Topic: [ANNOUNCEMENT] BTC Buy (www.btcbuy.info): trade BTC for gift cards - page 2. (Read 15097 times)

First time user, long time listener . . . . . TWO THUMBS UP FOR A SPEEDY SERVICE!   

Update on the price problem was posted at blog.btcbuy.info:

I am also glad to mention that the software patch was deployed, which would result in ~5% higher base rate.

See blog post for details.

That is correct, and it is caused exactly by liquidity issues on bit floor. For the price that a ticker shows you can only sell a couple bit coins, after that, then the price dips. So the script calculates what would the price be if we had to sell about 100. That rarely affected end price when we were primarily on MtGox, but now, on a smaller exchange it makes big difference.

I hate to offer such a bad price. I would much rather trade bigger quantities with less profit. We will try some other exchanges, and hopefully these issues will be resolved soon. Please hang on and the resolution is coming.

i see still big differnce even on that site your .70 lower then price with your fees and % you take thats a pretty good chunk i know you have to make a profit or break even but thats alot higher then anything you charged befor it seems i been buying from you for 2 years almost.
Current rate is 5.48 USD for BTC.
Last Price: $6.29 Low: $6.20High: $6.29

This is temporary. MtGox might have a good rate, but they have problems cashing out money lately. We switched to BitFloor for exchange, but there seems to be a liquidity problem there as well. Please hang on, this will get resolved this way or another soon.

is your scripts broke iv have noticed they are showing really low btc compared to what its traded at right now it used to be only about 15-30cents off its a full 1.0 off now.
Current rate is 5.48 USD for BTC.
mtgoxUSD  6.4349

Yes, problem with eBay GC's is that they have to go through PayPal, and it has been known to manage their customer's funds very liberally. I did not have trust so far, that they will not just start withdrawing money at will, base on some of their "process".

Another reason is that I was able, in this or another form, to get some sort of cashback mechanism with most of the cards that are sold. It's not much, but at least it gives me some motivation to keep the business running. It is a lot of work, and sometimes a lot of stress, and definitely a lot of risk, sometimes major money are getting stuck, and you never know if you ever see them back. Anyway, this is not to complain; it's just when there is no way I could get any kickback for a purchase, I have to charge big %% off face value for commission, which drives customer away. One of the reasons why Walmart cards are not sold.

And the last, but not least is legal: bitcoin is already a gray area, and as anyone else I would hate to find myself in a pokey for breaking some "law" that I'm not aware of. Gift cards are not money, so I feel fairly safe that I can not get into too much trouble. But sending someone actual money will bring business into completely different category. I am trying to avoid this. It probably is the major reason, why I am not getting involved in PayPal, Amazon or Google payments.

I searched through the thread and didn't see mention.  Any reason not to offer eBay GC's ? (other than the evil by association of PayPal  )

PS: Have bought multiple Amazon GC's through here, always lightning fast.  Also appreciate the updates as technical/hosting/etc. issues have arisen.  Excellent job.

As always excellent service.

Very quick and support is above excellent, all-n-all everything is above excellent.

Thanks BTC Buy for a wonderful experience.

Anyone buy from here recently. Just want to make sure orders are still being fulfilled.

Bought an Amazon GC last week. Email response from the site came within a few minutes, and the GC came after about 12 hrs.

Just wanted to say this is a great service.  I cashed out all my bitcoins using it.

This is good stuff, especially with the low commissions. I've been cashing out bitcoins as Amazon credit for a while now.

I've been running a "sale" a week ago or so. This time, the price reductions will become permanent

depends on the exchange rate which will be used. Therefore the question is whether you first calculate Bitcoin into Dollar and then Dollar into Euro or immediately Bitcoin into Euro.

If I go with my current setup, I would estimate it could be ~5% more expensive than USA-based cards.

I am still researching what could be done to lower down this number, because extra 5% shuns away a lot of customers.

of course I would expect the fees to be higher as if buying an amazon.com gift card.
Could you tell as the current rate (€ for one BTC) to see if it would be interesting or not?

I would be happy to handle this folks; but the cost of handling amazon.de is significantly higher for me, so as long as there are no expectations of the same price level as you getting with amazon.com...

+1

All, thanks for kind words!

Those who monitor this thread, I would like to announce that this weekend we shall have a "sale", e.g.: commissions would be halved. Have a blast folks!