Do you accept Bitcoin?

Artashes

Artashes

Administrator
Staff member
Web hosting is one of those industries where companies started to accept Bitcoin early in its game. However, as Bitcoin was struggling to gain momentum, some have dropped the cryptocurrency as a payment method.

Today, with Bitcoin going through explosive bubble-growth, has your position changed in its regard? Is your business planning on accepting the cryptocurrency? Or do you prefer to stand aside and watch where it goes from here?

If you never dropped accepting Bitcoin in the first place, how big and popular was Bitcoin for you, as a payment method? Have Bitcoin payments increased with time, especially over the past few months? How big did Bitcoin turn out to be in your company's growth in value?

I realize I am asking too many questions. Feel free to answer only those that you considered or those that apply to your business.
 
I've thought of using Bitcoin in the past, but I've chosen not to.

As Bitcoin is private, people could use fake but 'real' looking registration details, buy a product, damage the servers (such as overload), or abuse services etc and leave without a trace.

I also don't like that most Bitcoin places have withdrawals set as hundreds of dollars and putting money in is usually at least 50 bucks or so.

For mid-range services I could see benefit, but low range people wouldn't use Bitcoin for the above reasons, and high range opens you up to abuse.
 
We've never considered using Bitcoin, but I know a good number of other providers do accept that form of payment.
 
Bitcoin was introduced as one of our payment methods in June of 2016, we've since added support for many other crypto currencies (48 in total) including Ethereum, Litecoin, ZCash and Dash. Crypto currency payments account for around 6% of our overall income. You're probably not missing out on much by not supporting Bitcoin or other crypto currencies but it certainly can't hurt assuming you've got good anti-abuse measures in place. Perhaps it will lead to a few extra sales.

Abuse is unfortunately a concern when accepting crypto payments due to the potential anonymity of this payment method but if you have good anti-abuse measures in place to protect against mail spam and various types of malicious activity, this risk can be minimised.

We also highly value the privacy of our clients and welcome this aspect of crypto payments.
 
Kieran said:
As Bitcoin is private, people could use fake but 'real' looking registration details, buy a product, damage the servers (such as overload), or abuse services etc and leave without a trace.
Click to expand...

Evolution Host said:
Abuse is unfortunately a concern when accepting crypto payments due to the potential anonymity of this payment method but if you have good anti-abuse measures in place to protect against mail spam and various types of malicious activity, this risk can be minimised.
Click to expand...

I actually had no idea it assumed total anonymity. I was under the impression that Bitcoin as a method of payment does not actually void the creation of a client account within WHMCS, or whatever billing/support platform of your choice is. What does processing a client that pays with Bitcoin (or other cryptocurrency) look like from an administrative perspective?
 
We've not yet started but we do have it on our to do list in the year 2018
I heard its quite safe by using BitPay or any other secure Bitcoin Wallet. Let's see. :)
 
Artashes said:
I actually had no idea it assumed total anonymity. I was under the impression that Bitcoin as a method of payment does not actually void the creation of a client account within WHMCS, or whatever billing/support platform of your choice is. What does processing a client that pays with Bitcoin (or other cryptocurrency) look like from an administrative perspective?
Click to expand...

in WHMCS you have to use BitPay as the payment gateway to accept bitcoin, but clients still have to order in the same way as all other payment methods and go through the same anti fraud checks.

I offered this for 2 years without a single client choosing to use it and never get asked if i offer this as a payment method. so it removed it
 
We are not offering bitcoin yet. But I doubt it will be offered soon since most customers preferred to use CC or paypal to name a few. For now, that is enough as a payment option i guess.
 
We do accept payments in BitCoins and some other cryptocurrencies, however I cannot tell you that it brought us a lot of extra clients :(
At the same time it is not 100% safety, so we had to take these risks to increase our customer base
 
Due to a very significant increase in mining fees (transaction fees), it is no longer viable for clients to send small payments using Bitcoin. People are currently paying almost $40 per transaction to ensure that their transactions are confirmed within a reasonable amount of time.

You can view the following URLs for more information about the current recommended fees:
https://bitcoinfees.info/
https://bitcoinfees.earn.com/
https://estimatefee.com/
 
Not worth accepting BTC as no one will pay with it due to fees.
However, you can accept altcoins like Ethereum, Bitcoin Cash and the rest via many Cryptoprocessors like: Bitpay, Coinpayments, coingate.
 
BTC fees have slightly decreased again. That being said it's still not worth accepting BTC payment for small payments.
However, the whole BTC community is waiting for Lightning Network which should reduce fees by a large margin.
Until then best to use other altcoins for payments.
 
Accepting Bitcoin is risky. do you like just throwing your money away?

http://fortune.com/2017/05/27/bitcoin-price-drop/

https://smallbusiness.yahoo.com/adv...s-80-percent-24-hours-114255982--finance.html

https://www.pymnts.com/blockchain/bitcoin/2017/bitcoin-value-drops-cryptocurrency-bubble/

http://www.bbc.com/news/technology-26118002

https://www.bloomberg.com/news/arti...p-50-and-china-s-miners-will-still-make-money

If you still want to use bitcoin after reading those, I've got a bridge in the Nevada desert to sell you.

At least with (U.S. based) stocks, they're regulated. If something like this would have happened in the stock market, so many times, it'd be investigated.

Sadly with bitcoin, it's a plethora of problems, including anonymity and not being able to count on stability. Mock the USD stability all you want, but I've yet to be able to walk down to the bank and take out $1 , or have my actual $$ decrease in availability , or value (at the bank).
 
whmcsguru said:
Accepting Bitcoin is risky. do you like just throwing your money away?

http://fortune.com/2017/05/27/bitcoin-price-drop/

https://smallbusiness.yahoo.com/adv...s-80-percent-24-hours-114255982--finance.html

https://www.pymnts.com/blockchain/bitcoin/2017/bitcoin-value-drops-cryptocurrency-bubble/

http://www.bbc.com/news/technology-26118002

https://www.bloomberg.com/news/arti...p-50-and-china-s-miners-will-still-make-money

If you still want to use bitcoin after reading those, I've got a bridge in the Nevada desert to sell you.

At least with (U.S. based) stocks, they're regulated. If something like this would have happened in the stock market, so many times, it'd be investigated.

Sadly with bitcoin, it's a plethora of problems, including anonymity and not being able to count on stability. Mock the USD stability all you want, but I've yet to be able to walk down to the bank and take out $1 , or have my actual $$ decrease in availability , or value (at the bank).
Click to expand...

There are crypto/Bitcoin payment processors such as BitPay that will deposit payouts directly into your bank account, exchanging BTC for USD (for example) at the current rate. This mitigates the risks associated with a potential reduction in BTC value since the business does not need to hold any BTC.

Some prefer to receive payments in BTC as card processing fees are avoided.
 
We accept bitcoin, but as the previous poster states, we effectively convert back to cash immediately, so the value of bitcoin isn't an issue.

i.e. $150 bill gets converted into and out of bitcoin, the transaction gets a mere second, so the fluctuation in currently is trivial.

Also, with no chargebacks possible, the only risk is treating a customer badly and getting bad press.
 
Evolution Host said:
There are crypto/Bitcoin payment processors such as BitPay that will deposit payouts directly into your bank account, exchanging BTC for USD (for example) at the current rate. This mitigates the risks associated with a potential reduction in BTC value since the business does not need to hold any BTC.

Some prefer to receive payments in BTC as card processing fees are avoided.
Click to expand...

I tried getting support from BitPay but failed to their system. I needed to ask about accepting it and their tier system. But as they were unwilling to work with me I decided against accepting. At least until Blesta provide other more feasible options.

It's one thing to have requirements but if your unwilling to work out anything with regards to support then that's a different story.
 
Harv45 said:
It's one thing to have requirements but if your unwilling to work out anything with regards to support then that's a different story.
Click to expand...
If you don't meet the requirements, then move on. Nobody's "required" to adjust their requirements to fit your wants and needs. That's just ridiculous.

Find another provider that's more suited towards you.
 
You must log in or register to reply here.

Latest posts

Forum supporters

Members recently online

Total: 17

Forum statistics

Threads
80,909
Messages
248,430
Members
20,678
Latest member
hostys
Top