Hey guys,

 

Are any of you guys accepting Bitcoins as payment yet?

 

I don't think I've seen any designers or web host providers offering it...

There are a few hosts that accept it, however I can say we don't have any plans to at present.

 

The main issue is the highly volatile value of the currency, largely caused by the fact that a substantial use of it can be to purchase things that you can't/wouldn't with traditional means and the fact that it's not actually tied or indexed to anything.

 

Jon

Only just been reading about this. I'd be surprised to hear of any companies adopting it this early on. Perhaps some freelancers are considering it, but another currency that's digital? I fear change Kevin Rose has put a lot of investment into it though, right?

I do.

I have never got into the whole bit coin thing. So, no? Haha.

I was considering that and decided I might start accepting Bitcoins later on, purely because they are not very popular yet and none of my clients have ever asked me.

I do not see bitcoin much different to paypal when to comes to online payments. Yes it is volatile but the one clear advantage is you control your money. Not paypal or your banks.

I do not see bitcoin much different to paypal when to comes to online payments. Yes it is volatile but the one clear advantage is you control your money. Not paypal or your banks.

 

Yes - that can be a major advantage, as PayPal have in the past been known to shoot first, ask questions later with things such as disputes. And when they fall between the regulatory cracks you're out of luck with any serious kind of independent appeal.

 

The main disadvantage is, as I say, what BitCoin is tied to - nothing stable. With major currencies they are tied to the economies for their parent nations, and certainly did used to be tied to commodities such as gold (although probably not anymore, as it will have all been sold off long ago no doubt!).

 

BitCoin's value is based solely on the supply of tokens against what can be bought with them. As this changes (sites shut down, etc), the currency can spike or plummet overnight.

 

Still a very interesting experiment though - and the stability can only improve, as acceptance becomes more widespread leading to higher usage.

 

Jon

Totally agree Jon. As with things virtual I worry that the more stable bitcoin becomes more control will enforced.

I personally don't accept it. It's a virtual thing. And there is no guarantee that it will remain stable.

I have a house, wife and kids to look after, as well as a business to run, bills to pay and the tax man to keep happy. So no, I don't work for free, I expect real currency for my time.

I think you have to set up a bitcoin account first to accept payment in bitcoins and that may be a hassle. Do you have to buy one bitcoin to set up an account?

 

Having been paid in bitcoins, the sensible thing would be to cash them immediately, but unfortunately the companies that trade bitcoins frequently go bust, taking your bitcoins or money, and they are all offshore in places where you wouldn't be able to sue them or claim from the liquidator.

If you ask me NO, Bitcomes technically speaking are not a physical commodity and that could create headaches.