news (and in consumers minds), and 2) they get the bitcoin spenders that they may not have otherwise (an admittedly small bump at the moment, but a bump nonetheless and at virtually no cost).
- sillysaurus3 12y ago2) they get the bitcoin spenders that they may not have otherwise (an admittedly small bump at the moment, but a bump nonetheless and at virtually no cost). I'd love to see evidence of bitcoin spenders. So far, they haven't been: http://blog.samaltman.com/bitcoin-price-pressure http://blog.samaltman.com/bitcoin-price-pressure I hear from merchants who start taking bitcoin that after an initial spike they see almost no volume. The above quote fits with my experience as well, though my sample size was a single merchant. I noticed they were accepting bitcoin, so I sent a congratulatory email and got a response along the lines of, "Surprisingly, no one at all has bought my product using bitcoin! Maybe that will change in the future..."