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Old 12-06-2017, 06:13 AM
Harold Roth Harold Roth is offline
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Bitcoin

Do you accept Bitcoin or other cryptocurrency? This is an option with Shopify that I haven't used. Now someone wants to buy something with Bitcoin. I'm curious if others have had experience with it.
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Old 12-06-2017, 01:20 PM
contumacious contumacious is offline
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Re: Bitcoin

I wouldn't be too worried about accepting bitcoin as payment but I wouldn't want to let it stay as bitcoin for more than an hour or so. I would convert it as soon as I could to local currency.

Bitcoin is one of the most volatile currencies on the planet. The current trend is upward but it could just as easily drop by half. All it would take is a huge theft / hack. If you leave your bitcoin in an account there is a chance that you could lose huge portions of it as the market fluctuates as well as from hackers. It lost 20% at one point in November this year. I am more concerned with hackers than market value, but they are related.

This story is pretty sobering. Imagine if your neighbors bank account was hacked and every penny was stolen. Your account was fine. Then your bank says to make it "fair", everyone in the bank is going to have money taken out of their unhacked accounts to share the loss with them. I don't think so!

https://www.cnbc.com/2016/08/05/hack...all-users.html
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Old 12-06-2017, 01:59 PM
Harold Roth Harold Roth is offline
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Re: Bitcoin

Yeah, I was concerned about the volatility. I have Bitpay on the site, which supposedly immediately converts it to the cash of your choice. We shall see.
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Old 12-06-2017, 02:06 PM
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RobinZ RobinZ is offline
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Re: Bitcoin

No, won't accept.

I doubt someone who truly wants to buy from you will NOT buy because you don't accept it.
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Old 12-06-2017, 04:33 PM
Harold Roth Harold Roth is offline
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Re: Bitcoin

I know this potential customer has a lot of money in Bitcoin due to speculation, so I am kind of hoping that he will want to use it. I don't know what Bitcoin is like, but I know how different digital money feels compared to actual bills. It doesn't feel real so it's easier to spend.

I was concerned about accepting it in the past. I thought it might mark my business in some way or draw attention from unwanted quarters, but now huge companies are taking it. So I figure I might as well give it a try.
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Old 12-07-2017, 10:11 AM
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artbymdp artbymdp is offline
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Re: Bitcoin

I keep seeing Bitcoin posts on Facebook. Maybe it is my age but cyber currency reminds me of the 1990s dot.com era of paying people in start up company stock. Just a question, is cyber currency recognized by US Banks for deposit into business accounts and is no longer cyber currency when deposited?
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Old 12-07-2017, 01:21 PM
Harold Roth Harold Roth is offline
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Re: Bitcoin

Bitpay deposits your Bitcoin sales as dollars or whatever regular currency you want.

I just noticed that one Bitcoin is worth $16,000USD today. Last I heard, they were worth a couple bucks. I had asked Bitpay to raise my ability to accept 100 Bitcoins/day to 1000/day, but now I see that I didn't need to do that. That would be $16 million.

I do think Bitcoin is experiencing a huge bubble, mostly on account of speculators in China. But that doesn't make it an illegitimate currency. WordPress, Microsoft, Expedia, Whole Foods, Bloomberg, Chicago Sun-Times, Etsy, Dish, etc. all accept Bitcoins.

Last edited by Harold Roth : 12-07-2017 at 01:27 PM.
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Old 12-07-2017, 05:31 PM
contumacious contumacious is offline
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Re: Bitcoin

As long as it doesn't sit in a bitcoin wallet for very long (an hour or two at the most?) I would not be too concerned about being paid with bitcoin. The most I would be willing to keep in a bitcoin wallet would be about $50 US at any given time.

Do they hit you with fees to convert it to your desired currency? Are those fees on top of any other transaction fees they charge?
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Old 12-08-2017, 06:06 AM
Harold Roth Harold Roth is offline
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Re: Bitcoin

According to them, their fee is 1%.
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Old 12-10-2017, 11:41 AM
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falcon012 falcon012 is offline
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Re: Bitcoin

American Dollars, British Pounds Sterling or Euros. Safest and most stable currency.
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Old 12-10-2017, 01:55 PM
Harold Roth Harold Roth is offline
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Re: Bitcoin

More Bitcoin malarkey. I became perturbed by the amount of volatility with Bitcoin and with the reports of hacking and DOS attacks on Bitcoin-related sites. I also realized that since a Bitcoin was worth such a huge amount, it was not necessary for me to be able to accept more than 100 Bitcoins/day as payment, so I wrote to Bitpay to cancel my request to be moved to a higher merchant tier. My request was returned by the mail system.

Then today they responded and requested that I supply them an EIN (literally, Employer Identification Number) rather than the SSN that I did supply. I have a sole proprietorship and no employees, so I have no need for an EIN; I can and do use my SSN for all necessities. In fact, years ago when I was requested to supply an EIN by some entity I have now forgotten, I called the bureaucracy in question and they said that unless I had employees, I had no need for an EIN. They also came out and said that people were using EINs as bogus SSNs and they were very against that and were no longer giving them out like candy to anyone who asked; only businesses who actually had employees would get one. So since I have never had any employees in my non-art shop and don't intend to have any in the near future for my art biz (I should be so lucky as to need employees for that!), I supplied Bitpay with my SSN when they asked for an EIN. But they would not accept that. That to me seemed sketchy and I told them I was no longer interested in doing business with them at all and removed their payment gateway from my site. I doubt I am losing any business by doing that, but it just annoyed me. They are clearly encouraging people to use an EIN as a bogus SSN in order to avoid paying taxes. Who needs that garbage.

Last edited by Harold Roth : 12-10-2017 at 02:00 PM.
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Old 12-24-2017, 09:15 AM
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Use Her Name Use Her Name is offline
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Re: Bitcoin

Considering US (at least, I do not know about the other countries) currency is not backed up by anything tangible, like "gold," it is valueless anyway.

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I have a sole proprietorship and no employees, so I have no need for an EIN

2 reasons to get an EIN. They are good if you need to buy using wholesale prices which are often cheaper than retail prices. They are useful if you want to use "square" or other credit card accepting devices you can use with a phone or a computer.
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Old 12-24-2017, 04:34 PM
Harold Roth Harold Roth is offline
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Re: Bitcoin

I have been buying wholesale almost twenty years and no wholesaler has ever asked me for any EIN or SSN. The only number I was ever asked for, and that was by one single company, Talas, was a NY State Sales Tax ID that is for manufacturers to use to avoid having to pay or collect sales tax on something that is not to be resold but which is to be used to make something that will be sold and which will require sales tax be collected. The point of it is to avoid having to pay sales tax twice. If you don't have a state sales tax number, you have to pay the sales tax on what you buy but you don't get fenced out of buying wholesale. In fact, the bigger the company I have dealt with in terms of wholesale, the less they gave a damn about anything of the sort. I have bought stuff to make things from huge chemical companies and they never asked me for anything like that.

The ones who DO ask for a sales tax number are almost always NOT wholesalers but instead, distributors. It is their way of weeding out retail customers. A distributor can't give you a wholesale price because they are not wholesalers. A wholesale price should be MAX one/third of what you will sell the thing for. Most of the time, it is a far deeper discount.

I haven't had any need yet to be able to process cards with a phone or a card reader, because I don't sell at art fairs and such and I don't want to.
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