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Accept Bitcoin?

neil95
posted by neil95 • 11 months ago

You guys already accept credit cards and Paypal for orders, but why not Bitcoin? Bitcoin is becoming increasingly popular and is in fact more secure than credit card and Paypal. It’s also extremely convenient and a lot of online merchants are starting to use it. Maybe consider it?

6 Replies

thestray thestray Artist from United States

I’d never heard of Bitcoin before this post, so I read the wiki entry. Seems interesting, but I don’t know… seems a bit experimental at this point.

neil95 neil95 Artist from United States

You’re right, it is experimental. But, Bitcoin has been around for 5 years now and it’s been a pretty successful experiment. At the time of this post, one BTC (Bitcoin) is worth 104 USD. I’m not suggesting that DBH should remove credit card and Paypal options; that’d be crazy. I’m suggesting adding Bitcoin as a third method of payment. In fact, setting up payments with Bitcoin is really easy with free services such as Blockchain.info. Furthermore, using an online currency with an online merchant just makes sense.

thestray thestray Artist from United States

I don’t know everything about it, but I’ve been reading up on it and there are definitely lots of merits but it still seems a little volatile and risky. I’m not saying DBH shouldn’t consider it, but they should definitely put a lot of thought into it first.

wotto wotto Staff: Creative Director from CA, United States

Hi all,

I remember bitcoin breaking into the UK market back when I lived there. It has many pros BUT it still has many pitfalls too. I personally would consider it too risky for a business like ours to use right now. Here is why:

Bitcoin transactions are not easily traceable. That means holders can trade them or use them to purchase things online anonymously. This makes for impossible customer service it terms of returns and exchanges not to mention a floodgate effect for anonymous fraud. Bitcoin is used for money laundering and drug buying in enough cases for federal law enforcers to start paying attention to their transactions.

Bitcoins require sophisticated mining tools to find them these days and with that comes many bugs and fraudulent hacking devices that can track peoples machines to mine on their behalf, we don’t want to attract such viruses to our customers.

It’s still an unstable market, the absence of any large exchanges where buyers and sellers can find each other, makes Bitcoins vulnerable to manipulation and speculation.

Looking after customers. Traditional financial products (credit cards) have strong consumer protections. If someone makes a fraudulent transaction with your credit card or your bank goes under, there are laws in place to limit consumer losses. Bitcoin has no such safety net.

So while Bitcoin is a growing industry and interesting for sure it still isn’t quite there in terms of a “safe” consumer vehicle for spending, therefore I wouldn’t see DBH using it for quite a while.

Inked Inked Staff: Community Manager from California, United States

Wotto hit on some very valid points. Bitcoin is likely to remain an experiment. It’s as likely to die spectacularly as it is to succeed. The primary reason I would not suggest Bitcoin be introduced as a usable payment method is it’s lack of genuine security. Transactions themselves are encrypted, but as we saw in June the primary US Exchange hub Mt. Gox, was hacked and the value of a Bitcoin dropped from ~$17.50 to pennies and then eventually rebounded and it’s not the first time and it won’t be the last time this will happen. It’s still too volatile.

An all digital currency as significant advantages as well as disadvantages. Removing the middle man is all well and good, but as Wotto pointed out, this is not a currency for the feint of heart. There are no do-overs, every transaction is final. Want to dispute a payment? Don’t think you received what you paid for? You have no recourse other than the company you bought it from. There are no disputes, charge backs or any consumer protection in place. For all intensive purposes, this is truly an underground counter-currency for those who enjoy some risk.

Currencies of this nature could very well be a legitimate currency in the future, but I think Bitcoin for the near future will remain an experimental currency.

neil95 neil95 Artist from United States

@wotto @inked Valid points. Thanks for the responses.

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