Ironically, the best way (for the bitcoin ecosystem) to spend your bitcoins is.. - page 2.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: knocte on January 01, 2015, 09:23:25 AM

Wrong, when you post an order-proposal in PurseIO or Broker, you're putting a sale proposal, not a sell order, I mean, it's not a sell order in an exchange. When the buyer orders your items, it's basically an immediate-buy-order. So the last step is the one that matters, the person that confirms the transaction is in this case the buyer, as opposed with BitPay-based merchants (that convert immediately to fiat).

My bad!

I wasn't aware how actually Brawker worked. I thought someone will buy on your behalf in exchange for a small fee (if that was the case, he will need to sell BTC for fiat to be able to make another purchases).

But apparently it works the other way, it matches people who want to buy BTC with those who want to spend BTC.

Here's a short video explaining the idea:

https://www.youtube.com/watch?v=M0-aZit2oI8

bitcoinmining

sr. member

Activity: 381

Merit: 250

Purse.io is a good way to do it, you're right; but they should spread their service around the world. As I know they're just serving in the USA, is that right?

knocte

newbie

Activity: 44

Merit: 0

Wrong, when you post an order-proposal in PurseIO or Broker, you're putting a sale proposal, not a sell order, I mean, it's not a sell order in an exchange. When the buyer orders your items, it's basically an immediate-buy-order. So the last step is the one that matters, the person that confirms the transaction is in this case the buyer, as opposed with BitPay-based merchants (that convert immediately to fiat).

pawel7777

legendary

Activity: 2436

Merit: 1561

Wrong. The middlemen will still have to convert BTC to fiat in order to make purchase for you.

So the effect is the same.

The best way is to chose the merchant that keeps some % of bitcoins, or better yet, buy your bitcoins back after you paid with them.

knocte

newbie

Activity: 44

Merit: 0

So, we all know that with merchant acceptance and people using bitcoin more, the price goes down because most of the merchants convert (sell) the bitcoin to fiat at the moment of the purchase.

However, there's a way to avoid a sell-order when using your bitcoin to purchase things: using services like PurseIO or Brawker!

Therefore, ironically enough, the best way (for the bitcoin ecosystem) to spend your bitcoin, is using it with merchants that still don't support it... Sad

I wonder if there could be a way to convince BitPay to implement the best of both worlds here? Whenever a purchase is made, don't put an immediate-sell order on the market, but just place a bid (offering the customer a small discount in exchange for a small delay to confirm the transaction maybe?).

Topic: Ironically, the best way (for the bitcoin ecosystem) to spend your bitcoins is.. - page 2. (Read 1869 times)