Earlier 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…
There are 2.5 billion people in the world who do not have access to modern banking abilities vs. the 1 billion or so who do.
Stripe: Bitcoin
201–210 of 374 posts
Re: Stripe: Bitcoin
#202When this happen, I bet there will be some people who will be alright getting better price in exchange for loss of some protections. Otherwise it doesn't make sense now to not use credit card.
Re: Stripe: Bitcoin
#203Earlier quoted context omitted.
>...and eventually gave me my money back. How many Mt. Gox users got their money back? these are not the same situation and I think it is disingenous to act like it is. A comparable situation is that when you had your card skimmed and locked up you had to go say 3 days without access to your funds until a new card turned up, and again lets be charitable and say your bank refunded you within 2 weeks. so you were incon…
Both involve theft, except one is insured. You don't insure money that you give to an investor (Madoff), which is why it's disingenuous to compare Mt. Gox to an investment scam.
Re: Stripe: Bitcoin
#204Earlier quoted context omitted.
What you said is 100% correct, which is why companies accepting bitcoin need to give the entire ~2-3% discount to customers. Very few credit cards will match 2-3% rewards, and from the sellers perspective bitcoin is better than credit cards payments. To name a few benefits: - There are no chargebacks - Funds are available immediately (though transferring from BTC to USD may take a day) - You can accept payment from a…
- There are no chargebacks This is a huge negative for the customer, though
Re: Stripe: Bitcoin
#205Earlier quoted context omitted.
Keep in mind that the merchant fee is .5% with Strip/Bitcoin. With regular credit card payment processing, the fee is something like 2.25%. The difference could be shared equally between the merchant and their customers. Life would be 1% cheaper for everyone (kind of).
The problem with this is that, from the buyer's perspective, the price is almost always the same when using a credit card or alternative. And with a credit card, the buyer gets rewards back, typically 1% or so. So, sadly, using a credit card continues to have more protections, costs less, and has deferred payment. I don't think this is a good thing, just saying. I hold some bitcoins, but I never buy anything with the…
Re: Stripe: Bitcoin
#206Earlier quoted context omitted.
I thought he said BTC wouldn't succeed as a payment mechanism, but might as a settlement and clearing one.
You can specify amounts in USD and get the exact amount back regardless of BTC fluctuations, which seems close to his original premise.
Re: Stripe: Bitcoin
#207Giving more choices for payment is good. Sellers are including more people that can pay for their services/products. If nobody buys anything with bitcoin they lose nothing and business goes as usual. Simple.
Please get out of your bubbles and think a little more if you can't find scenarios where people would use Bitcoins rather than money. In my case If I start seeing more places accepting Bitcoins it's only more probable that I'll use it and put more money in my wallet for that. I can remember of two places I could use Bitcoins right now: Humble Bundles and Namecheap. Given the choice and more sellers using it I will use that option more and more.
Some of the credit card scenarios people are talking is again US specific. If I want to pay for something quick and simple online I have to get really out of my way to do it. I don't have credit cards and lots and lots of people don't have them and avoid them. I don't want to have one ever. Currently for me to pay anything online I have to go to MBNet to create a virtual credit card for each purchase I want to do. That card is valid for one purchase only and for a single shop/seller. There's another option where I can create a virtual card valid for one year but I can only use it in the same seller/shop. Only after that can I use all those payments systems on the internet. If I want to be protected with Paypal I have to add and remove a card each time I need to use it. So lately I just input the virtual credit card info where sellers ask in their forms and don't even care about paypal or amazon or anything else.
Basically I don't really have much of any kind of protection anyway doing all this work above comparing to the simple use case of having bitcoins and just directly giving you the money without caring anymore. Plus I don't have to keep looking at my credit card looking for any suspicious transaction that the seller could at any time issue to me. I give the money exactly that I want and I can just go with my life without thinking about it anymore.
And this is just my point of view. I can clearly imagine many people with very different reasons simply using Bitcoins if that option is available.
Now the only thing really missing is being able to implement a simple shop using Stripe from this side of the Atlantic :P.
Congratulations Stripe and keep the good work.
Re: Stripe: Bitcoin
#208Earlier quoted context omitted.
What you said is 100% correct, which is why companies accepting bitcoin need to give the entire ~2-3% discount to customers. Very few credit cards will match 2-3% rewards, and from the sellers perspective bitcoin is better than credit cards payments. To name a few benefits: - There are no chargebacks - Funds are available immediately (though transferring from BTC to USD may take a day) - You can accept payment from a…
- There are no chargebacks This is a huge negative for the customer, though
Re: Stripe: Bitcoin
#209By enabling BTC payments, does this mean that Stripe will change the list of "prohibited" uses? That list is in line with what are usually high-risk card transactions, but by removing that risk (almost) entirely, it seems like this could finally enable a wave of new commerce on diverse and neglected categories. I'm probably assuming a no as they'll want to keep the card AND bitcoin and not do jut BTC, but a man can d…
"Most Prohibited Business categories are imposed by Card Network rules or the requirements of our banking providers or processors" (https://stripe.com/us/prohibited-businesses).
Bitcoin avoids much of the high-risk card issues so will Stripe update its Bitcoin TOS to allow more high-risk transactions and regulated industries?
Re: Stripe: Bitcoin
#210Earlier quoted context omitted.
> 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 r…
If anonymity is important to you, then you can hold BTC, and pay the volatility cost.