Any resellers intend to or already accept Bitcoin (BC) payments?

[clivejo]

With the global uptake of the virtual currency called Bitcoin becoming such that its actually making waves in the financial markets, has anyone on the forum actually started to accept BitCoin payments? For me the following benefits make it very attractive.

• No or very low processing fees
• Accepted worldwide, cross borders and financial instituations
• Almost instant transfers
• No-one owns Bitcoin therefore no corrupt bankers creaming off money and stuffing their pockets full.

I would like to hear other peoples experience with using Bitcoin as well.

[iads]

I have just started seeing it pop up on sites that I've used for a long time. I was curious about it. Will it be an option on Reseller Panel sites soon?

[clivejo]

I dont know, I guess its a decision for RSP to make. It might be too anonymous for them. Imagining being able to purchase something totally anonymous, it would leave the industry wide open for spammers and other people up to no good to operate. It will probably require some kind of ID check being accounts are opened.

But on the other hand, it would be a fast, cheap and secure method of moving money, ie from resellers to RSP(services) or RSP to Reseller (commission).

[iads]

I see said the blind man...

[vlasi47gr]

I am not comfortable with Bitcoin. There really is nothing of value to back up the value of the currency. Not that the dollar is any better, it is however, the worlds reserve currency at present. I am a firm believer that currency should be backed up by material of value such as gold, silver or platinum. When the value of gold was set at $32 an ounce, (I'm showing my age) inflation was not a concern, and the value of the dollar was very high. Prices have not risen, the value of currency has dropped. The value of a certain product is consistent due to its function, demand or rarity. But if it continues to cost more and more it is because the currency's buying power, or value, continues to drop.

Bitcoins have risen to tremendous hieghts as of late, but that rise has been caused by pure speculation. I am afraid that it can drop as quickly, if not quicker, than it has risen. History has shown this to happen. In Holland, years ago, it happened with Tulip bulbs when a child ate one. The value decreased quickly and dramatically.

Just my 2 cents.....

[iads]

After hearing more about Bitcoin on the radio (NPR), and seeing a recent episode of the TV show Raising Hope that dealt with the issue of barter, I've made the decision to stay away from Bitcoin altogether...

Did anyone see that Raising Hope?

[clivejo]

For real time payments, it offers a great, low fee solution. However, without stable, secure exchanges where people can actually convert Bitcoins into hard currency, it is still a bit pointless.

[clivejo]

Not surprising really! But with all governments, it boils down to money/control. Once they work out a way to make money from it, they will slowly get on board. Introduce exchange fees and local currency handling fees, and all the stealth taxes they can dream up and then they will allow it !!

[Nova-Host]

Like others here, I am also uncomfortable with bitcoin, so I don't plan to implement it into my store at this time. Perhaps somewhere a decade or so down the road (assuming we're all still here by then, LOL) I might consider it, but for no, no.

[clivejo]

What makes you uncomfortable about it Nova-Host? I'm interest in hearing other peoples opinions.

[Nova-Host]

Sorry this took me so long, I hadn't realized you'd asked why it made me uncomfortable, LOL! Anyway, it's mainly for the reasons others have said, the risk of spammers and whatnot, how unstable the currency still is right now, what with the price of it still fluctuating rapidly. It's a good idea for a currency, but just not something that's anywhere near stable enough for me yet.

[iads]

Does It Make Any Sense for Overstock.com to Accept Bitcoin?

I found this article, and thought that it would ad to this conversation: http://www.businessweek.com/articles...ccept-bitcoin#!

[vlasi47gr]

Back in December we discussed Bitcoins. I was not in favor of them then and warned that the value of Bitcoins can drop quickly. Well, with the Bitcoin exchange Mt. Gox suddenly collapsing and the principals of the company nowhere to be found investors are out hundreds of millions of dollars. 740,000 Bitcoins have disappeared and the value of Bitcoins has fallen from close to $1,000 each down to $550. A 50% drop from where it was when we last discussed it. With this news, it may drop even further or disappear altogether. To me, it was just a different type of Ponzi scheme that rewarded the ones that got in and out early and burned the ones that got in late or stayed in.

[doneritehosting]

Cough, Cough.... I stayed away from it...

[vlasi47gr]

And at last count the bitcoins were down to about $475 in value.

[Nova-Host]

See? last I know they were all the way up at double that price. I might invest in some bitcoins for personal use and save them for when they jump up like that again, but that's only if the price drops dramatically to somewhere near where it was before it soared to nearly 850 bucks. It's all a game of wait and see, lol.