This seems like a great idea, since people who are into BitCoin are likely to use online dating services.
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OKCupid starts accepting Bitcoin using Coinbase
11–20 of 86 posts
Re: OKCupid starts accepting Bitcoin using Coinbase
#12Earlier quoted context omitted.
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!
I think it's just a reflection of the underlying transaction facilitators (CC processors vs Bitcoin exchanges). The CC processors charge the % + fee, and the services that build on top of that tack on their cut. MtGox charges a % cut (I forget what it is, but it's below CC rates by a lot) and so you tack on your cut on top of it to end up with a lower cost than CC processors.
I really do feel that MtGox will move to a higher fee schedule as Bitcoin volume increases, so it'll be interesting to see the convergence of Bitcoin fees vs CC/Stripe/Paypal fees and how processors reconcile the two and balance growth (driven by lower cost) vs immediate profits.
Re: OKCupid starts accepting Bitcoin using Coinbase
#13This seems like a great idea, since people who are into BitCoin are likely to use online dating services.
Honestly, I would be surprised if more than 1% of OkCupid's user base switched to BitCoin.
Back in the 90s, the nerds dominated online dating. Same story with the Bulletin Board Systems of the 70s (The Matchmaker) and the punch cards at Stanford in the 60s (Happy Families Planning Services, used on the IBM 650) for the purposes of online dating. Today, it's much more pervasive with 75% of singles in the U.S. having tried online dating. Most of the women I've talked to on OkCupid are not technical, and when I setup a fake account to see what types of messages girls would receive, none of the people who initiated contact were hackers.
I still don't think the mainstream understands what BitCoin is, or why it's valuable. They hear things like "anonymous" and then wonder what they'd need that for, not seeing that the earliest users of BitCoin were hobbyists, hackers, and Silk Road members. If anything, hopefully this will push people to become BitCoin users, assuming the sign up process is easy enough and the price difference is enough to make them switch.
Re: OKCupid starts accepting Bitcoin using Coinbase
#14This seems like a great idea, since people who are into BitCoin are likely to use online dating services.
Honestly, I would be surprised if more than 1% of OkCupid's user base switched to BitCoin. Back in the 90s, the nerds dominated online dating. Same story with the Bulletin Board Systems of the 70s (The Matchmaker) and the punch cards at Stanford in the 60s (Happy Families Planning Services, used on the IBM 650) for the purposes of online dating. Today, it's much more pervasive with 75% of singles in the U.S. having t…
Don't overthink the joke.
Re: OKCupid starts accepting Bitcoin using Coinbase
#15Earlier quoted context omitted.
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!
I think it's just a reflection of the underlying transaction facilitators (CC processors vs Bitcoin exchanges). The CC processors charge the % + fee, and the services that build on top of that tack on their cut. MtGox charges a % cut (I forget what it is, but it's below CC rates by a lot) and so you tack on your cut on top of it to end up with a lower cost than CC processors. I really do feel that MtGox will move to…
That might not happen, credit card fees are usually broken down as so:
1. Receiving Bank Fee 2. Sending Bank Fee (most of the charge) 3. Network fee (visa, mastercard, etc)
And a good amount of fraud built into those fees. Fees often vary by fraud risk, with internet and telephone charging ~3% and supermarkets getting around %1 already. Debit cards can be flat fee also.
Re: OKCupid starts accepting Bitcoin using Coinbase
#16Earlier quoted context omitted.
Honestly, I would be surprised if more than 1% of OkCupid's user base switched to BitCoin. Back in the 90s, the nerds dominated online dating. Same story with the Bulletin Board Systems of the 70s (The Matchmaker) and the punch cards at Stanford in the 60s (Happy Families Planning Services, used on the IBM 650) for the purposes of online dating. Today, it's much more pervasive with 75% of singles in the U.S. having t…
Don't overthink the joke.
I must have missed the sarcasm. Plenty of people mistakenly believe that online dating is still used mainly by nerds. It was true at one point in time.
Edit: I find it strange that you deleted your previous comment after you wrote a reply to my comment, which said you've enjoyed using OkCupid for 8 years. That comment was part of what prompted me to respond initially, and why I didn't think it was sarcasm.
Re: OKCupid starts accepting Bitcoin using Coinbase
#17Earlier quoted context omitted.
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!
I think it's just a reflection of the underlying transaction facilitators (CC processors vs Bitcoin exchanges). The CC processors charge the % + fee, and the services that build on top of that tack on their cut. MtGox charges a % cut (I forget what it is, but it's below CC rates by a lot) and so you tack on your cut on top of it to end up with a lower cost than CC processors. I really do feel that MtGox will move to…
I think it's just a reflection of the underlying transaction facilitators (CC processors vs Bitcoin exchanges).
And thats one of the reasons Satoshi started Bitcoin to begin with - transactions within the traditional money network have become very complex and expensive. One of the aims of bitcoin is more economically efficient transactions:
The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party
Re: OKCupid starts accepting Bitcoin using Coinbase
#18Earlier quoted context omitted.
Don't overthink the joke.
I must have missed the sarcasm. Plenty of people mistakenly believe that online dating is still used mainly by nerds. It was true at one point in time. Edit: I find it strange that you deleted your previous comment after you wrote a reply to my comment, which said you've enjoyed using OkCupid for 8 years. That comment was part of what prompted me to respond initially, and why I didn't think it was sarcasm.
Original comment doesn't state that online dating is used mainly by nerds, but that nerds mainly use online dating.
Re: OKCupid starts accepting Bitcoin using Coinbase
#19Until Bitcoin normalises it sadly doesn't matter who accepts it, the currency is experiencing so much instability you're better off buying a prepaid Visa debit card and using that for paying for online dating services. It;s good to see more services accepting the currency but it doesn't change the fact it's a hotbox for hacker attacks, old fashioned bank-running when the price rises and all of the investors it has attracted looking to make a quick buck.
Re: OKCupid starts accepting Bitcoin using Coinbase
#20Until Bitcoin normalises it sadly doesn't matter who accepts it, the currency is experiencing so much instability you're better off buying a prepaid Visa debit card and using that for paying for online dating services. It;s good to see more services accepting the currency but it doesn't change the fact it's a hotbox for hacker attacks, old fashioned bank-running when the price rises and all of the investors it has at…
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