Start accepting Bitcoin and other Cryptocurrencies
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I'm an avid and firm believer of Bitcoin and I'd love to see it implemented among the site as a method of payment for donations and or to buy CSC, I think it's time to get more up-to-date on this website, Bitcoin and other altcoins are starting to integrate all over the place, and become a much bigger thing than they used to be. There may even be a few Subeta users who are already dabbling in that of Bitcoin. Accepting it as a method of payment only seems beneficial for the overall success of the site. If you have any concerns or questions then we can discuss them here.
I would love to know what Keith thinks about this proposition.
I like crypto as much as anyone else, but Subeta is tiny - I doubt the resources required to build a framework to accept bitcoin would be worth it for "maybe a few users".
Not to mention that bitcoin and others are massively volatile at this point.
Although maybe Agoge, Inc. could take a play out of Long Island Ice Tea playbook and change their name to AgoBlockChainge.
My understanding of how Bitcoin works is close to 0, but pretty much the only thing I do understand is that the value can fluctuate dramatically.
Like said, I don't really see this being something they'll implement right now since this is a small site. I don't know what the monthly average is for CSC purchases, but I imagine staff would still prefer to receive funds in a way that's stable and not dependent on how much Bitcoin happens to be worth at the time.
Could you please elaborate?
Be aware that we already have a LOT of things on our plates, and implementing a new payment method would cost us a lot of time and effort. To make this decision, we'd have to be convinced that it would bring in significant profit increase to make it worth that cost - and it doesn't seem like it will, especially if only a handful of people would use it. Plus, remember that many people on Subeta don't know anything about Bitcoin, and adding an additional payment method might actually cause a lot of confusion. There is already confusion about braintree and stripe. It's simply not worth it.
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Accepting it as a method of payment only seems beneficial for the overall success of the site.
Could you please elaborate?
Be aware that we already have a LOT of things on our plates, and implementing a new payment method would cost us a lot of time and effort. To make this decision, we'd have to be convinced that it would bring in significant profit increase to make it worth that cost - and it doesn't seem like it will, especially if only a handful of people would use it. Plus, remember that many people on Subeta don't know anything about Bitcoin, and adding an additional payment method might actually cause a lot of confusion. There is already confusion about braintree and stripe. It's simply not worth it.
I understand the concern, it seems some people here don't quite understand. The dev team would just be required to open a bitcoin wallet and then just use the deposit address they can get from that wallet and list it here on the site, so when someone decides to say donate to the site, they just take the wallet they own that has bitcoin in it and use the withdraw option, then they put in the amount they want to withdraw and the deposit address listed here and it would go straight to the wallet dedicated to Subeta. This is how it would work with donating, if you actually wanted to purchase CSC, it should just be coded in a very similar way, and unlike paypal, Bitcoin once sent can't be charge-backed. It's true that Bitcoin is volatile, but that's irrelevant when Bitcoins value can potentially go up after it's been received. So it's just as viable that they would get more than intended as well as the potential to get lower than intended. I would think that it's mostly up to the dev team on what they desire to do with the Bitcoin after they receive it, they can sell it back to USD if the website they're using with the wallet allows that.
I'm not sure if I really can convince you guys that this would bring a significant increase in profit, but at the same time I also don't think this would take a significant amount of time and effort either as it's actually a lot more simple than it really might seem on the surface. It would really just be there as an extra payment method just for those who might own Bitcoin and desire to send some to you guys.
I would be careful assuming that something wouldn't take a significant amount of time and effort. While setting up a bitcoin wallet alone is not too complicated, there is a lot more to do when it comes to integrating it with a site like Subeta. When introducing a new feature and payment method, we would need to make sure everything is covered legally, we would need to create new protocols in customer support for issues and disputes, we would need to figure out how to incorporate it into the existing UI, bonus weekend mechanics, CSC sales, and everything else... the list goes on. Once added, we'd need to support and maintain it. I think it's easy to forget that there is a lot more to adding a feature than just coding it, which is why even seemingly "easy" features need to be carefully considered before added.
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I really don't think enough people would use it as a payment option to make it worth staff's time. I'd rather they focus on introducing other features that more significantly enhance the site.
exchange rates are wildin atm, not sure anyone would use bitcoin on a pet site
Fees for handling bitcoin transactions right now are more than most things we sell on the site.
I think you don't understanding how accepting payments on a site like Subeta works. We accept payments through someone like stripe or paypal because it's impossible for us to run that infrastructure ourselves. They also handle hooks (telling us when / who has purchased something) so that we can credit it on the site. This is a mature network with long standing players.
Bitcoin isn't the same, there are a few people offering the above but they have HUGE transaction fees depending on the number of transactions awaiting approval on the blockchain, and are generally not as secure as stripe/paypal. Whatever we'd gain out of getting additional value of bitcoin as it raises we would lose in a situation like last week where it dropped 15% in a day. We're a small business and can't afford those kind of loses.
Thanks for the suggestion though :)
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<p>I think you don&;t understanding how accepting payments on a site like Subeta works. We accept payments through someone like stripe or paypal because it&;s impossible for us to run that infrastructure ourselves. They also handle hooks (telling us when / who has purchased something) so that we can credit it on the site. This is a mature network with long standing players.</p>
<p>Bitcoin isn&;t the same, there are a few people offering the above but they have HUGE transaction fees depending on the number of transactions awaiting approval on the blockchain, and are generally not as secure as stripe/paypal. Whatever we&;d gain out of getting additional value of bitcoin as it raises we would lose in a situation like last week where it dropped 15% in a day. We&;re a small business and can&;t afford those kind of loses.</p>
<p>Thanks for the suggestion though :)
Alright, no problem.
