Shopify Merchants Can Now Accept Bitcoin • Hacker News Board

Re: Shopify Merchants Can Now Accept Bitcoin

#21

Post by sheetjs » Wed, Nov 27, 2013, 4:57 PM UTC

brianalkerton wrote: post #15

sheetjs wrote: post #14

Earlier quoted context omitted.

Yes, they note that they use bitpay on the website: > Our new Bitcoin integration is available through BitPay and can be used alongside other payment services, like Shopify Payments and PayPal. But they don't mention whether there are any service fees added by Shopify

We treat Bitpay transactions the same as any other in terms of fees/pricing. There's a 1% or 2% transaction fee on plans with lower monthly fees, but those are waived if you use Shopify Payments for credit card acceptance (even on Bitpay transactions). A better breakdown can be found here: http://www.shopify.com/pricing

That would be something useful to note on the website

Re: Shopify Merchants Can Now Accept Bitcoin

#22

Post by gravitronic » Wed, Nov 27, 2013, 5:00 PM UTC

adrow wrote: post #18

So if someone is running conversion tracking at checkout for analytics etc... what currency gets reported? The post says: "You can choose to receive your payments in Bitcoins (paid into your Bitcoin wallet) or paid in your local currency directly into your bank account every business day." If your shop currency is set to GBP but someone pays in BTC, what gets populated if using {{ shop.currency }} and {{ total_price…

I believe the interface to bitpay works with USD, so you will see USD here whether or not you keep the bitpay funds in BTC or autoconvert to USD.

Re: Shopify Merchants Can Now Accept Bitcoin

#23

Post by CurrentB » Wed, Nov 27, 2013, 5:32 PM UTC

Pretty cool but I wish either that they had integrated with coinbase instead of bitpay, or that bitpay would hurry up and approve or deny my 3 week old application.

Re: Shopify Merchants Can Now Accept Bitcoin

#24

Post by atmosx » Wed, Nov 27, 2013, 5:34 PM UTC

Awesome now people can spend their bitcoin!!!! Good luck finding that kind of people.

Re: Shopify Merchants Can Now Accept Bitcoin

#25

Post by salient » Wed, Nov 27, 2013, 5:51 PM UTC

Is there a way to do recurring payments with Bitcoin yet?

Re: Shopify Merchants Can Now Accept Bitcoin

#26

Post by salient » Wed, Nov 27, 2013, 5:54 PM UTC

blhack wrote: post #4

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

Bitpay immediately converts your Bitcoin payments to USD. Customers pay with BTC, but you receive USD.

I hope this will not always be the case with merchants, otherwise Bitcoin will never sever its ties with the dollar.

Re: Shopify Merchants Can Now Accept Bitcoin

#27

Post by makomk » Wed, Nov 27, 2013, 6:16 PM UTC

blhack wrote: post #4

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

Bitpay immediately converts your Bitcoin payments to USD. Customers pay with BTC, but you receive USD.

Well, assuming Bitpay can afford to meet the USD payments. Behind the scenes they can't actually convert Bitcoin to USD instantly, so they're basically eating any change in the Bitcoin-USD rate between the transaction happening and them cashing out. If there's a big enough crash or they receive so many payments that the market cannot absorb the Bitcoin sales, they could easily find themselves unable to meet their obligations. (Things actually looked a bit hairy when BFL used them for payments just because of the sheer amount of Bitcoin they had to convert in a short period.)

Re: Shopify Merchants Can Now Accept Bitcoin

#28

Post by simplemath » Wed, Nov 27, 2013, 6:43 PM UTC

salient wrote: post #25

Is there a way to do recurring payments with Bitcoin yet?

You can set up recurring payments on Coinbase.

Re: Shopify Merchants Can Now Accept Bitcoin

#29

Post by enraged_camel » Wed, Nov 27, 2013, 6:44 PM UTC

svmegatron wrote: post #3

Shopify rules. It seems like every week, they roll out another cool new feature. Shopify Payments and POS got a lot of attention here, but another excellent recent feature is gift cards! Gift cards are SO nice to be able to sell during the holidays. I also have a fraud-screening app that is tightly integrated with Shopify: https://www.merchantprotector.net/

I looked at it, but gave up after I couldn't find pricing information. I don't want to sign up for a free trial before I know the pricing breakdown.

Re: Shopify Merchants Can Now Accept Bitcoin

#30

Post by BoldBoldness » Wed, Nov 27, 2013, 6:57 PM UTC

With such a deflationary momentum, who is seriously going to use bitcoin for shopify when it's value goes up by 100 percent every few months? As far as I'm concerned, the great "success" of bitcoin is also its greatest obstacle. Without the ability to reasonably use it as an actual currency, then its only tangible value it has does not actually exist. It's just a giant masturbatory gambling vehiclw that without any sort of stability will ultimately become worthless.

With that all said, I am totally jealous about bitcoin and wish I had bought a bunch last year.