Skip to comments.My business accepts Bitcoins
Posted on 03/17/2014 12:53:04 PM PDT by Errant
Bitcoin is coming soon to a town near you. Or, more likely, it's already there.
The five-year-old digital currency is increasingly being adopted by brick-and mortar businesses, including dentists, pet boutiques -- even a small honey business in Utah.
In 2012, about 1,000 businesses used BitPay, the largest processor of Bitcoin payments. Today, more than 26,000 businesses worldwide use BitPay, said Tony Gallippi, its cofounder and CEO.
The majority of those firms are small businesses -- about half are in the U.S. and the rest are international. And while a majority are online sellers, Gallippi said 20% are merchants with storefronts.
Most prominent in tech hubs like San Francisco, New York and Atlanta, the shops range from bakeries and wine stores to car dealers and mattress sellers.
BitPay estimates that there are currently about 5 million active digital wallets, or Bitcoin accounts, worldwide. But the currency has had its fair share of negative headlines lately for the volatile price, underground drug market busts, high-profile hacks and calls for regulation.
(Excerpt) Read more at money.cnn.com ...
I accept Alf Pogs.
And beanie babies!
How would a Judge rule in a Bitcoin value dispute?
I will accept gold, silver, diamonds, rubies, sapphires, emeralds (especially dark green ones), lead, brass, aluminum, titanium, platinum, rhodium, uranium or plutonium, and even unobtanium, but I will NOT accept ‘bitCoins’.........................
From the article: “More than half of BitPay’s merchants convert the Bitcoins immediately into cash. That’s what Kerr opts for, since it’s a way for him to mitigate the risk.”
Hmmm...so Bitcoins are risky; cash (the good ol’ dollar) is not? Interesting.
Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.
What backs Bitcoin?
A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.
The CEO recently committed suicide.
The originator claims not to have any to do with the product, so who is the originator and where is the transparency?
Hmmm. I’ll pass.
“Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”
Slightly off on your numbers, a year ago February, Bitcoin was at about $17.00, seventeen.
Last year it was in the teens. A few months ago, it was briefly at $1,200. And now it’s north of $600.
I would say your opinion is probably based upon some severe ignorance ... :-) ...
What did y'all do to piss 'em off, while I was away??? lol
It is uncanny how often the Bitcoin alarmists are so dead wrong on the facts.
They should realize that unlike Federal Reserve notes, no one is forcing anyone to use Bitcoin. Every individual that is using them is doing so of his own free will because he thinks that unregulated, electronic fiat money is a better medium of exchange than state controlled electronic fiat money.
I’m beating myself up not getting into it a year ago, like I was seriously contemplating. I knew it was going to go up, and it did. I let inertia get in the way of me jumping with about ten Bitcoins. I would have sold out at around $1,000. It actually went to $1,200.
I would have about $9,000 to $10,000 more in my pocket right now.
Oh well ... I guess I can get in again. I’m still wondering if I’ll ever be able to pick it up again for a mere $200 or $300.
At first glance the ARScoin is just another joke like dogecoin. "Recently, I became the first person in the history of Ars Technica to have a goldrather than blackuser name. How did I get this blinged-out honor? I bought it for the low, low price of 500 Arscoinsthe latest digital cryptocurrency to hit the Internet. Arscoin is one of around 100 or so "altcoins," or alternative bitcoins, derived from the same source code as the original cryptocurrency." http://arstechnica.com/business/2014/03/behold-arscoin-our-own-custom-cryptocurrency/
But others will follow and will innovate at selling small amounts of value for small amounts of money. It will never be enough to buy dinner, that's why back in the food world it doesn't make much sense for merchants to accept any such coins, But it will become the foundation for all online interaction, except for the backwaters which some of the commenters on this thread will find themselves in.
In September of 2012 Apple stock was $700 and in April of 2014 it dropped below $400. Ouch. If you have any worthless AAPL please give it to me.
I wouldn’t worry about speculating on bitcoin with your hard earned plant fiber money. It is much better to maintain an awareness of the crypto currency markets and figure out how to offer some service to get people to click and send you their bitcoins or their “worthless” alt coins that you can trade into bitcoins.
I think Bitcoin fits right into satans way.
It’s just as stable and reliable as any of his lies.
It was the CEO of First Meta, Autumn Radtke, who was found dead from an apparent suicide.
“More than half of BitPay’s merchants convert the Bitcoins immediately into cash. That’s what Kerr opts for, since it’s a way for him to mitigate the risk.”
In other words, accepting bitcoin is more or less a gimmick since more than half don’t actually want to OWN bitcoins. This is pretty much like saying we accept Rubles for payment and then immediately converting them to U.S. dollars a microsecond after they were received.
Maybe I’m just too dense to understand this whole Bitcoin business, but since it’s an “independent” currency, not backed by any government entity, why would any legitimate business want to accept it? It seems to me it’s the equivalent of accepting Monopoly money.
You are most welcome. I find all of the comments interesting and just kidding about the negative ones. This is history in the making, IMO. We're seeing a new medium of exchange come into being because of technology and the internet. Think of the "printing press" and what it led to, as my son likes to use as an analogy.
What folks are missing is the most important aspect of cryptocurreny is it's ability to serve as a secure ledger that all may have access to. All currency functions this way. Cash and coins themselves become a sort of physical "ledger" by their very existence, while fiat currency's ledger is maintain and hidden away by some central authority somewhere.
The most promising thing that I see with this new invention of man, is the possibility of putting control of the "money supply (i.e., currency)" back into the hands of the people and out of the hands of the banksters and their government cronies.
Wouldn't that be a wonderful thing for the advancement of mankind the world over?
>>The most promising thing that I see with this new invention of man, is the possibility of putting control of the “money supply (i.e., currency)” back into the hands of the people and out of the hands of the banksters and their government cronies.
Wouldn’t that be a wonderful thing for the advancement of mankind the world over?<<
And why would “the people” be so all-seeing, all-knowing, about managing a money supply exactly? For that matter, who are these “people” you keep alluding to? Is Putin one of them, for example, or perhaps Snowden, or you, or me? Who? This is silliness to the nth degree...
Good questions friend. Who are these "people" managing the money you've spent you life earning now??? I hear the "real" owners of the FED aren't known. Do you have a list of the owners?
As for Bitcoin and other crytocurrencies, it's the miners who create the units and the free markets that set the values thereof.
That’s the same “gimmick” that many see for themselves in getting into the stock market. They’re not necessarily interested in a particular company - but rather how much they can get out of the stock.
However, that doesn’t make the stock market any less useful.
You will if you’re told to.
Bitcoin is coming soon to a town near you. Or, more likely, it’s already there.
It would be a money supply managed by the intersection of supply and demand in the market instead of the whims of a political and financial elite armed with a printing press. Which do you prefer, and why?
For that matter, who are these people you keep alluding to?
They're mentioned a few times in the Constitution, you've heard of it, right?
When it's allowed to. Unfortunately, I think we're seeing a form of fascism becoming entrenched. The American people seem to dumbed down to be able to even recognize true freedom from centralized control. At least that's what I'm seeing - even here to some extent.
Another of a crytocurrency's unique characteristics is agility afforded by its P2P network. ;)
Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”
Actually, a year ago BTC were selling for under $100. So if you’d bought then and held, you’d be up 500%+ (they’re at $615 or so today). Not so “ouch”.
A year and a half ago, gold was at almost $1700/oz. Now it’s under $1400, and heading lower today. Ouch?
“What backs Bitcoin?”
A robust, distributed protocol, beholden to no government.
“A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.”
Yes, an exchange went bankrupt. Lehman Brothers went bankrupt. More similarly, Bernie Madoff lost people a lot of money. So, the dollar is defunct?
“The CEO recently committed suicide.”
Nope, you’re confused.
“The originator claims not to have any to do with the product, so who is the originator and where is the transparency?”
The originator is still anonymous. Most likely he’s a techie who’s not interested in the drudgery of running the Bitcoin Foundation. The folks running it seem to be doing a good job though. Several thousand businesses accept BTC so far, and the number is growing rapidly.
“Hmmm. Ill pass.”
Feel absolutely free to do so. :-)
“In other words, accepting bitcoin is more or less a gimmick since more than half dont actually want to OWN bitcoins. This is pretty much like saying we accept Rubles for payment and then immediately converting them to U.S. dollars a microsecond after they were received.”
No, in other words BTC are an alternative to credit/debit cards, Western Union and wire transfers. Transaction fees for BTC transactions are far lower than for Mastercard etc. That’s a powerful incentive for businesses to accept them, and one of the main reasons for their continued success.
LOL...you need to actually understand it before you'll know if it's "silliness". Hint: a lot of very smart people don't think so.
For that matter, look the current government stance on BTC:
The virtual currency bitcoin took a big step toward the mainstream on Monday as federal authorities signaled their willingness to accept it as a legitimate payment alternative.http://dealbook.nytimes.com/2013/11/18/regulators-see-value-in-bitcoin-and-investors-hasten-to-agree/?_php=true&_type=blogs&_r=0
A number of federal officials told a Senate hearing that such financial networks offered real benefits for the financial system even as they acknowledged that new forms of digital money had provided avenues for money laundering and illegal activity.
There are plenty of opportunities for digital currencies to operate within existing laws and regulations, said Edward Lowery, a special agent with the Secret Service, which is tasked with protecting the integrity of the dollar.
Signs that the government would not stand in the way of bitcoins development, even as it has been cracking down on criminal networks that use the digital money, stoked a strong rally in the price of the crypto-currency.
Silliness, eh? :-)
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This is what it looks like in the local bitcoin forum. People getting scammed left and right, oh and a dude wondering if he can buy coffee with bitcoins.
Use extreme caution. In Florida, even the police were running a sting operation. Kind of dispels the theory that bitcoins being worthless and you can only trade them internationally tho.