Topic: Mt. Gox merchant Instant Sell function (Read 1029 times)
I'm setup on BitPay now. Is anyone keeping a list of merchants that accept bitcoin where I could add my web site?
There is no such thing as "instant sell" on MtGox. You put in a sell order and wait forever in the queue for something to happen. You will pay 2.99% to basically do what any free trading bot will let you do for regular Gox trading fees. Use Bitpay instead
They just lowered their prices a few days ago and apparently nobody has updated the wiki yet. 2.99% was the old price.
https://bitcointalksearch.org/topic/bitpay-exceeds-2-million-in-transactions-in-march-lowers-fees-for-all-merchant-158113
https://bitcointalksearch.org/topic/bitpay-exceeds-2-million-in-transactions-in-march-lowers-fees-for-all-merchant-158113
Excellent, thanks.
They just lowered their prices a few days ago and apparently nobody has updated the wiki yet. 2.99% was the old price.
https://bitcointalksearch.org/topic/bitpay-exceeds-2-million-in-transactions-in-march-lowers-fees-for-all-merchant-158113
https://bitcointalksearch.org/topic/bitpay-exceeds-2-million-in-transactions-in-march-lowers-fees-for-all-merchant-158113
Mt Gox is not a good choice for processing BTC payments into dollar accounts. Use BitPay, Coinbase, or BIPS
Thanks. BitPay looks promising. However, this wiki page at https://en.bitcoin.it/wiki/BitPay says this:
"Merchants can have no currency risk of bitcoins at all. The fee for this service is 2.99% of the value of the sale"
However, the BitPay website at https://bitpay.com/bitcoin-direct-deposit says this:
"BitPay Fee: 0.99%. Conversion and Settlement is offered for no additional charge."
So what is that 2.99%?
Mt Gox is not a good choice for processing BTC payments into dollar accounts. Use BitPay, Coinbase, or BIPS. Any of them will send the received funds directly to your bank account and you won't have to mess with Dwolla.
I'm considering setting up an account at Mt. Gox to accept bitcoins as payments on my web site. I'm wondering about the actual fees that are required to convert those to dollars and get them into my U.S. bank account. Their merchant page at https://mtgox.com/merchant says this:
"Never be forced to handle a single Bitcoin with our Instant Sell function and cash out into sixteen different currencies"
Say I use this feature and I list a product at $100.00 USD. I'm assuming they will display that along with the equivalent bitcoin amount. The customer pays that. Now is there exactly $100.00 USD in my account or has some fee been deducted? Or did the customer get charged a fee? If not, how does Mt. Gox make money?
Now once dollars are in my account, it appears that I can transfer them to a Dwolla account for only 25 cents per transfer and then from there to my bank account for free, is that correct?
"Never be forced to handle a single Bitcoin with our Instant Sell function and cash out into sixteen different currencies"
Say I use this feature and I list a product at $100.00 USD. I'm assuming they will display that along with the equivalent bitcoin amount. The customer pays that. Now is there exactly $100.00 USD in my account or has some fee been deducted? Or did the customer get charged a fee? If not, how does Mt. Gox make money?
Now once dollars are in my account, it appears that I can transfer them to a Dwolla account for only 25 cents per transfer and then from there to my bank account for free, is that correct?
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