How do you accept BitCoin as a payment option?

by add2it
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How do you accept BitCoin as a payment option?

Has anybody experience with this?

The biggest question for me would be how to do it in a way that the sales process is 100% automated, where the customer after his payment is returned to our site and our site can confirm that the payment has been received.

Also, is it possible to setup a BitCoin subscription? Or only one-time payments?

I have seen sites that accept only BitCoin, but I suspect that it would majorly decrease sales. I would like to offer it as an additional option to PayPal though.

Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?
#accept #bitcoin #option #payment
  • Profile picture of the author Steve B
    Originally Posted by add2it View Post

    Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?

    Here are some things to consider:
    • Bitcoins are not regulated by a central body (no oversight or anyone to go to if you have problems). In the past, theft, manipulation and black market activities have hurt the market.
    • Unlike standard currency where the transaction fees are paid by the vendor, any fees have to be paid by the buyer.
    • There is no protection for the buyer - he can not do a chargeback as is done with credit cards.
    • Bitcoin buyers are not protected by refund rights that come with most other payment systems.
    Obviously, I'm a skeptic at present . . . but not saying that Bitcoins can't be a possible alternative in the future. Right now, for me at least, there are too many questions left unanswered. I'm sure I'll give it a try if they are ever accepted at the grocery story, for a mortgage payment, or by the local bank.


    Steve
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  • Profile picture of the author Regional Warrior
    Originally Posted by add2it View Post

    How do you accept BitCoin as a payment option?

    Has anybody experience with this?

    The biggest question for me would be how to do it in a way that the sales process is 100% automated, where the customer after his payment is returned to our site and our site can confirm that the payment has been received.

    Also, is it possible to setup a BitCoin subscription? Or only one-time payments?

    I have seen sites that accept only BitCoin, but I suspect that it would majorly decrease sales. I would like to offer it as an additional option to PayPal though.

    Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?
    Mate in the last couple of months there have been some discussion on this subject found this hope it helps also has the Warriors name and his answer to a thread on Bit Coins

    "I don't think you will see many companies wanting to do this. It's an extremely high risk business formula. Here is why.

    1. Merchant receives $10,000.00 in credit card payments for the month.
    2. Merchant pays out $10,000.00 less fees in bitcoin.
    3. A few months later let's say $5,000.00 of that gets charged back.
    4. Merchant is out $5,000.00 plus the chargeback fees.

    If it was just credit card to credit card type of transactions the amount charged back could be recovered from the subscriber. Since bitcoin transactions are final, the merchant has no way of recovering the bitcoin paid out unless the subscriber manually pays the merchant back.

    Re's
    Rob Whisonant "
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    • Profile picture of the author PBScott
      Originally Posted by Regional Warrior View Post

      Since bitcoin transactions are final, the merchant has no way of recovering the bitcoin paid out unless the subscriber manually pays the merchant back.
      The merchant doesn't pay, the customer does, therefore there is LESS risk for a merchant, not more.
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  • Profile picture of the author Dano101
    Bit coins are bull crap if you are doing legal business with legal sites and expect not to lose your money via the feds like Silk Road.

    So why use Bit coins when the reputable sites don't use them.

    Maybe you should stop that underground thinking.
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  • Profile picture of the author add2it
    @Steve B: Your point #1 (not governmentally regulated) I actually see as a pro for buyer and seller as that way massive printing of currency can't devalue it as common practice for some fiat currencies we know.

    Your points 2-4 sound all like benefits for the seller.

    I do understand that point 2-4 can be seen as disadvantages for the other side (the buyer). But since I am a trustworthy seller that honors refund requests, not in this particular case. The honest seller can always refund BitCoin payments by sending back the received BitCoin amount to the buyer.


    @Regional Warrior: I saw that post you copied here... please tell me if I am wrong, but that was about using BitCoin to pay affiliates. That's not what I am looking to do. I am interested to offer BitCoin as a payment option to the buyer, not as a payment option for me to pay our affiliates.
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    • Profile picture of the author Steve B
      Originally Posted by add2it View Post

      @Steve B: Your point #1 (not governmentally regulated) I actually see as a pro for buyer and seller as that way massive printing of currency can't devalue it as common practice for some fiat currencies we know.

      Your points 2-4 sound all like benefits for the seller.

      I do understand that point 2-4 can be seen as disadvantages for the other side (the buyer). But since I am a trustworthy seller that honors refund requests, not in this particular case. The honest seller can always refund BitCoin payments by sending back the received BitCoin amount to the buyer.

      It sounds like you already have your mind made up about using Bitcoins. When you said in your original post . . . "Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?" . . . I assumed you were open to other points of view.


      Here is where I believe your thinking is mixed up:

      Originally Posted by add2it View Post

      I do understand that point 2-4 can be seen as disadvantages for the other side (the buyer).
      Internet marketing success is all about taking care of the buyer (or "the other side") as you put it. It is not about you and your business. If you don't do what's best for the buyer, you will fail. You need to protect the buyer, make it easy, straightforward, and without risk for him to purchase from you.

      I know you'll probably blow this off and do whatever you want. But for me, paying with Bitcoins is a risky way to encourage business at your site - at least for now - until that marketplace becomes more stabilized and buyers have more protection. You can say you are honest and will honor returns, but how do your new customers know that? They don't. They know they have a way to get their money back by appealing to the credit card company if the merchant flakes out on them. Paying with Bitcoins offers no alternative except relying on the vendor (many of which we know don't keep their promises once the payment is made.)

      Good luck in your business.

      Steve
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  • Profile picture of the author add2it
    @Dano101: I am actually looking forward to the FED being shut down soon. Well, at least, I hope that illegal organization created in 1910 on Jekyll island will be gone soon. See:
    BTW... many reputable and big companies already accept BitCoin as a payment option. Namecheap, Braintree (a company owned by PayPal), Amazon, 1-800-Flowers, Dell, Microsoft etc. See: Who Accepts Bitcoins As Payment? List of Companies
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    • Profile picture of the author Tsnyder
      Originally Posted by add2it View Post

      @Dano101: I am actually looking forward to the FED being shut down soon. Well, at least, I hope that illegal organization created in 1910 on Jekyll island will be gone soon. l]
      So you think the organization that literally controls all commerce
      on the planet is going to get shut down soon. Sure....

      In an earlier post you refer to our money as fiat currency. I understand
      completely... but it doesn't get more fiat than Bitcoin.

      Bitcoin = cyber dust.
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  • Profile picture of the author Dano101
    Bitcoin was meant for 3rd world countries and illegal activities or sites that do not offer refunds.

    So if you want to peruse the Bitcoin taken. Then we know that something is very unique in your situation.
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    • Profile picture of the author efpeterson
      Originally Posted by Dano101 View Post

      Bitcoin was meant for 3rd world countries and illegal activities or sites that do not offer refunds.

      So if you want to peruse the Bitcoin taken. Then we know that something is very unique in your situation.
      Not necessarily. BitCoin is meant to be used as a cloak, but not always for illegal activities. For example, if you enjoy webcams and adult sites and don't want your significant other to see what you're spending your $$ on, BitCoins are a great solution.

      There are merchant accounts that will allow you to accept BitCoins on your site - CoinBase is one of them.

      Cheers!
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  • Profile picture of the author add2it
    @Dano101: Have a read what the Washington Post wrote about BitCoin: https://www.washingtonpost.com/news/...about-bitcoin/

    It was neither meant for 3rd World Countries only nor was it meant for illegal activities. It's simply a medium of exchange... like all other currencies. Would you consider e.g. PayPal, Dell Computers or Microsoft companies that only sell to 3rd world countries or (only) are involved in illegal activities?
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  • Profile picture of the author Regional Warrior
    Frank

    Sorry mate had not seen that just copied thought would have been easier guess the search tab may be better
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  • Profile picture of the author add2it
    @Regional Warrior: No worries mate. Thanks for trying to help.

    Hopefully, some people on the Warrior Forum do have experience with the "how to" part of the implementation. Same as many big and trusted companies, I would love to be able to offer my customers an even better service by offering this additional payment option to those that also see the many benefits of using BitCoin.
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  • Profile picture of the author Steve L
    Originally Posted by add2it View Post

    How do you accept BitCoin as a payment option?

    Has anybody experience with this?

    The biggest question for me would be how to do it in a way that the sales process is 100% automated, where the customer after his payment is returned to our site and our site can confirm that the payment has been received.
    See Mycelium Gear or Stripe. Also, Woocommerce has some bitcoin extensions. Oh yea, SendOwl let's you accept Bitcoin as well.


    Also, is it possible to setup a BitCoin subscription? Or only one-time payments?
    I'm not familiar with this personally but supposedly BitMember has this functionality. I feel like Mycelium Gear or Stripe would too tho.
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  • Profile picture of the author Kay King
    I'd start by looking at BitPay.com ....I don't deal with Bitcoins but seems to be a merchant focused site.

    Also found a site offering a "how to accept bitcoin" manual - may be another service but could be good info anyway.

    Merchant's Guide to Bitcoin | CardinalCommerce
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  • Bitcoin is great. I got my first ever not long ago, cashed it in easily, and have around $300 sitting in a wallet ready to use if I need it. In fact, I kind of forgot it was there till I saw this thread, so I may cash it out too, lol.

    If anyone feels they don't understand it well enough, watch these videos:

    http://bitcoin.cbtnuggets.com/

    They were made a while ago, but they're great.
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  • Profile picture of the author dburk
    Hi add2it,

    Accepting Bitcoin payments is super easy using Bitpay. Bitpay is a payment processor, similar to Paypal, money goes straight into your bank account.
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  • Profile picture of the author Kay King
    I know you'll probably blow this off and do whatever you want.
    I think he should blow it off. You expressed your opinion and he replied. Why keep arguing it? He may have reasons of location (his or his customers) or products he sells that make BC a good option for him.

    The OP had a specific question and it was answered with some professional services to solve the problem (BitPay).

    BC isn't for me - but I'm in the US and have a lot of options. Not that easy for those in some other parts of the world.
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    • Profile picture of the author wolfmmiii
      Originally Posted by Kay King View Post

      why keep discussing it?
      Fixed that for you. The answer is because it's a forum and that's how forums work. I don't see an issue with such back and forth. That's the whole point of the forum.
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    • Profile picture of the author Steve B
      Originally Posted by Kay King View Post

      You expressed your opinion and he replied. Why keep arguing it?

      Kay,

      I didn't think I was arguing, not my intent - sorry that my post didn't meet your standards.

      The purpose of my second post was to suggest that the OP needed to pay attention to what was best and least risky for his buyers over what was best for his own business.

      I didn't feel that I made that point in my first post when the OP responded "I do understand that point 2-4 can be seen as disadvantages for the other side (the buyer). But since I am a trustworthy seller that honors refund requests, not in this particular case."

      I apologize for ruffling your feathers . . . not my intent at all.

      Steve
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  • Profile picture of the author Kay King
    Gotcha - and I agree with most of what you said about BC. I think I'm a bit touchy due to some recent threads where arguments seemed to take over. You don't usually do that and I may have been conclusion jumping...

    I think location has a lot to do with interest in accepting Bitcoin and that's why I would try to answer a "how to" question rather than telling him "not to".
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  • Profile picture of the author Steve B
    Originally Posted by Kay King View Post

    I think location has a lot to do with interest in accepting Bitcoin and that's why I would try to answer a "how to" question rather than telling him "not to".

    You have a valid point about location if the OP has no other alternatives ... although to me, Sydney, Australia would not seem to have that limitation at all.

    You are right - "how to" information is probably more what the OP wanted to hear - but when he stated:
    "Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?"
    To me, at least, he opened the door for opposing opinions about why an IMer might not want to use BitCoin payments. Shouldn't that be part of this conversation as well? I, for one, thought so, but maybe I'm wrong.

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  • Profile picture of the author BacklinkzTopper
    The easiest way to accept bitcoin payment is in-person , simply by getting your customer to send the the correct amount of bitcoin(BTC) to your digital wallet.

    This can be done via many smartphone apps as the Bitcoin app by Andreas Schildbach, on Android. There are also options available on the Windows phone app store for users of that OS.

    Some months ago Apple removed all bitcoin wallet apps from its App store . However on 2nd June the company rescinded this policy, once again paving the way for for wallet apps in iOS devices. These are already starting to appear, with BLOCKCHAIN, COINBASE, and other apps now available.
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  • Profile picture of the author Nick Evans
    There are a lot of misconceptions going on here.

    First off, there are many companies out there (Microsoft, for example) that already accept payment in Bitcoins. It is not an "underground" currency as some people have stated.

    Also, Bitcoins should always be offered as an "alternative" payment method, not as your main one. Some people, for various reasons, do not want to pay with a credit card or do not have access to PayPal. Offering an alternative payment option to those people is a great way to increase your sales.

    The purpose of my second post was to suggest that the OP needed to pay attention to what was best and least risky for his buyers over what was best for his own business.
    Once again, no one puts a gun to the buyers' heads and says "YOU NEED TO USE BITCOINS OR ELSE..." It's their choice. You're not treating your customers poorly by giving them an alternative payment method. People who already own Bitcoins already know how Bitcoins work and they know sales are final.

    Finally, to answer the OP's question, there are Bitcoin payment processors out there (just use Google). Due to the nature of Bitcoins, recurring payments are not available though).

    Cheers,

    Nick
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  • Profile picture of the author Brent Stangel
    I would like to offer it as an additional option to PayPal though.
    Do you believe you are missing sales by not offering it? I guess I don't understand messing with something so sketchy without good reason.

    BTW... many reputable and big companies already accept BitCoin as a payment option. Namecheap, Braintree (a company owned by PayPal), Amazon, 1-800-Flowers, Dell, Microsoft etc.
    All with massive resources and legal teams.

    After they sort it out maybe it will be worth considering.

    For now I have absolutely no reason to even consider it.
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  • Profile picture of the author BacklinkzTopper
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    • Profile picture of the author wolfmmiii
      NO THIRD-PARTY INTERRUPTION
      One of the most widely publicized benefits of Bitcoin is that governments , banks and other financial intermediaries have no way to interrupt user transaction or place freezes on Bitcoin accounts.
      Is this a problem you encounter often (or ever)? I've been online for close to 20 years and have not once had this problem. Sounds like a fix for a non-existent problem.


      PURCHASES ARE NOT TAXED
      Since there is no way for third parties to identify , track or intercept transactions that are denominated in Bitcoin, major advantage is sales are not added onto any purchases.
      So a "benefit" is the subversion of the law of the land of multiple countries.


      VERY LOW TRANSACTION FEES
      Standard wire transfers and foreign purchases typically involve fees and exchange costs . Since Bitcoin transactions have no intermediary institution or government involvement the costs of transaction are kept very low.
      Again, 20 years in business and has never come up, save for maybe once or twice - and that's being generous.


      MOBILE PAYMENT
      Like with many online payment systems Bitcoin users can pay for their coins anywhere they have internet access. This means purchasers never have to travel to bank or a store to buy a product.
      PayPal, Visa, MasterCard, AMEX, Debit Cards, etc all have the same benefits. Don't see a problem that BitCoin solves that hasn't already been solved.
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  • Profile picture of the author Dano101
    Bitcoin may be the new money for the internet. But who gives a crap for now.

    Can you buy a Pepsi or house with Bitcoin.
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    • Originally Posted by Dano101 View Post

      Bitcoin may be the new money for the internet. But who gives a crap for now.

      Can you buy a Pepsi or house with Bitcoin.
      Why are you so against it? It's just an alternative to use, not for all eggs in one basket. Cashing out is very easy and fast, so you do not have to wait long to buy a Pepsi or house. But I hope you are talking about the Real Sugar Pepsi. If you are talking about the HFCS kind, then you are killing yourself without realizing it.
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    • Profile picture of the author Nick Evans
      Originally Posted by Dano101 View Post

      Bitcoin may be the new money for the internet. But who gives a crap for now.

      Can you buy a Pepsi or house with Bitcoin.
      You can't buy a house with PayPal either. It doesn't mean merchants should not accept PayPal.
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    • Profile picture of the author Regional Warrior
      Originally Posted by Dano101 View Post

      Bitcoin may be the new money for the internet. But who gives a crap for now.

      Can you buy a Pepsi or house with Bitcoin.
      Dano

      Research RESEARCH

      Student buys Oslo flat with $27 bitcoin stash - The Local
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    • Profile picture of the author nicheblogger75
      Originally Posted by Dano101 View Post

      Bitcoin may be the new money for the internet. But who gives a crap for now.

      Can you buy a Pepsi or house with Bitcoin.
      You certainly can.

      I just made $1300 on the recent Bitcoin surge and it will be in my bank account by Wednesday at the latest. And it took all of about 15 minutes worth of work. I simply sold off some Bitcoin that I had when it surged a couple of days ago.

      I understand you made this post about 6-7 months ago, but even then it was possible to turn Bitcoin into fiat money relatively easily.

      Also, if you want to easily accept Bitcoin as payment, you can open an account with Payza. They allow people to pay using Bitcoin, and they also have everything all set up as far as if the buyer wants a refund, etc.

      https://www.payza.com/

      As Kay also pointed out, BitPay is a great choice because you can get a BitPay Visa card, exchange your Bitcoin for fiat money (USD,BPS,Euro, etc), and then go to any ATM that accepts a Visa card (all of them) and withdraw the cash.

      https://bitpay.com/

      Anybody who thinks that cryptocurrency is a "fad" and ignores it is an absolute fool.
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      • Profile picture of the author tush
        Originally Posted by nicheblogger75 View Post

        You certainly can.


        Anybody who thinks that cryptocurrency is a "fad" and ignores it is an absolute fool.
        Hehehe, Surely I do not want to be an absolute fool :-)
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        • Profile picture of the author nicheblogger75
          Originally Posted by tush View Post

          Hehehe, Surely I do not want to be an absolute fool :-)
          Then get over to YouTube and other crypto informative sites and start watching videos and reading and learning all you can about how the blockchain works and start investing your money in something that actually pays decent returns and doesn't just make some Wall Street schmuck "financial analyst" money.

          With crypto, you don't need bankers and all of the other white collar criminals who will try and steal most of your money. You can do it all yourself.

          If you have the time, go to the Google Play Store, install the "Crackle" app (it's free), and watch a series on there called "The Startup."

          It's fictional but you can actually learn a lot about crypto from it, such as how and why it's decentralized and can never be regulated by the Rothschild run banks.
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  • Profile picture of the author add2it
    First, let me thank all of you that are trying to help answer my questions. I am looking into BitPay.com & Gear.Mycelium.com now.

    Also, thanks to @Nick Evans... you are 100% right and really understood my OP spot on!

    I can see we have two factions here...

    a) People that support the interests of big banks & governments (against BitCoin) and that didn't properly read the initial couple of posts

    b) open-minded people that see the benefits of additional payment options


    Either way... let me summarize what I learned from you guys so far...

    1. Due to the lack of a subscription option (BitMember doesn't seem ready yet and will only be for WordPress users), BitCoin doesn't seem to make sense to be used for monthly subscriptions (or any subscriptions for that fact), but it could be offered for e.g. one-time payments for a certain access time period.

    2. BitPay.com seems to be (so far) the easiest service provider to add an automated BitCoin payment option (please let me know if you personally use a different option that you consider simple to use).

    Stripe.com's BitCoin support is something I am looking forward to as well, sadly they so far only offer it to US account holders and not yet to Australian account holders.

    3. My original thought that only offering BitCoin is a bad idea has been 100% confirmed... but offering it as an "additional" option is of great benefit for both parties (buyer and seller).

    I would go so far as saying that if a web-site only offers BitCoin payments, it makes them appear shady... but if offered in conjunction with other payment options such as PayPal or a credit card merchant account (which is what the big, trusted companies do that already offer BitCoin as an option), it puts you in the league of big, trusted companies offering alternative options for progressive customers.
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  • Profile picture of the author tush
    Originally Posted by add2it View Post

    How do you accept BitCoin as a payment option?

    Has anybody experience with this?

    The biggest question for me would be how to do it in a way that the sales process is 100% automated, where the customer after his payment is returned to our site and our site can confirm that the payment has been received.

    Also, is it possible to setup a BitCoin subscription? Or only one-time payments?

    I have seen sites that accept only BitCoin, but I suspect that it would majorly decrease sales. I would like to offer it as an additional option to PayPal though.

    Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?
    Over a year down the road, how has been for you. Just got into the industry. Super exciting, but scary at the same time
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  • Profile picture of the author yukon
    Banned
    Obviously all the rants in this thread have never used Bitcoin or any other crypto coin.

    OP when you get done sifting through all the silly anti-bitcoin rants check out coinbase.com. They work with the following companies and claim 47,000 other businesses to process merchant payments.
    • mozilla.org
    • wikipedia.org
    • dish.com
    • cheapair.com
    • reddit.com
    • reeds.com
    • usaa.com
    • bloomberg.com
    • 1800flowers.com
    • khanacademy.org
    • fidelitycharitable.org
    • timeinc.com
    • mint.com
    • overstock.com
    • expedia.com


    You can do research on the list above to learn more about how each business handles their own Bitcoin transactions by searching Google, example: siteverstock.com "bitcoin"
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    • Profile picture of the author nicheblogger75
      Originally Posted by yukon View Post

      Obviously all the rants in this thread have never used Bitcoin or any other crypto coin.

      OP when you get done sifting through all the silly anti-bitcoin rants check out coinbase.com. They work with the following companies and claim 47,000 other businesses to process merchant payments.
      • mozilla.org
      • wikipedia.org
      • dish.com
      • cheapair.com
      • reddit.com
      • reeds.com
      • usaa.com
      • bloomberg.com
      • 1800flowers.com
      • khanacademy.org
      • fidelitycharitable.org
      • timeinc.com
      • mint.com
      • overstock.com
      • expedia.com


      You can do research on the list above to learn more about how each business handles their own Bitcoin transactions by searching Google, example: siteverstock.com "bitcoin"
      Glad to see there is at least one other person who realizes that crypto is here to stay and will eventually replace currency as we know it.

      Crypto is incredible, and the income potential is amazing right now.

      I absolutely love it, and I'm cashing in big time with it.

      Coinbase is great as well. I use it in combination with Bittrex to cash out my Steem. And yes, you can easily use it to accept Bitcoin for your products.
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  • Profile picture of the author Steve L
    Originally Posted by add2it View Post

    How do you accept BitCoin as a payment option?

    Has anybody experience with this?

    The biggest question for me would be how to do it in a way that the sales process is 100% automated, where the customer after his payment is returned to our site and our site can confirm that the payment has been received.

    Also, is it possible to setup a BitCoin subscription? Or only one-time payments?

    I have seen sites that accept only BitCoin, but I suspect that it would majorly decrease sales. I would like to offer it as an additional option to PayPal though.

    Any other thoughts on accepting BitCoin for payments on an Internet Marketing related web site?
    coinpayments.net is a good option but if you're looking for something that is POS then I'm not sure.

    Edit: Just realized I commented in this thread already before but didn't yet mention coinpayments.net
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  • Profile picture of the author deu12000
    As a merchant you might as well accept Bitcoin. It's free to accept it and easy to cash in to regular money.

    WooCommerce has a free Bitcoin gateway which you can easily integrate into your site if you do decide to accept Bitcoin. I've used this one in the past https://wordpress.org/plugins/bitcoi...r-woocommerce/ .
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  • Profile picture of the author PvPGuy
    Even though its an old thread, its interesting to read the posts in light of all that bitcoin has done the last couple years!

    More reason today to offer it as an option. Its also in a massive bubble, so have fun speculating
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    • Profile picture of the author esmarshall
      i read this with the same view....some of what these guys say is true...its not accepted everywhere
      has very little market penetration

      but even with that being the case, look how much its already worth

      so you have to think how much its going to be worth when it because more widely accepted and the demand for it becomes higher

      the supply is limited and cant be copied, unlike the fictitious paper system we currently use
      so if you can get hold of bitcoin you better hold it

      cause it will be worth a whole lot more in the next few years
      Signature
      $900 off a fully active gold member MOBE account (full price $2000)...message me if your interested
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  • Profile picture of the author dburk
    When I hear people refer to Bitcoin or cryptocurrency as a fad, or assign some evil motive to the crypto coin users, it makes me chuckle just a little. I'm reminded of all those folks that used to say the Internet was just a fad, that in a couple of years people wouldn't even remember what email was, and you'd have to be a damned fool to enter your credit card into some ecommerce website, especially one named after a river in South America.

    By the way, whatever happened to that dodgy fly-by-night internet ecommerce business, you know the one that called itself "Amazon"?

    What those simple folks don't yet realize is that crypto currencies are based on a revolutionary new technology that is likely to bring the same type of advance in human society as the printing press, electricity, and the Internet itself. That new technology is called Blockchain technology.

    Blockchain technology will make things that were unimaginable before it's existance possible and relatively easy to achieve. Bitcoin and other crypto currencies are just one of millions of possible inventions, based on blockchain technology, that we can expect to fundamentally transform society in ways most people aren't yet capable of imagining.

    We haven't even scratched the surface of what this new technology is able to do, the first few applications like Bitcoins have masses of people completely dumbfounded. They still cannot believe that you can safely and reliably make payment transactions with people they will never meet, without any 3rd party payment processor, or banking systems, or government issued fiat currency involved. It's like the ground they stand on has fallen out from under their feet.

    Trying to explain blockchain technology to most people today is like trying to convince common folk to take a ride in a horseless carriage (automobile) back 110 years ago. Or to take a ride in an airplane 90 years ago. Back then they would have probably looked at you like you were some kind of crazy person. Just image telling someone that you wanted to send an overnight letter across the country to a business person back in 1970, they would have immediately written you off as a complete nut job, yet, only one year later it was a reality. 10 years later you could get a letter across country in a matter of a couple of minutes via Fax, just a few years later it could be sent in seconds. and now we can collaborate and watch a letter being crafted in real time, seeing it's content before it's even finished.

    One of the most amazing things about blockchain technology is that it uses collective distrust to convert risk into extreme reliability. It seems almost magical in the same way that the Internet would have seemed like magic to people a few decades ago.

    Blockchain technology is here, it's not going to go away, people might as well embrace it and ride this magically wave of amazing new technology.

    Have you hugged your blockchain today?

    Don Burk
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  • Profile picture of the author whiteangelcl
    [DELETED]
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    • Profile picture of the author tush
      Originally Posted by whiteangelcl View Post

      I don't accept bitcoins
      Better plan on starting... you will soon be losing on millions of dollars of business if you aren't already
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      • Profile picture of the author whateverpedia
        Originally Posted by tush View Post

        you will soon be losing on millions of dollars of business if you aren't already
        Millions? Really?
        Signature
        Arguing with an idiot is like playing chess with a pigeon.
        It'll just knock over all the pieces, poop on the board, and strut about like it's won anyway.
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