Can someone tell how Stripe (or other providers) guarantee immunity from price fluctuations?
Stripe: Bitcoin
31–40 of 374 posts
Re: Stripe: Bitcoin
#32I'm assuming this doesn't work for recurring payments?
Re: Stripe: Bitcoin
#33Too bad BitCoin isn't default and more of an opt-out kind of thing. Eventually...
Re: Stripe: Bitcoin
#34Earlier quoted context omitted.
I think the crutch now is not that it's hard to acquire bitcoins (thanks to coinbase and friends) or pay with bitcoin (thanks to stripe and friends), no, the only crutch is why should I buy bitcoins with my dollars when I can just pay with my dollars directly? It can be useful for people who either don't have access to credit cards but have access to bitcoins, people who already have a lot of bitcoins and curious tec…
> should I buy bitcoins with my dollars when I can just pay with my dollars directly? Cheaper fees (0.5% vs 2.9%) can be potentially passed on to consumers. And anonymity.
Cash is as anonymous as it gets.
Re: Stripe: Bitcoin
#35Honestly, this may be what it takes to see more mainstream consumer adoption. A lot of the apps with high levels of penetration in this generalized demographic seem to use Stripe--if it's truly a frictionless integration, it will be really interesting to see the market's response. Coinbase & exchange API's were the first step. Single-script hosted payment processing with a UI focus (accessible to tech and grassroots…
The bigger problem with mainstream consumer adoption is the fact that mainstream consumers don't have any bitcoins to spend. Then there's the fact that you have to use an exchange to buy the coins in the first place and... let's just say bitcoin exchanges aren't exactly known as secure financial institutions. It seems a large bitcoin exchange is hacked and shuts down just about weekly: Just hours ago: Cavritex, Canad…
> you have to use an exchange to buy the coins
No you don't. You can sell stuff on Craigslist for bitcoins. You can mine. You can buy coins in person from a friend/from localbitcoins. You can receive remittance from your oversea family in bitcoins. You can buy them from a Bitcoin ATM. Etc. There are tons of ways to acquire bitcoins without "having" to use an exchange.
Re: Stripe: Bitcoin
#36What a fantastic product page. After less that 30 seconds, I knew exactly what Stripe was doing with Bitcoin, how to use the new feature and integrate it. This is great news for Bitcoin. If all it takes is one extra line of code for online retailers to start accepting the currency, widespread adoption could sky rocket. That's always been Bitcoin's crutch, simple integration. Others like Coinbase and Bitpay have made…
Actually, I disagree. I prefer video. I can always rewind to read it, pause if I'm distracted and it's very small text on my phone.
I agree. If you insist on having it be animated make it a video. I'd actually just prefer a few screenshots showing the key things that I can go back and forth between so I don't have to sit and watch something that could be summed up in 3 or 4 slides that are digested in a few seconds.
Re: Stripe: Bitcoin
#37Stripe's Terms of Service reveal that they use Coinbase in the backend to transact and exchange the bitcoins: https://stripe.com/bitcoin/terms If you are a small merchant planning to do less than $1-2 million dollars in sales, you might still prefer using Coinbase directly instead of Stripe though, because Coinbase waives all fees until the first $1 million dollars (then it's 1%), but Stripe charges a constant 0.5% f…
In favor of Stripe: developers cost at least $2k/week, and .5% of $2MM is $10k. Ease of integration can easily dominate transaction fees.
Re: Stripe: Bitcoin
#38Can someone tell how Stripe (or other providers) guarantee immunity from price fluctuations?
Merchant sets their price in dollars (for example) and the price in Bitcoin is calculated when a transaction is made using the current btc exchange rate.
Re: Stripe: Bitcoin
#39Earlier quoted context omitted.
I think the crutch now is not that it's hard to acquire bitcoins (thanks to coinbase and friends) or pay with bitcoin (thanks to stripe and friends), no, the only crutch is why should I buy bitcoins with my dollars when I can just pay with my dollars directly? It can be useful for people who either don't have access to credit cards but have access to bitcoins, people who already have a lot of bitcoins and curious tec…
> should I buy bitcoins with my dollars when I can just pay with my dollars directly? Cheaper fees (0.5% vs 2.9%) can be potentially passed on to consumers. And anonymity.
In the last 24 hours, Bitcoin has been worth between $232 and $238, so that could be called a 3% fee on top of the 0.5% fee, and that 3% is just from the last 24 hours. If you look at the last week, the fee could be considered even higher (more than double or quad that).
The problem with Bitcoin is that it is extreme volatile. So you may gain or lose money. So while a 2.9% free on dollars is fairly predictable, you really don't know what the final "fee" would be on Bitcoin.
Re: Stripe: Bitcoin
#40I'm assuming this doesn't work for recurring payments?
(I work for Stripe.) That's correct. Stripe does not currently support recurring or repeated payments with Bitcoin. The receivers can only be used for a single payment.