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#edit - just wondering, would it be necessary to include another BTC checkout button, e.g. from mtgox? Or can any BTC user anywhere use this button to checkout?
Also - a big one - is there/will there be support for recurring payments? Actually, is that even possible?
Are there plans to make it possible to just receive the bitcoins directly rather than a cash payment in a bank account? I'd like to accept bitcoins but have the coins transferred to my wallet.
Cashing out to a bank account is optional and not on by default.
Suggestion: I found the option "Send to a bitcoin address" to be confusing. I would have expected it to say "Send from a bitcoin address." Upon further reflection, it's clear why I expected that. First, when a user goes through a typical online checkout/payment, they are not concerned about where the money is going to , they are concerned about where it is coming from , i.e., putting their credit card info in. Second…
It now reads like this: http://cl.ly/image/2n3Y3F261o1s
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Why? Serious question, if I get a refund the amount isn't compensated for changes in the Australian dollar. Either the buyer or seller will lose out if the value of bit-coins change, so is there a compelling reason for picking which party that is other than "merchants have the control to give whatever refund amount they want"
Considering that customers generally get to choose whether and when (within a certain window) to ask for a refund, refunding the same amount of BTC gives customers a license to steal.
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That would fall into the category of exchange going under. Similar risk to cash in the mail, except with cash in the mail there's nothing you can do to protect yourself (or prove that delivery was accepted.)
> That would fall into the category of exchange going under. Bitcoin exchanges are not like Paypal, it's a terrifically bad idea to keep your coins in a wallet controlled by a third party for any length of time.
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> That would fall into the category of exchange going under. Bitcoin exchanges are not like Paypal, it's a terrifically bad idea to keep your coins in a wallet controlled by a third party for any length of time.
What do you do with them, then? I thought the point of Coinbase was to have a hosted wallet. I'm not sure I trust my security better than theirs. If the reply to that is that I should not be using Bitcoin, that's probably a sign of an issue that may limit widespread adoption.
Local wallets are easy to keep secure. Just keep it on a flashdrive, don't let it touch your harddrive, and don't use it on a pwnd computer. If you want, you can even keep that flashdrive in a real bank.
Are there plans to make it possible to just receive the bitcoins directly rather than a cash payment in a bank account? I'd like to accept bitcoins but have the coins transferred to my wallet.
The default is just to receive bitcoins. Cashing out to a bank account is optional and not on by default.
I'd love to transparently accept BTC on a website I'm building, and have the merchant company send me a check every month.. I'm really hesitant to use (and thus implicitly recommend) Coinbase, since they're asking for Bank username/passwords from users. Even thought it's not necessary, it makes these guys really look rather Shady to me, so I'm really reluctant to use their solution. Has anyone else worked with Bitpay…
Founder here - just wanted to clarify that bank username/password is not required, you can also use deposit verification. But glad to hear you're interested in accepting bitcoin. Thanks!
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What do you do with them, then? I thought the point of Coinbase was to have a hosted wallet. I'm not sure I trust my security better than theirs. If the reply to that is that I should not be using Bitcoin, that's probably a sign of an issue that may limit widespread adoption.
Treat your local bitcoin wallet like your bank account, and treat your hosted bitcoin wallet like your leather wallet in your pocket. Only keep what you need in the leather wallet / hosted wallet. Local wallets are easy to keep secure. Just keep it on a flashdrive, don't let it touch your harddrive, and don't use it on a pwnd computer. If you want, you can even keep that flashdrive in a real bank.
But the evidence seems to show that the track record of bitcoin accounts kept by individuals is significantly worse. For instance, http://arstechnica.com/tech-policy/2012/10/78-percent-of-bit... and I think I am safe in concluding that a significant portion of those "non-circulating" bitcoins are actually lost.
So my financial advice would be that you are better off trusting an exchange than trusting your own storage and backup procedures.