4 ms·

BitPay employee here. Around 50% of our merchants actually accept some or all of their settlement in Bitcoin.

by martindale 12y ago

deleted 12y ago
[deleted]
kolev 12y ago
What's the weighted average of that "some"? I doubt if it's above 10%!
- laichzeit0 12y ago
  What were you expecting, 100%? This is a new technology. Obviously most people are going to be "cautious" about it. Think about it for a second. Now look back at Bitcoin 5 years ago and compare where we are today. You're really not putting things into perspective.
  - kolev 12y ago
    New technology? Docker is a new technology, yet, it's embraced by everybody and in production. Don't give lame excuses, please! Bitcoin is the third-grade speculator's paradise.
- bob7a3 12y ago
  I doubt you know how Bitcoin works.
  - kolev 12y ago
    I smell the typical Bitcoin parrot - "you simply don't get it". Really? If I don't get it when I've been using it since 2011 for fun and profit and having 30 years of software engineering experience, then who will get it? You, for whom "HODL" is the gospel and the "allelujah"?! Get a life, seriously! If you didn't get the memo, the $40K apiece is not happening!
    - zulum 12y ago
      Famous last words.
      - kolev 12y ago
        I know you guys are heavy on cliches, which are like clutches for your disabled speech.
yawaworht_ 12y ago
Posted to /r/bitcoin: https://www.reddit.com/r/Bitcoin/comments/2oypbo/bitpay_employee_here_around_50_of_our_merchants/ https://www.reddit.com/r/Bitcoin/comments/2oypbo/bitpay_empl...
onnoonno 12y ago
This is interesting. Could you give more detailed information? Volume in BTC vs. volume in $?
- smaps 12y ago
  This was my first thought as well. They have tons of merchants using them, but I don't think a big percentage are high volume. So it could easily be that 50% of merchants keep some bitcoin, but only 2% of volume is kept that way.
- bdcravens 12y ago
  Definitely important. A merchant could be an anti-government bead jewelry maker doing $75 a month, or Microsoft. They each count one.
chatmasta 12y ago
It seems like a logical move. If a company wants to place a bet on Bitcoin, accepting it for services is a better way to acquire it than selling fiat currency on exchanges. By keeping profit margin in bitcoins, companies position themselves for a reward, without exposure to volatility risk. Avoid the risk of purchasing bitcoin (either through mining hardware, or directly on exchanges), but gain the chance of capitalizing on bitcoin.

BitPay employee here. Around 50% of our merchants actually accept some or all of their settlement in Bitcoin.

deleted 12y ago

[deleted]

kolev 12y ago

What's the weighted average of that "some"? I doubt if it's above 10%!

laichzeit0 12y ago
What were you expecting, 100%? This is a new technology. Obviously most people are going to be "cautious" about it. Think about it for a second. Now look back at Bitcoin 5 years ago and compare where we are today. You're really not putting things into perspective.
- kolev 12y ago
  New technology? Docker is a new technology, yet, it's embraced by everybody and in production. Don't give lame excuses, please! Bitcoin is the third-grade speculator's paradise.
bob7a3 12y ago
I doubt you know how Bitcoin works.
- kolev 12y ago
  I smell the typical Bitcoin parrot - "you simply don't get it". Really? If I don't get it when I've been using it since 2011 for fun and profit and having 30 years of software engineering experience, then who will get it? You, for whom "HODL" is the gospel and the "allelujah"?! Get a life, seriously! If you didn't get the memo, the $40K apiece is not happening!
  - zulum 12y ago
    Famous last words.
    - kolev 12y ago
      I know you guys are heavy on cliches, which are like clutches for your disabled speech.

yawaworht_ 12y ago

Posted to /r/bitcoin: https://www.reddit.com/r/Bitcoin/comments/2oypbo/bitpay_employee_here_around_50_of_our_merchants/ https://www.reddit.com/r/Bitcoin/comments/2oypbo/bitpay_empl...

onnoonno 12y ago

This is interesting. Could you give more detailed information? Volume in BTC vs. volume in $?

smaps 12y ago
This was my first thought as well. They have tons of merchants using them, but I don't think a big percentage are high volume. So it could easily be that 50% of merchants keep some bitcoin, but only 2% of volume is kept that way.
bdcravens 12y ago
Definitely important. A merchant could be an anti-government bead jewelry maker doing $75 a month, or Microsoft. They each count one.

chatmasta 12y ago

It seems like a logical move. If a company wants to place a bet on Bitcoin, accepting it for services is a better way to acquire it than selling fiat currency on exchanges. By keeping profit margin in bitcoins, companies position themselves for a reward, without exposure to volatility risk. Avoid the risk of purchasing bitcoin (either through mining hardware, or directly on exchanges), but gain the chance of capitalizing on bitcoin.