Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Khan Academy now accepts Bitcoin via Coinbase

blog.coinbase.com

Post reply on HN
Print view View original

11–20 of 21 posts

Re: Khan Academy now accepts Bitcoin via Coinbase

#11

Post by jc123 »

ronyeh wrote: post #3

Cool stuff, but I wonder, even if the price of BTC stabilizes, will "normal everyday people" use it? I'm taking a coursera class (Startup 101 by Stanford) where we'll use BTC to fund our projects. But it seems like it's more confusing to the average user to see a "Donate Bitcoin" button on my page. I'd rather it just say "Donate" and have my payments processor accept any local currency. Also, the Winklevoss twins are…

"if the price of BTC stabilizes" is the key

Does anyone else think that BTC is the greater fool theory (http://en.wikipedia.org/wiki/Greater_fool_theory) ?

Will the world allow itself to be swindled by the Winklevoss twins? For all its advantages, it seems there will always be high risk and speculation to it.

Re: Khan Academy now accepts Bitcoin via Coinbase

#12

Post by [deleted] »

superuser2 wrote: post #7
zanny wrote: post #5

Earlier quoted context omitted.

> I'd rather it just say "Donate" and have my payments processor accept any local currency. They have dealt with the ecentricities of their local money their entire life. Bitcoin is new. In the end, from an objective standpoint, scanning a QR code and confirming the transaction is easier than dealing with debit / credit cards -> bank accounts -> checkbooks, etc. I still have a POS time with routing numbers and bank a…

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

[deleted]

Re: Khan Academy now accepts Bitcoin via Coinbase

#13

Post by [deleted] »

zanny wrote: post #8
superuser2 wrote: post #7

Earlier quoted context omitted.

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

Coinbase delays the disbursement to keep you from chargebacking. Same thing happens in Dwolla. If you send a money order over snail mail to an exchange, you can get your funds available same day (they receive it). It isn't anything bitcoin can change - it is moving money from a chargeback system to one without a way to reverse transactions. If they allowed chargebacking, they would be exploited and go bankrupt.

[deleted]

Re: Khan Academy now accepts Bitcoin via Coinbase

#14

Post by alixr »

dmnd wrote: post #9
citricsquid wrote: post #2

Tangentially related Matt from Wordpress did an AMA on reddit yesterday and mentioned the Bitcoin integration they've done: in the last 9 months there's been 94 total Bitcoin transactions. Hopefully Khan academy will release figures too so we can see how the adoption of Bitcoin is going. http://www.reddit.com/r/IAmA/comments/1jg781/i_am_matt_mulle...

Since I turned this on at 6pm today, there's been 24 transactions for a total of 6.174 BTC. There's been 4 donations of 1.0 BTC but none larger. I set the default at 1.0 BTC; perhaps I should increase it!

Don't get greedy.

Re: Khan Academy now accepts Bitcoin via Coinbase

#15

Post by alixr »

superuser2 wrote: post #7
zanny wrote: post #5

Earlier quoted context omitted.

> I'd rather it just say "Donate" and have my payments processor accept any local currency. They have dealt with the ecentricities of their local money their entire life. Bitcoin is new. In the end, from an objective standpoint, scanning a QR code and confirming the transaction is easier than dealing with debit / credit cards -> bank accounts -> checkbooks, etc. I still have a POS time with routing numbers and bank a…

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

Transactions in person and Bitcoin ATM's will be the bread-and-butter of exchanging fiat money for BTC as it gains widespread adaptation.

Re: Khan Academy now accepts Bitcoin via Coinbase

#16

Post by alixr »

jc123 wrote: post #11
ronyeh wrote: post #3

Cool stuff, but I wonder, even if the price of BTC stabilizes, will "normal everyday people" use it? I'm taking a coursera class (Startup 101 by Stanford) where we'll use BTC to fund our projects. But it seems like it's more confusing to the average user to see a "Donate Bitcoin" button on my page. I'd rather it just say "Donate" and have my payments processor accept any local currency. Also, the Winklevoss twins are…

"if the price of BTC stabilizes" is the key Does anyone else think that BTC is the greater fool theory ( http://en.wikipedia.org/wiki/Greater_fool_theory ) ? Will the world allow itself to be swindled by the Winklevoss twins? For all its advantages, it seems there will always be high risk and speculation to it.

I could say you're part of the greater fool theory anytime you get paid in or sell something for fiat money. It only has value as long as people are willing to accept it, same thing applies to Bitcoin.

But Bitcoin is also an incredibly small market and as such it's susceptible to manipulation from already wealthy individuals like the Winklevii. Unfortunately for them bitcoin are worthless without circulation (i.e. people willing to accept them).

Bitcoin gained a lot of traction and new blood this year, most of these newcomers are standing around wondering where things will go without thinking about why they invested in the first place. People also don't seem to understand it's still in testing despite the high value.

Re: Khan Academy now accepts Bitcoin via Coinbase

#17

Post by jadeddrag »

superuser2 wrote: post #7
zanny wrote: post #5

Earlier quoted context omitted.

> I'd rather it just say "Donate" and have my payments processor accept any local currency. They have dealt with the ecentricities of their local money their entire life. Bitcoin is new. In the end, from an objective standpoint, scanning a QR code and confirming the transaction is easier than dealing with debit / credit cards -> bank accounts -> checkbooks, etc. I still have a POS time with routing numbers and bank a…

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

The easiest way is to purchase bitcoin from a friend or coworker. Hand them cash, and they should be happy to show you how to download a wallet app, and send you some bitcoin.

Re: Khan Academy now accepts Bitcoin via Coinbase

#18

Post by walden42 »

superuser2 wrote: post #7
zanny wrote: post #5

Earlier quoted context omitted.

> I'd rather it just say "Donate" and have my payments processor accept any local currency. They have dealt with the ecentricities of their local money their entire life. Bitcoin is new. In the end, from an objective standpoint, scanning a QR code and confirming the transaction is easier than dealing with debit / credit cards -> bank accounts -> checkbooks, etc. I still have a POS time with routing numbers and bank a…

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

You don't have to buy bitcoins with coinbase. They use coinbase to accept them, but the donator can get them from any method they choose, including coinbase, campbx.com, localbitcoins.com, friends, mining, etc.

Re: Khan Academy now accepts Bitcoin via Coinbase

#19

Post by srdev »

zanny wrote: post #5
ronyeh wrote: post #3

Cool stuff, but I wonder, even if the price of BTC stabilizes, will "normal everyday people" use it? I'm taking a coursera class (Startup 101 by Stanford) where we'll use BTC to fund our projects. But it seems like it's more confusing to the average user to see a "Donate Bitcoin" button on my page. I'd rather it just say "Donate" and have my payments processor accept any local currency. Also, the Winklevoss twins are…

> I'd rather it just say "Donate" and have my payments processor accept any local currency. They have dealt with the ecentricities of their local money their entire life. Bitcoin is new. In the end, from an objective standpoint, scanning a QR code and confirming the transaction is easier than dealing with debit / credit cards -> bank accounts -> checkbooks, etc. I still have a POS time with routing numbers and bank a…

That's a bad comparison. You're comparing using Bitcoin after its set up, with a bank account with no set up. I have direct deposit plus a credit card, and using my money is as easy as a swipe or inputting some numbers. And unlike Bitcoin, I get chargeback protection and account insurance.

Re: Khan Academy now accepts Bitcoin via Coinbase

#20

Post by superuser2 »

walden42 wrote: post #18
superuser2 wrote: post #7

Earlier quoted context omitted.

But to obtain BitCoin in the first place, you need to trust Coinbase with your account and routing number and possibly ID documents, wait a week for your BitCoin to become available, and then spend it. To my knowledge there is no way for a first-time BitCoin user to make a purchase right away.

You don't have to buy bitcoins with coinbase. They use coinbase to accept them, but the donator can get them from any method they choose, including coinbase, campbx.com, localbitcoins.com, friends, mining, etc.

But none of those methods can happen on the checkout page. My mom already knows her credit card number; why is she going to put off her purchase until she can buy BitCoin somewhere else?
Post reply on HN