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Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
Brian Alkerton
Shopify Employee
Hey Everyone,
Just a quick update on this: our Bitpay integration is feature-complete and can be added to your store now.
Due to the fact that it's a very new feature and not something we're ready to roll out to all stores just yet,
you will need to contact me to have it enabled, and I may want to follow up with you for your feedback once
you've been using it for a while, but it works. When active, Bitpay will appear as a credit card processor
in the Checkout page of your shop admin - enter your access key and you'll be all set to go.
One caveat: at this time, Bitpay functions in the same way as the other credit card processors on Shopify,
meaning that you can't use Bitpay in conjunction with Authorize.net, Stripe, or other credit card processors.
PayPal Express Checkout can be used as a secondary option with Bitpay in the same way it can be used with all
other gateways.
To activate, email me your shop URL at brian@shopify.com and I'll do my best to get everyone up and running promptly!But peercoin could stand a chance to become a sort of online trading currency because of it's inflationary[1] policy. Something BitCoin should also have in order to become a widely accepted currency instead of a hoarding mechanism that gives the early adopters huge advantage over anyone else.
[1]: http://en.wikipedia.org/wiki/PPCoin#Steady_inflation
[1]: http://ppcoin.org/
Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
> considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries. This is quite asinine. I assume you've never tried to purchase an item in country A from merchant A' accepting currency A'', while you are in country B using bank B' with an account denominated in B''. The hurdles, generally, are numerous and diverse. Any lack of hurdles is quite exceptional, and complete…
If you know how to move money quickly between those locations, you can make lots of money. It isn't easy problem, because otherwise the arbitrage opportunity wouldn't exist.
Earlier quoted context omitted.
Given the volatility, probably price fluctuations is the main risk. That could have an upside or a downside for a seller. The seller would also have to trust bitpay (who it seems shopify are using) to store the coins securely, but that's really just like trusting any other payment provider, and hopefully bitpay have insurance and proper financial controls, unlike many exchanges. Great to see this happening though - I…
I am not accepting bitcoin or using BitPay but the fees seem to be much lower than any credit card: https://bitpay.com/pricing Also, I'm not sure what you mean by price fluctuations. BitPay accepts bitcoin from the customer and automatically converts it to the seller's local currency at market price. So the price is always fair and the seller never deals with bitcoin.
Sounds good at $30 a month or 1% per transaction, $30 per month almost too good to be true, but I guess they can make it up in volume if they have enough customers sending payments through. The only drawback would be persuading customers to pay in bitcoin, but that could come in time.
Also, I'm not sure what you mean by price fluctuations. BitPay accepts bitcoin from the customer and automatically converts it to the seller's local currency at market price. So the price is always fair and the seller never deals with bitcoin.
Ah I see, thanks for the correction - I'd assumed the seller set a price in bitcoin. Can't see much risk for sellers then if the prices are not set in bitcoin and it goes through a payment processor who moves it immediately to their local currency, and pays out (immediately?). I guess bitpay then has the risk as they have to hold bitcoins till they can sell them and deal with fluctuations in the meantime.
BitCoin can be better viewed as gold . If you would use gold to buy something then you will use BTC (illegal markets apart of course). But peercoin could stand a chance to become a sort of online trading currency because of it's inflationary[1] policy. Something BitCoin should also have in order to become a widely accepted currency instead of a hoarding mechanism that gives the early adopters huge advantage over anyo…
Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
> considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries. This is quite asinine. I assume you've never tried to purchase an item in country A from merchant A' accepting currency A'', while you are in country B using bank B' with an account denominated in B''. The hurdles, generally, are numerous and diverse. Any lack of hurdles is quite exceptional, and complete…
Not sure I'm following.
All of the rampant downvoting on this thread and blinkered discussion regarding Bitcoin really bothers me.. it sounds like /r/bitcoin has taken over HN.
Don't get me wrong, I believe bitcoin is the future of payments. I have absolutely no doubt that in the coming years it will become a global payments infrastructure that will destroy the idea of an international money transfer and change global e-commerce and payments forever. But the idea that it is already there is totally misguided. OP is right. There is no sense at all to use BTC to purchase legal items in the vast majority of countries.
Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
> ...no sense at all to use Bitcoins to purchase legal items in the vast majority of countries I'm speechless.
Will be interesting to see if Shopify (or anyone in general ecommerce) ever reports on the popularity of Bitcoin as a payment method considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries.
> considering there is no sense at all to use Bitcoins to purchase legal items in the vast majority of countries. This is quite asinine. I assume you've never tried to purchase an item in country A from merchant A' accepting currency A'', while you are in country B using bank B' with an account denominated in B''. The hurdles, generally, are numerous and diverse. Any lack of hurdles is quite exceptional, and complete…
I've had quite a few bad experiences trying to purchase internationally (if your billing address and your shipping address are in different countries, you're in for trouble), but I don't think BTC solves any of those. BTC doesn't solve the shipping part, and BTC doesn't solve the fact that some stuff isn't internationally available (for example, music/movies/TV shows).