What are the pros and cons of accepting Bitcoin for payment?

[SenseiSteve]

For those of us that do not offer Bitcoin as a method of payment for this segment of the hosting industry, have you considered implementing that in the future or have you completely ruled it out, and why? I'm curious how you proactively prevent Bitcoin fraud?

 

[VinaHost]

I wondering if Bitcoin is legal around the world?

 

[enomyn]

I am not really support bitcoin, afraid its become like e-gold.

 

[ughosting]

If you have a customer who is not breaking any rules, hosts the correct kind of content and keeps paying you but has signed up with the wrong name and address, are they still a good customer? I believe that's the right question.

Once paid by BitCoin the transaction is not reversible, so the money is yours. That's the good thing.

But the payment source does not back up the names and addresses in your database. That's the one bad thing.

If you follow up any BitCoin customers by phoning them, then I think you've done all you can.

We accept BitCoin, but haven't had many takers, we had had a few of enquiries about it and as it doesn't cost anything to provide, we set it up.

 

[Andrius]

We use Bitcoin for payments - perfect currency, low rates, quick transfers and no refunds!

 

[jakeh]

Bit coin is accepted in many countries. Some have accepted as legal currency and some have not accepted where some other countries has banned bit coin.

You might check here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

 

[cheapdedicated]

Still a tricky arena. There is a lot of noise about bit coin before you set it up and one you do you realize there are very few too few clients that actually use it. I still its still a gamble that could easily go either way.

 

[Gsh_MM]

Bitcoin Value can drop to Zero and all funds could be lost.
I know the usa is trying to make it illegal to use bitcoin.

 

[LarsJ]

Countries don't like a payment system circumventing the entire banking and credit card system...

 

[cheapdedicated]

Bitcoin Value can drop to Zero and all funds could be lost.
I know the usa is trying to make it illegal to use bitcoin.

I agree that its very possible for it to drastically lose value with almost no warning

 

[Collabora]

The type of person who insists on paying with bitcoin and nothing else I do not want as a customer.
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[vladimir]

Bitcoin is too unstable and a source of income that can not be traced. Also the value can drop overnight.

 

[maplehosting]

Bitcoin is too unstable and a source of income that can not be traced. Also the value can drop overnight.

But with services like BitPay - you're safe from its instability.

What do you mean by a source of income that can't be traced?

 

[Alex - A2 Hosting]

There are numerous pros though I think the main one is that some clients prefer to pay via Bitcoin and it is very easy to add Bitcoin:

For US business that use Stripe, Bitcoin is very easy to accept. They take care of everything for you pretty much.

If for any of my projects I had to accept Bitcoin, it would be through Stripe.

 

[VerdinaNET]

It's quite untraceable.

 

[Maggew.com]

The type of person who insists on paying with bitcoin and nothing else I do not want as a customer.

To sell a "virtual service" and not accept "virtual currency" is weird imo. Please redirect all your customers to my organization.

Gold Bullions > Silver > Dollars > Bitcoin > Dwolla > Everything else..

Bitcoin is a perfect currency for people who desire privacy. It's more risky because the value can drop or raise really fast, but that's what makes it exciting. Check out a website call CoinBase, you'll really love what they did.

 

[Collabora]

To sell a "virtual service" and not accept "virtual currency" is weird imo.

So it must also be your opinion that exchanging gold for food is weird since gold is not edible? Your brain works funny.

Bitcoin is a perfect currency for people who desire privacy.

Bitcoin is not private, its anonymous. Big difference. Learn it.

But even then, Bitcoin is not anonymous unless the entry point is acquiring bitcoin in a private transaction, as compensation for goods or services rendered, or as a reward for mining.

 

[SenseiSteve]

I've read of quite a few providers that do indeed accept BitCoin, and their main selling point is that you cannot do chargebacks with BitCoin, plus they've found the fraud rate is actually lower than with credit cards.

 

[Collabora]

It's quite untraceable.

I assume you are referring to the buyer and not the host (the actions of the host is the subject of this thread).

Either way, your assertion is quite false.

 

[cheapdedicated]

Bitcoin is not private, its anonymous. Big difference.

Well stated and that is why Its a suspicious venture