Bitcoin Microtransactions

Expanding the market to bitcoin users would be a smart move despite the willfully ignorant opinions of others out there.

It's really simple:
-sign up with a bitpay service
-bitpay service converts into the fiat currency of your choice
-GGG gets paid on the current exchange rate at the time of transaction
-GGG gets new customers

Hard to see what the fuss is about really.

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glh5 wrote:

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Saffell wrote:

So in your mind would GGG have to constantly adjust the price of MTX when bitcoin fluctuates, or have the profits fluctuate?

There are automatic programs and online wallets that change the price of the MTX, or the GGG points in BTC according to the exchange rates. For example:

https://coinbase.com/merchants

Also so many BTC noobs ITT. Funny that so many people have their opinion ready of something they even have no idea what it is or how it works.

Regardless of any benefits you or anyone elses sales pitch for bitcoin is, what is so hard for you to just convert your BTC to USD and purchase MTX?

What is so hard to understand about "at the time of transaction"?

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Kazigath wrote:

What is so hard to understand about "at the time of transaction"?

Thats not what I'm asking. I want to know why you can't just convert your bitcoins to money and spend your money.

Because it's easier to use a bitpay service. I have to wait 3 days for an exchange and the volatility can change alot in 3 days. Bitpay services are ONLY for merchants (like ggg) not individual traders.

If GGG offered bitcoin acceptance through say coinbase for example I could send them the transaction and within 10 minutes to 30 minutes the money would be there in the account valued at the time of the transaction (in other words ggg gets their money same as they would if they used someones credit card - on top of the fact they wouldn't be pinged a transaction fee or the transaction fee would be somewhere around .5 to 1% - way less than what credit card companies charge).

I stand corrected - Coinbase does not charge any fees for the first $1,000,000.00 in payment processing. After that they charge 1%.

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Saffell wrote:

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Kazigath wrote:

Volatility is EASILY addressed through bitpay services. There is a HUGE untapped market that is waiting to spend their btc. Whether that arrives to GGG in the form of NZD, USD, EUR or whatever the case may be is a decision for owners of the business.

So every single arguement against bitcoin based on volatility falls flat on it's face.

So in your mind would GGG have to constantly adjust the price of MTX when bitcoin fluctuates, or have the profits fluctuate?

The price would be valued subject to whatever denomination GGG prefers to process their accounts in (whether that's USD or NZD - I don't know).

Let me put this as simply as possible. Whatever the price of bitcoin is at the time of transaction is completely irrelevant. GGG gets their equivalent value in a dollar denomination.

I don't see what the problem is?

Say for example bitcoin goes through the roof and becomes worth $100,000 usd - Customer pays in the USD value of the transaction and GGG gets USD in trade equal to whatever they charge their not bitcoin paying customers. Unless of course they want to discount bitcoin as a means of transaction because it's cheaper for them.

That would be the topic of a different thread though.

For example GGG charges all it's customers who want to pay for a MTX of $50.00 usd the bitcoin paying customer pays GGG through coinbase .05 bitcoin ($50.00 usd) transaction goes through the blockchain and merchant (ggg) receives funds of $50.00 usd - not 0.05 bitcoin.

Does this make sense?

Allowing and using bitcoins = stupid idea.

Why?


Bitcoins allows easy RMT trades with items and WE DO NOT WANT That.

Can you speak plainly?

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Kazigath wrote:

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Saffell wrote:

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Kazigath wrote:

Volatility is EASILY addressed through bitpay services. There is a HUGE untapped market that is waiting to spend their btc. Whether that arrives to GGG in the form of NZD, USD, EUR or whatever the case may be is a decision for owners of the business.

So every single arguement against bitcoin based on volatility falls flat on it's face.

So in your mind would GGG have to constantly adjust the price of MTX when bitcoin fluctuates, or have the profits fluctuate?

The price would be valued subject to whatever denomination GGG prefers to process their accounts in (whether that's USD or NZD - I don't know).

Let me put this as simply as possible. Whatever the price of bitcoin is at the time of transaction is completely irrelevant. GGG gets their equivalent value in a dollar denomination.

I don't see what the problem is?

Say for example bitcoin goes through the roof and becomes worth $100,000 usd - Customer pays in the USD value of the transaction and GGG gets USD in trade equal to whatever they charge their not bitcoin paying customers. Unless of course they want to discount bitcoin as a means of transaction because it's cheaper for them.

That would be the topic of a different thread though.

For example GGG charges all it's customers who want to pay for a MTX of $50.00 usd the bitcoin paying customer pays GGG through coinbase .05 bitcoin ($50.00 usd) transaction goes through the blockchain and merchant (ggg) receives funds of $50.00 usd - not 0.05 bitcoin.

Does this make sense?

So GGG doesn't really accept bitcoins then, it goes through someone else. Let's say GGG sell the fire hat for $10. By adding bitcoins some other company does all the other work charges GGG a small fee and they get $9.90 (I think the one site said they don't charge a transaction for the first $1,000,000 in transactions). The % of transaction fee was made up by me for argument purposes. The $1,000,000 dollar cap on transaction fee's negates most of the downside. However, there is still an implementation cost, mostly as an opportunity cost of developer time.

Accepting bitcoins is really only valuable if GGG has a number of customers that would buy MTX with bitcoins, but for some other reason would not buy them with cash. I feel like most people are blowing smoke about the amount of MTX they would buy if bitcoin were accepted. However, if you really believe in this the best way to get bitcoins accepted would be to email support or maybe Chris solid numbers. Like, "I cannot / refuse to buy MTX with credit cards, paypal, or playsafe. If you were to accept bitcoins I would buy $XXX in MTX."

By stating the value you would like to buy it gives GGG the real information they need to make a business decision.

The cost of implementation? There's very little implementation cost. Coinbase has done mots of the work:
https://coinbase.com/docs/merchant_tools/payouts