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  #21  
Old 06-05-2018, 01:43 PM
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Until I can pull up to Speedway to gas up or walk into Micky D's and get a cup of coffee with it it's useless to me and something that I don't need, so far no one charges fees for using cash. Most cards don't even charge interest as long as you pay them off during the same billing cycle. Until it becomes universally accepted I don't want to bother with trying to shop the limited vendors and try to figure out who accepts what before making a purchase, don't have enough free time as it is. I don't even have a Paypal account for the same reason. Here is a true test, hire the local neighborhood boy to cut your grass, offer to pay him in bitcoins and see how far you get or if his daddy shows up on your porch with a bat afterwards.
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  #22  
Old 06-05-2018, 02:21 PM
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Originally Posted by Swinglow View post
Again, you're wrong and do not understand how bitpay works.
No, you are wrong. You are implicitly assuming that the dealer will not want to
convert the cryptocoins received into US dollars.

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  #23  
Old 06-08-2018, 08:27 PM
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Originally Posted by Swinglow View post
This isn't about disadvantages of the current system. I have no problem paying via check or visa. This is ANOTHER way to maximize sales.
.
First sentence says it all, if a business already accepts 100% of the currency 100% of the customers use. Don't see how it would "maximize"the sales, anymore than that the business owner is already producing. Many small businesses don't even take Amex, DUE to the additional fees and the small percentage of people using it. On the off chance you have a customer want to use what some investors believe may be too volatile of a form of payment, I'm sure the buyer has other resources.

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  #24  
Old 06-08-2018, 09:51 PM
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Originally Posted by Rudy View post
No, you are wrong. You are implicitly assuming that the dealer will not want to
convert the cryptocoins received into US dollars.
Youíre misunderstanding what he said and how bitpay works. He would pay in crytocurrency through bitpay, but the the dealer on the other end of bitpay would get paid in USD or the currency of their choice automatically converted.

So letís say the dealers price is $899, bitpay would collect the requisite amount of currency to convert and pay $899 minus the 1 percent fee.

The dealer wonít have to convert anything, they would just have to have a bitpay account.
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  #25  
Old 06-09-2018, 08:12 AM
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Originally Posted by SoOregonMd View post
I think just the word CRYPTO puts up a huge red flag for most people.
It is surrounded in mystery, therefore people tend to steer clear of it.. Perhaps if they touted it as something different from the get go.. but they did not

Think about Crypto Zoology

noun
1. the study of evidence tending to substantiate the existence of, or the search for, creatures whose reported existence is unproved, as the Big Foot, Abominable Snowman or the Loch Ness monster.

or just the definition Crypto

noun
1. a person who secretly supports or adheres to a group, party, or belief.

adjective
2. secret or hidden; not publicly admitted:
No red flag for me!

gets my interest quickly...

maybe because I worked in the "crypto" field for so long!

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  #26  
Old 06-09-2018, 10:25 AM
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I always think if it is that easy to convert it to cash, then just do that and pay cash. I sell a fair share of stuff on Craigslist and people often email me wanting to come over and pay with a check. I always tell them to stop by the bank and get the cash. If they can write a check they can get the cash....The only thing I know about bit coin is it would have been good to buy a bunch of it when it was new...

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  #27  
Old 06-09-2018, 12:46 PM
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Originally Posted by ChrisMD View post
Youíre misunderstanding what he said and how bitpay works. He would pay in crytocurrency through bitpay, but the the dealer on the other end of bitpay would get paid in USD or the currency of their choice automatically converted.

So letís say the dealers price is $899, bitpay would collect the requisite amount of currency to convert and pay $899 minus the 1 percent fee.

The dealer wonít have to convert anything, they would just have to have a bitpay account.
Once received, BitPay converts the Bitcoin or Bitcoin Cash to your preferred currency and adds the full amount of the payment to your next BitPay account settlement. This raises a couple of questions: What is the exchange rate used in the conversion? Have you ever converted cash into a foreign currency? The banks will give you a Buy/Sell spread and the quoted rate is never as good as the interbanks spread. The difference is the bank's profit.

If you want to deliver $100 to someone in a bitcoin transaction, the sender is charged a certain amount of Bitcoins. The Bitcoins are sent and the receiver then is credited. Question: will he be credited with exactly $100?, or something less? Who is paying for the profit in the end to end Bitcoin transaction? Only the sender pays? After all, it is a business and they expect to make a profit.

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  #28  
Old 06-09-2018, 12:57 PM
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Originally Posted by Rudy View post
Once received, BitPay converts the Bitcoin or Bitcoin Cash to your preferred currency and adds the full amount of the payment to your next BitPay account settlement. This raises a couple of questions: What is the exchange rate used in the conversion? Have you ever converted cash into a foreign currency? The banks will give you a Buy/Sell spread and the quoted rate is never as good as the interbanks spread. The difference is the bank's profit.

If you want to deliver $100 to someone in a bitcoin transaction, the sender is charged a certain amount of Bitcoins. The Bitcoins are sent and the receiver then is credited. Question: will he be credited with exactly $100?, or something less? Who is paying for the profit in the end to end Bitcoin transaction? Only the sender pays? After all, it is a business and they expect to make a profit.
For the seller it doesnít matter what the exchange rate is, they would get $899 USD minus the fee. Only the buyer has to be concerned with the exchange rate. The buyer on his end punches in that he needs to pay $899 USD to so-and-so, and Bitpay performs all the exchange on the buyerís end, letting them know how much bitcoin is being debited from their account to pay $899.

To answer your question, if using Bitpay the receiver would be credited exactly $100 minus the 1% fee. Bitpay operates differently than other wallet to wallet exchanges and associated fees and conversions.

It might sound more confusing in theory than in practice; in practice itís pretty simple. Only reason I have experience with it is I sold a bunch of stuff to a buddy sitting on $17,000,000 in bitcoin, and he wanted to pay via Bitpay and was offering more than I could get elsewhere. I realize it isnít everyoneís cup of tea but it is pretty simple.
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  #29  
Old 06-16-2018, 06:36 PM
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These crypto currencies are interesting. The fact that anyone can make their own makes it a bit hard for me to understand that these are anything but speculative gambles. Maybe that's why I'll never get rich !

The "alternative" currency I would feel comfortable using are the gold coins issued by the "Continental" in John Wick
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