04-14-2014, 12:08 AM
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Too lazy to set a custom title
Industry Role:
Join Date: Jul 2001
Posts: 59,204
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Quote:
Originally Posted by ChargeBacks
Hello GFY.
Regardless of your personal opinion about the volatility and regulations in place (or current lack thereof) I think we can all agree that digital currencies are the future. Accepting the different ones available like BitCoin and LiteCoin is a very smart move, and made very easy by setting up an account with a company like GoCoin.
Right now most people riding the digital currency trend are mining, and trading. There are billions of dollars in virtual money that is going unspent. These people want to be able to spend it somewhere: hotels, restaurants, petrol, and yes even porn. There is an enormous untapped marketplace for accepting consumers that are in possession of such digital currencies. Why not be amongst the first generation of e-merchants giving them the opportunity to actually spend this money?
Ask yourself this simple question. What do you care, if the method of payment they use is Bananas, Disney Dollars, Monopoly Money, BitCoin or LiteCoin? All that matters is that there is a company in the middle, that serves as a currency exchange. This exchange is willing to take your asking price (in the traditional currency of your choice) for that product or service your offering, and convert it temporarily to the various other payment methods generally being accepted by them.
As the merchant - you are not subject to the volatility of the market.
Today - You the merchant want 29.95 EUR for your product or service.
For the consumer - todays market price of 29.95 EUR says he/she must pay up 28 kg of bananas or .000032 BitCoin.
You get paid out 29.95 EUR minus the processing fee - which is about 1%
Tomorrow - You the merchant want 29.95 EUR for your product or service.
For the consumer - tomorrow's market price of 29.95 EUR says he/she must pay up 32 kg of bananas or .000045 BitCoin.
You get paid out 29.95 EUR minus the processing fee - which is about 1%
At that moment in time when a consumer wants to pay using their digital currency, they take your asking price, convert it to ...You get paid in the traditional currency of your choice. In many ways its no different than you wanting your 29.95 EUR, but your customer has USD. It is on your customer who wants to pay using USD how much exactly they have to pay in USD to reach your asking price in EUR. You are not getting paid in bitcoin, the processor is.
And my final words for those who prematurely have been complaining that they put up the option to pay in BitCoin and didn't see a increase in sales:
Just because you built a website, lots of people will automatically find it. You have to take the extra step to get the word out. The same applies for accepting the digital currencies. Spend a little time to spreading the word to the digital currency communities that you are a merchant where they can spend there monies, they will come.
Let's recap:
- You are attracting a fresh customer base
- You are not effected by the market volatility
- Processing fee is about 1%
- and ZERO Chargebacks.
I was sold at ZERO Chargebacks! 
Have a beautiful day everyone!
Sabrina
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Smart people already realize this. Dumb people will be left behind while we move on. Eventually they will realize this and either become smart as well or hate it even more. It's really their own stupidity they will be hating. It's just sad to see. |
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