Topic: Bitcoin sucks! - page 3. (Read 3271 times)

A Newbie account that was made to post and claim that Bitcoin sucks, well done.

This type of problem that you are stressing is not that difficult to handle. Some company or something that provide instant BTC-fiat services to businesses will come handy to your concern. Japan formally accepted Bitcoin as a mode of payment right? So they handled this type of issue.

Yes, Bitcoin is very volatile and with just a blink of an eye you can gain or loss. And if you are accepting it as a payment, you have to deal with it rather than telling that it sucks.

1. You have a wrong point of view about Bitcoin. Bitcoin does not work that way. Bitcoin is volatile and it changes its value up or down within minutes. No one guarantees that a $1000 value will become $1500 overnight. That "one person" just gave you a honey about Bitcoin and it seems no hatchet was given. It seems that you did not look into Bitcoin and just believed on that "one person" for his/her "idiotproof"

2. Again, volatility. There is no certainties in Bitcoin. Do some research.

3. It's your call. You engaged in Bitcoin the wrong way I guess.

I suggest you stick around in this forum for a while. Maybe knowing Bitcoin deeper will help you with your experiment. This forum will educate you about Bitcoin. But be careful, some are trolls around here that spreads wrong information about Bitcoin.

I wouldn't come to saying something like this, I would be one to come out and say that Bitcoin could use a lot of work and could look to alt-coins for these ideas to be able to innovate and help themselves prosper and grow. When it comes to Bitcoin, we're going to have to fix the issue that we have with fees at the moment, I'm not going to be one and come out that having fees is ridiculous, cause it isn't the miners simply just aren't going to be doing something for nothing. But the current fees, they're a bit insane when it comes to how high the prices are.

Once we fix the network congestion issue, I think we should be fine on fixing the fees and then moving forward to being able to get more and more adopters of Bitcoin to build a solid size community here.

Actually instead of using bitcoin as a payment processor, OP used it as a short-term investment. Short-term investment is always risky, you can either get a good profit or good loss.

Suggestion for OP, try instant conversion to your local currency after each usage of bitcoin, that should help you out.

To answer to everyone:

We pay equipment with hard dollars so yes we need to exchange BTC into USD, often. Many suggested to speculate and wait until BTC goes up and exchange with great profit. One person even broke it down into "idiotproof" transaction, get at $1000 value, and next day it is $1500 and voila, 500 dollars profit without moving a finger. Amazing, how we never came up with such idea?! Or even guy who paid 10000 BTC for pizza as someone suggested.

How about selling something at $2750 value (like just 2 days go) and getting $2320 value (as of right now)?? How that sounds for great opportunity to get what's money worth?

We post to exchange BTC about 1/2 - 1 hour after confirming transaction and in dropping market whatever value one puts to trade out gets unfulfilled. So for all practical reasons there is no stability in BTC transactions at all. Everybody here assumes that BTC is going up all the time and that is simply not true. Just week or 10 days ago it was almost 3000 dollars. Now it's 25% less.

By the way all prices in the stores are USD, people send 100 USD in BTC as their wallet is telling them at that moment. Sometimes buyers speculate and pay tomorrow or in 2 days. After we noticed that trend we warned everyone that quote is good for 1 hour, but even that is not good enough. Anyway, we'll take it out. Yeah it's great but really not worth it.

Only SmartContract is a solution.

You maybe suggesting this just because of the increased transaction fee. But in several localities even now very few are aware about bitcoin. For this reason even now making an acceptance will not harm, but the growth will start now itself. Because to reach common people it takes time. Even.if the transaction fee is low you're not gonna get profited right now.

It's probably not the best time to accept bitcoin in stores unless you're ready to take the risk...wait for volatility to end. I think lot of buyers wait till price is up before they make a purchase so they don't have to pay as much in bitcoin.

I'm sorry you had this experience, but like Kprawn said you could also profit big time from accepting bitcoin.

Also announcing that you accept bitcoin you expect to have more customers because of that and most likely you are right, but you also can expect some risks.

How they "convert" BTC compared to advcash or epayments?
What is the exchange rate NOW, when it is $2,316.30 at Bitfinex?

The Ways to Cash Out are many.
And troubles are exposed of why no one accept BTC at Food Shop.

Haven't you heard about bitpay? You can use them to simply convert whatever you accept in bitcoin into fiat at spot price. They also don't have huge merchant fees and offers easy to use merchant tools.

if this would be resolved as soon as possible for sure people that invest in bitcoin will enjoy not only seeing the value to rise even more
but more people will acknowledge the existence and the usage of bitcoin this concerned will be resolved accordingly and you will see
that you only got wrong impression just needed to learn deeper.

I think you are getting the wrong idea about accepting Bitcoin as payment, from your post, I assume you exchanged the Bitcoin into fiat money paid to your company immediately after you received the coins. That is a wrong approach, in my opinion, the true values of bitcoin is not in its currency, but in the technology itself.

Have you heard of the story about a guy paying 10,000 bitcoin for 2 pizzas in the year around 2010 when bitcoin values is just cents at that time. The pizza store owner is rich now because of his trust in bitcoins to accept the payment at that time, no one knows what would be the price of bitcoin in another few years time, maybe you should kept some bitcoins paid to your company for a period of time rather than exchanging it into fiat money immediately.

First of all bitcoin doesn't suck. 2nd of all bitcoin's volatility is certainly annoying for merchants. I don't think bitcoin is ready yet for retail (no instant transactions) so hopefully you guys can implement it in the future. Anyhow I love bitcoin

Why do you all just completely plan to use bitcoin on your site. No one has asked you to remove other payment methods instead what you should have done is introduce bitcoin as any additional way to make payments with the current methods not been removed. But it's fine a business surely makes a mistake once and you should be more careful next time and not everyone in world currently hold bitcoins or are willing to use it to purchase items with high fees.

LOL, with -15% loss at few hours for confermations

I Really think this is their own fault by not having a great system to back up with storing bitcoin, and maybe instead of putting the amount of dollar to it they are using BTC amount instead, and their store doesn't have a real time converter if the amount of bitcoin would move the amount on the store would also move, I think they would not see that the price of their product would just disintegrate because it is not the equivalent price vice versa to bitcoin, Well it is just my conclusion they are at fault while managing their store and accepting bitcoin as a transaction.

Totally agree with you. BTC volatility is the biggest challenge when trying to sell low volume. Also you are right BTC ecosystem very different from fiat currency.

You are in hurry to abandon bitcoin so quickly. You should try real time conversion and get this clear that bitcoin is same everywhere in the time line. You can a,ways save up your bitcoin generated with product sell and let it grow as the bitcoin value goes up in the market. You should be profitable at this point. Also, I don't understand one point, before selling the product you can put dollar tag on them and tell your customer to pay equivalent dollars in the terms of bitcoin. This will get you max bitcoin and you will not loose money at all.

Well, at least someone experiences used bitcoin as a medium of exchange proven works even though bitcoin price so volatile.
There are some strategies to avoid loss in bitcoin transaction obviously, such as holding bitcoin for a while if you could manage it, sell bitcoin at higher price will give your stores more cash, but it depends on your management.