Is it Bitcoin Price Volatility that Really Made Fiverr to Drop Bitcoin?

michkima

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Quote from: NUFCrichard on February 14, 2017, 09:54:17 AM

It goes to show again, that Bitcoin isn't really a great currency.
The cost of transactions and low number of possible transactions shows that clearly.

For moving large amounts of money internationally, it is great. That is the direction people should be looking. There are major companies making a killing off money transfers, Bitcoin should make them obsolete. I can pay for stuff online with fiat, bitcoin adds nothing, or very little to that transaction for me.

This really depends on what you will be using your bitcoins in. I think fiverr really had problems using bitcoins as they are probably holding bitcoins for too long and they are allowing their workers to withdraw anytime. Which means, fiverr will probably pay for the cost of bitcoin's prices going up. What they should have done is to pay their workers with just bitcoins and not exchange it to dollar values anytime.

NUFCrichard

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It goes to show again, that Bitcoin isn't really a great currency.
The cost of transactions and low number of possible transactions shows that clearly.

For moving large amounts of money internationally, it is great. That is the direction people should be looking. There are major companies making a killing off money transfers, Bitcoin should make them obsolete. I can pay for stuff online with fiat, bitcoin adds nothing, or very little to that transaction for me.

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Quote from: OmegaStarScream on February 14, 2017, 09:40:08 AM

I've seen a blog post where they said It was purely a business decision , It could be anything but I doubt It's because of the price because Fiverr is a long term business , I doubt they care much about that If they truly know the potentials of bitcoin , so I assume It was due not having enough users using bitcoin.

That may be the only reason to discontinue bitcoin is mainly because bitcoin is not a reversible and if you are not happy with the service there is no way you could get back the coin and may be thats the only reason for them to discontinue .

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Probably no customers and what few customers there were probably caused more trouble than it was worth. As someone else has mentioned, refunds and customers complaints would be a pain up the arse.

I really can't believe a large operation like that would expose themselves to volatility by not using a payment processor.

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I've seen a blog post where they said It was purely a business decision , It could be anything but I doubt It's because of the price because Fiverr is a long term business , I doubt they care much about that If they truly know the potentials of bitcoin , so I assume It was due not having enough users using bitcoin.

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Quote from: ~Bitcoin~ on February 14, 2017, 08:53:20 AM

May be there are not many people who were using bitcoin to purchase gig from fiverr or may be agreement between fiverr and coinbase ended. Also bitcoin payments can't be reversed so if you are not happy with your purchase than you can't get refund, no-one would like this.

that to me is a natural thing. bitcoin has a tremendous impact on everything. bitcoin will not have a stable price at any time.

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Quote from: ~Bitcoin~ on February 14, 2017, 08:53:20 AM

May be there are not many people who were using bitcoin to purchase gig from fiverr or may be agreement between fiverr and coinbase ended. Also bitcoin payments can't be reversed so if you are not happy with your purchase than you can't get refund, no-one would like this.

If they choose to use a payment provider such as BitPay for example, then they 1) don't have to worry about fluctuations, and 2) refunds can be issued when needed. Other thing is that it doesn't cost you a single penny when making use of BitPay when there isn't anyone actually using it as payment option. It will only cost merchants 1% in fees if someone actually completes a purchase in Bitcoin. Only benefits.

~Bitcoin~

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May be there are not many people who were using bitcoin to purchase gig from fiverr or may be agreement between fiverr and coinbase ended. Also bitcoin payments can't be reversed so if you are not happy with your purchase than you can't get refund, no-one would like this.

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Quote from: davis196 on February 14, 2017, 08:29:57 AM

Quote from: Payment21 on February 13, 2017, 01:45:30 PM

Fiverr was one of the few online freelancing sites that accepted bitcoin until this January when they dropped it. The company hasn’t issued a comprehensive statement explaining what informed their decision. However, an article by Themerkle gives bitcoin volatility as the reason.

That raises the question whether Fiverr used a payment processor. If they did then price volatility becomes less of a reason that will make them drop bitcoin.

Maybe someone out there has info about this. Share.

When you purchase gigs on Fiverr with bitcoin you can`t get a refund.
I bought a gig with btc on December 2015,the service was terrible and i never got a refund.
I guess that nobody is using bitcoin to buy fiverr gigs and that`s why they removed that feature.

This might be the reason why fiver decided to drop bitcoin because of lacking of users of it or people who do use bitcoin to purchase.Its really a sad thing that there would be surely problems in terms of refund.Well its their own decision and we cant do anything about it.

bitjoin

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Quote from: davis196 on February 14, 2017, 08:29:57 AM

Quote from: Payment21 on February 13, 2017, 01:45:30 PM

Fiverr was one of the few online freelancing sites that accepted bitcoin until this January when they dropped it. The company hasn’t issued a comprehensive statement explaining what informed their decision. However, an article by Themerkle gives bitcoin volatility as the reason.

That raises the question whether Fiverr used a payment processor. If they did then price volatility becomes less of a reason that will make them drop bitcoin.

Maybe someone out there has info about this. Share.

When you purchase gigs on Fiverr with bitcoin you can`t get a refund.
I bought a gig with btc on December 2015,the service was terrible and i never got a refund.
I guess that nobody is using bitcoin to buy fiverr gigs and that`s why they removed that feature.

Maybe or maybe a few people have used bitcoin to buy then asked for a refund which creates a lengthy problem for their admin team. For the comission off $5 a time maybe they just didnt consider it worth it.

davis196

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Quote from: Payment21 on February 13, 2017, 01:45:30 PM

Fiverr was one of the few online freelancing sites that accepted bitcoin until this January when they dropped it. The company hasn’t issued a comprehensive statement explaining what informed their decision. However, an article by Themerkle gives bitcoin volatility as the reason.

That raises the question whether Fiverr used a payment processor. If they did then price volatility becomes less of a reason that will make them drop bitcoin.

Maybe someone out there has info about this. Share.

When you purchase gigs on Fiverr with bitcoin you can`t get a refund.
I bought a gig with btc on December 2015,the service was terrible and i never got a refund.
I guess that nobody is using bitcoin to buy fiverr gigs and that`s why they removed that feature.

Payment21

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Fiverr was one of the few online freelancing sites that accepted bitcoin until this January when they dropped it. The company hasn’t issued a comprehensive statement explaining what informed their decision. However, an article by Themerkle gives bitcoin volatility as the reason.

That raises the question whether Fiverr used a payment processor. If they did then price volatility becomes less of a reason that will make them drop bitcoin.

Maybe someone out there has info about this. Share.

Topic: Is it Bitcoin Price Volatility that Really Made Fiverr to Drop Bitcoin? (Read 771 times)