Or are you considering international purchases?
Topic: Would u pay in bitcoin? - page 7. (Read 8886 times)
Or are you considering international purchases?
If it was for small purchases I wouldn't bother trying to get into bitcoin just to make a small saving on something small however take something like a car and then you would be talking especially if I could save quite a bit paying with bitcoins over my own cash.
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Ok, ok, but how does the customer send the money to Coinbase?
They can use their bank account, one that does not carry any fees. What does Coinbase do to avoid fees on dollar deposits, that merchants cannot do?
Or are you considering international purchases? In that case going through bitcoin could save money over paying directly with dollars; but bitcoin-based payment processors do not yet reach overseas, do they? (And for most overseas purchases, transportation and customs taxes will dwarf the credit card fees.)
Shipping and tariffs (customs taxes) are big for most international purchases, however bitcoin would still save money on the transaction as it would reduce overall costs.
If I can get a discount then sure and then replenish the BTCs. Otherwise I would rather keep hold of them as I believe they will be worth more.
Ok, ok, but how does the customer send the money to Coinbase?
They can use their bank account, one that does not carry any fees. What does Coinbase do to avoid fees on dollar deposits, that merchants cannot do?
Or are you considering international purchases? In that case going through bitcoin could save money over paying directly with dollars; but bitcoin-based payment processors do not yet reach overseas, do they? (And for most overseas purchases, transportation and customs taxes will dwarf the credit card fees.)
1) There are fees for bank-to-bank transfers, except for transfers between acounts with the same bank. Those fees are usually to big compared to what's being paid for. And of course, there are the traditional payment methods, debit cards and checks. The choice between that and bitcoin is usually a matter of conveniece and savings.
2) Are you referring to how Coinbase could avoid fees per dollar deposit into THEIR account? Or the transfer FROM the sender's account?
3) There are some international vendors accepting bitcoin using bitpay, cashcashpinoy.com is one of them. And shipping charges will always be there, regardless of payment method.
No reason not to, assuming there were shops to spend it on. A lot of places where credit card penetration is low, bitcoin would be a very good payment method (it's true here in the Philippines).
Certainly, if I were to (ahem) want to pay for some sort of adult entertainment on the internet (cam site, porn, etc), then bitcoin would be the way to go. No handing ID info to shady websites. Nothing weird showing up on credit card bills...
Ok, ok, but how does the customer send the money to Coinbase?
They can use their bank account, one that does not carry any fees. What does Coinbase do to avoid fees on dollar deposits, that merchants cannot do?
Or are you considering international purchases? In that case going through bitcoin could save money over paying directly with dollars; but bitcoin-based payment processors do not yet reach overseas, do they? (And for most overseas purchases, transportation and customs taxes will dwarf the credit card fees.)
I would probably not go through all the effort just for some discount, unless the product is expensive enough.
If i regularly buy something at a store and it give a permanent discount i might consider.
But of course people do not only buy bitcoin in the hope of discounts. Bitcoin is many things and has many reasons why you should buy it.
If i regularly buy something at a store and it give a permanent discount i might consider.
But of course people do not only buy bitcoin in the hope of discounts. Bitcoin is many things and has many reasons why you should buy it.
Most people still hoarding bitcoin.
Those willing to spend it only spending it on mining equipment.
Those willing to spend it only spending it on mining equipment.
Nah, I spend bitcoin all the time. But I took out my initial investment (and much more) a long, long time ago. And I trade with the profits..... so whenever price drops and I manage to profit in coins, I put some aside for spending when we go back up.
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a merchant could afford to offer a 3% discount for paying in bitcoin and would have profits stay the same (no net cost). The customer would need to pay the coinbase "fee" of ~0.32% but would still end up paying ~2.68% less then they otherwise would. This is not only a lower net cost to the customer but the costs are more transparent.
Ok, ok, but how does the customer send the money to Coinbase?a merchant could afford to offer a 3% discount for paying in bitcoin and would have profits stay the same (no net cost). The customer would need to pay the coinbase "fee" of ~0.32% but would still end up paying ~2.68% less then they otherwise would. This is not only a lower net cost to the customer but the costs are more transparent.
Ok, ok, but how does the customer send the money to Coinbase?
Most people still hoarding bitcoin.
Those willing to spend it only spending it on mining equipment.
Those willing to spend it only spending it on mining equipment.
sr. member
Activity: 448
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It's Money 2.0| It’s gold for nerds | It's Bitcoin
The route [ dollars-->bitcoin-->merchandise ] does not need to be cheaper [ than dollars-->merchandise ], as it would not be cheaper, but would essentially cost the same (you could potentially have to "pay" the spread that coinbase charges).
Thanks, that is the problem: the customer who does not have the bitcoins yet will end up paying more by paying with bitcoins than by paying with dollars. If any such customer tries to pay with bitcoin just out of curiosity, he will be disappointed.Therefore those services are not going to help bitcoin adoption; they cater to the bitcoin believers who already have bitcoins and want to spend them.
As of ~5 minutes ago, the buy price on Coinbase was $561.80, the sell price was $559.96, and the spread between the two prices was $1.84 or ~0.32%. Assuming offering such a discount would have a zero effect on sales, a merchant could afford to offer a 3% discount for paying in bitcoin and would have profits stay the same (no net cost). The customer would need to pay the coinbase "fee" of ~0.32% but would still end up paying ~2.68% less then they otherwise would. This is not only a lower net cost to the customer but the costs are more transparent.
Right now I like my bitcoins. I don't want to lose them, so I would not pay with them. But when the price hits the $2000+ range, then I will consider paying with them.
I would like to think that each transaction I do in BTC is ensuring the value in the future... plus I instant buy to keep my long position
The route [ dollars-->bitcoin-->merchandise ] does not need to be cheaper [ than dollars-->merchandise ], as it would not be cheaper, but would essentially cost the same (you could potentially have to "pay" the spread that coinbase charges).
Thanks, that is the problem: the customer who does not have the bitcoins yet will end up paying more by paying with bitcoins than by paying with dollars. If any such customer tries to pay with bitcoin just out of curiosity, he will be disappointed.Therefore those services are not going to help bitcoin adoption; they cater to the bitcoin believers who already have bitcoins and want to spend them.
Short answer is no.
Cash still has the lowest fee. And credit card sometimes gives promotion/discount.
There is zero economic incentive to use bitcoin for local trade.
Cash still has the lowest fee. And credit card sometimes gives promotion/discount.
There is zero economic incentive to use bitcoin for local trade.
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Activity: 448
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It's Money 2.0| It’s gold for nerds | It's Bitcoin
But the customer still has to transfer all the dollars of the multiple purchases to the exchange (or BitPay, Coinbase, etc.) in order to buy the bitcoins. So the route dollars-->bitcoins-->merchandise cannot incur in less fees than dollars-->merchandise.
Besides, the BTC price is still not rising, and may as well fall. At this time, buying bitcoin is not a sensible medium-term investment. That includes buying a bunch of bitcoin now in order to make multiple purchases over the next weeks or months.
At this time, paying with bitcoin only makes sense if one already has bitcoins that were mined or bought for investment, and has decided to sell them. If the merchant actually accepts bitcoin, the route bitcoin-->merchandise would incur in less fees than bitcoin-->dollars-->merchandise. However, most bitcoin payment processors like Bitpay actually do the latter, so the dollar transmission fees must be paid by someone sometime.
The customer could simply go through the KYC of getting verified for instant buys of BTC on coinbase (hassle but no money). Besides, the BTC price is still not rising, and may as well fall. At this time, buying bitcoin is not a sensible medium-term investment. That includes buying a bunch of bitcoin now in order to make multiple purchases over the next weeks or months.
At this time, paying with bitcoin only makes sense if one already has bitcoins that were mined or bought for investment, and has decided to sell them. If the merchant actually accepts bitcoin, the route bitcoin-->merchandise would incur in less fees than bitcoin-->dollars-->merchandise. However, most bitcoin payment processors like Bitpay actually do the latter, so the dollar transmission fees must be paid by someone sometime.
The customer could then buy exact amount of BTC needed, send BTC to merchant (less the discount) receive the merchandise.
But the customer still has to transfer all the dollars of the multiple purchases to the exchange (or BitPay, Coinbase, etc.) in order to buy the bitcoins. So the route dollars-->bitcoins-->merchandise cannot incur in less fees than dollars-->merchandise.
Besides, the BTC price is still not rising, and may as well fall. At this time, buying bitcoin is not a sensible medium-term investment. That includes buying a bunch of bitcoin now in order to make multiple purchases over the next weeks or months.
At this time, paying with bitcoin only makes sense if one already has bitcoins that were mined or bought for investment, and has decided to sell them. If the merchant actually accepts bitcoin, the route bitcoin-->merchandise would incur in less fees than bitcoin-->dollars-->merchandise. However, most bitcoin payment processors like Bitpay actually do the latter, so the dollar transmission fees must be paid by someone sometime.
The customer could simply go through the KYC of getting verified for instant buys of BTC on coinbase (hassle but no money). Besides, the BTC price is still not rising, and may as well fall. At this time, buying bitcoin is not a sensible medium-term investment. That includes buying a bunch of bitcoin now in order to make multiple purchases over the next weeks or months.
At this time, paying with bitcoin only makes sense if one already has bitcoins that were mined or bought for investment, and has decided to sell them. If the merchant actually accepts bitcoin, the route bitcoin-->merchandise would incur in less fees than bitcoin-->dollars-->merchandise. However, most bitcoin payment processors like Bitpay actually do the latter, so the dollar transmission fees must be paid by someone sometime.
The customer could then buy exact amount of BTC needed, send BTC to merchant (less the discount) receive the merchandise.
The price of BTC may rise or fall as it is nothing more then speculation to say it will go in a specific direction over a certain time period.
The BTC price just fell 10$ (from ~586$ to ~576$) over the last few hours. Who is going to absorb that volatility? (Whover does it will want some extra margin to compensate the risk.)Jump to: