Pros & Cons of Bitcoin

[CarlC]

I have been looking into bitcoin a little and really don't know what the advantages or disadvantages are. I don't get a lot of requests for it but do do a lot of business in other countries.

 

[zomex]

There is more advantages than disadvantages the main ones being low fees, ability to accept payments from any country and chargebacks are non-existant to my knowledge.

The big drawback is in some countries banks try and restrict bitcoins. For example if you use Bitpay and are from the UK you must make £1000 worth of funds before you can withdraw to your account. This is due to UK banks trying to put off businesses working with Bitcoins.

 

[cheapdedicated]

Apart from the low fees, I doubt there is much you lose by not offering Bitcoin. Am yet to have my second client asking to use bitcoin to pay. May be its just me any our clients.

 

[RH-Calvin]

I would say that Bitcoin is the safest mode of payment gateway for online payments.

 

[cheapdedicated]

I would say that Bitcoin is the safest mode of payment gateway for online payments.

Safe yes but isnt necessarily the best user friendly especially from lay clients

 

[Collabora]

I know of no "legit" business that insists on paying their vendors or service providers in Bitcoin

 

[cheapdedicated]

I know of no "legit" business that insists on paying their vendors or service providers in Bitcoin

Me neither

 

[niteryder]

We maybe see 1-2% of our clients use Bitcoin. Meh, just another payment option.

 

[Harv45]

We maybe see 1-2% of our clients use Bitcoin. Meh, just another payment option.

Indeed most providers probably get Paypal/credit cards payments the most. But being more accessible does not hurt when it real viable option.

 

[cheapdedicated]

Indeed most providers probably get Paypal/credit cards payments the most. But being more accessible does not hurt when it real viable option.

Problem with offering payment options that are not that used is you end up with one client who pays through it lets say $4 a month for shared hosting and the withdraw fees become very high because you have very little volume on that gateway

 

[Harv45]

Problem with offering payment options that are not that used is you end up with one client who pays through it lets say $4 a month for shared hosting and the withdraw fees become very high because you have very little volume on that gateway

In that case I would keep that gateway's balance as a "backup" funding solution. Then you need a "little boost" hey you got something right? With Bitcoins you could even get more in "real cash" value to get more than that $4. In fact that why a provider stated why they openly accept Bitcoins.

 

[coloAZ]

Money is Money. Accept it however you can!

Just my two cents.

 

[cheapdedicated]

In that case I would keep that gateway's balance as a "backup" funding solution. Then you need a "little boost" hey you got something right? With Bitcoins you could even get more in "real cash" value to get more than that $4. In fact that why a provider stated why they openly accept Bitcoins.

I am yet to find a data centre that accepts bit coin. Its still a tricky option for serious brands

 

[cheapdedicated]

Money is Money. Accept it however you can!

Just my two cents.

Even when it costs you more to withdraw it?

 

[Harv45]

Even when it costs you more to withdraw it?

Our points being hey it still money. Would you rather get a little bit less or $0?

 

[InfinityHosts]

Well, Now every other firm online is accepting BitCoin.
It got low feeds, and there are no chargebacks either. Also, There are ways to handle disputes or give refunds now if you're using bitpay, could be available with other 3rd party services.

So, You shouldn't think about it & just start using it.

 

[cheapdedicated]

Well, Now every other firm online is accepting BitCoin.

Is there a data centre or any of the big Dogs in the industry that accepts Bitcoin????

 

[RosenHost]

Would you guys recommend a reliable Bitcoin payment processor for a hosting business in Southern Europe ?

 

[Angelshine]

I always pay my hosting bills through bitcoin because of low fee.

 

[vladimir]

I personally haven't seen much use for bitcoin but it is a venture that I would like to see more often. Bitcoin looks like something that would go far but due to having somewhat of bad reputation. I don't really see it as a viable option at this time.