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Cryptocurrency payment in shop

Discussion in 'Suggestions and Feedback' started by TomboyEnthusiast, May 19, 2018.

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Cryptocurrency Payment Options?

  1. Yes please!

    31.0%
  2. Umm, No thanks.

    41.4%
  3. Potato

    51.7%
Multiple votes are allowed.
  1. TomboyEnthusiast

    TomboyEnthusiast Well-Known Member

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    I think it would be cool to be able to buy shop perks in cryptocurrency. That would make it easier for people like me who don't have an income and like mining in our spare time. Not sure if it is even possible with the current shop setup, but it would be awesome if it was :D
     
  2. Aidoneus

    Aidoneus Director Booster

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    Not really something we control. Buycraft controls payment options
     
  3. chugga_fan

    chugga_fan ME 4M storage cell of knowledge, all the time

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    There's also the issue with how cryptocurrency is trans aced, which can take up to 30 minutes and is EXTREMELY volitaile, so it's unlikely that it's stable enough to be usable for such small transactions and such as actually keeping a consistent price
     
    TomboyEnthusiast and BetaPetey like this.
  4. TomboyEnthusiast

    TomboyEnthusiast Well-Known Member

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    @chugga_fan Bitcoin hasn't been fluctuating much the past few weeks, its mainly the smaller alt-coins. There are services that give you a Bitcoin Visa card but not in my country. I guess I'll just have to wait until Paypal adds support or Buycraft does or something. For now, I'll go into hiding again
    Vanish
     
  5. Kronnn

    Kronnn Well-Known Member

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  6. TomboyEnthusiast

    TomboyEnthusiast Well-Known Member

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    @Kronnn You have to also take into account that Bitcoin is ~$8300 USD. The price fluctuation of 2% is such a large amount because of the high exchange rate. The fluctuation from currency to currency does not fluctuate by hundreds of dollars because they are so close in price to begin with. If the USD fluctuated 2% a day it would be minuscule. Also changes in the USD also affect the price of bitcoin drastically. 1 cent fluctuation for USD gets magnified for BTC. It is stable enough that governments are investing in it so honestly the "It is too volatile" argument is invalid in my books. I have ~$10 USD in my Wallet worth of bitcoin, and it only has changed a cent +/- in the last week.

    @chugga_fan As for the long transaction times: It is drastically down from what it used to be. I transferred money from my online wallet to my local wallet (Like ~$5 USD) and it verified and went through in under 5 minutes.
    [doublepost=1527009906,1527009004][/doublepost]Plus if no one accepts it, its value tanks :p So if people aren't investing, it crashes in price. When Valve started accepting it for steam games, its value soared. They stopped due to the network fees being so high, and they pulled out, and it crashed. Network fees are back down to what they were (almost the lowest they've been in a year IIRC).
     
  7. wyndman

    wyndman Well-Known Member

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    Personally I'm waiting for bottle caps to be the currency.
     
  8. The_Icy_One

    The_Icy_One Procrastinates by doing work

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    Based on the fastest drop I can see at a glance in the past week or so, $7370 to $7299 over 15 minutes, there would be around a 90 cent change in price for the largest available package, which costs 50 euros, assuming a 30 minutes transaction time. I imagine adding a 1-2 euro transaction fee would adequately cover that, if Buycraft were to add cryptocurrency options.
     
    TomboyEnthusiast likes this.
  9. Tyandris

    Tyandris Active Member

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    10% markup would cover fluctuation, another 5% on top would account for service fees to exchange it to local currency :v
     
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  10. wyndman

    wyndman Well-Known Member

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    You'd need to convince Buycraft to take it as a currency first, I've already contacted them about bottle caps and await a response.
     
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  11. dragon87tamer

    dragon87tamer Well-Known Member

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    well i hope they accept bottle caps, tho im not sure how i would send them mine XD
     
  12. kikkawaryu

    kikkawaryu Well-Known Member

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    You would send your best courier out to deliver the caps before going to another settlement to help out
     
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