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OKCupid starts accepting Bitcoin using Coinbase

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Re: OKCupid starts accepting Bitcoin using Coinbase

#3

Post by hkmurakami »

Do businesses that accept bitoins for payments typically immediately cash it out on exchanges or do they actually carry the "FX" risk?

edit: since MtGox only charges a fixed %age fee for transactions, automating a conversion into USD wouldn't cost any more than doing periodic larger transactions (other than the development and maintenance cost of such a system

Re: OKCupid starts accepting Bitcoin using Coinbase

#4

Post by barmstrong »

hkmurakami wrote: post #3

Do businesses that accept bitoins for payments typically immediately cash it out on exchanges or do they actually carry the "FX" risk? edit: since MtGox only charges a fixed %age fee for transactions, automating a conversion into USD wouldn't cost any more than doing periodic larger transactions (other than the development and maintenance cost of such a system

See "instant exchanges" https://coinbase.com/docs/merchant_tools/payouts

Re: OKCupid starts accepting Bitcoin using Coinbase

#5

Post by [deleted] »

hkmurakami wrote: post #3

Do businesses that accept bitoins for payments typically immediately cash it out on exchanges or do they actually carry the "FX" risk? edit: since MtGox only charges a fixed %age fee for transactions, automating a conversion into USD wouldn't cost any more than doing periodic larger transactions (other than the development and maintenance cost of such a system

[deleted]

Re: OKCupid starts accepting Bitcoin using Coinbase

#7

Post by hkmurakami »

barmstrong wrote: post #4
hkmurakami wrote: post #3

Do businesses that accept bitoins for payments typically immediately cash it out on exchanges or do they actually carry the "FX" risk? edit: since MtGox only charges a fixed %age fee for transactions, automating a conversion into USD wouldn't cost any more than doing periodic larger transactions (other than the development and maintenance cost of such a system

See "instant exchanges" https://coinbase.com/docs/merchant_tools/payouts

Thx for the info!

It'll be interesting to see how the model and fees develop, as Btc exchanges move from the current x% model to the inevitable x% + $y, $y, or $y/share model.

Re: OKCupid starts accepting Bitcoin using Coinbase

#8

Post by spoiledtechie »

barmstrong wrote: post #4
hkmurakami wrote: post #3

Do businesses that accept bitoins for payments typically immediately cash it out on exchanges or do they actually carry the "FX" risk? edit: since MtGox only charges a fixed %age fee for transactions, automating a conversion into USD wouldn't cost any more than doing periodic larger transactions (other than the development and maintenance cost of such a system

See "instant exchanges" https://coinbase.com/docs/merchant_tools/payouts

Did anyone else read the fees?

1% and 15cents? That's incredible.... Compared to the 2.9% and 30 cents most other payment processors charge.

I will be migrating my start up soon!

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