NameSilo

For everyone taking crypto as payment

Labeled as discuss in Cryptocurrencies and Digital Currencies, started by MapleDots, Oct 26, 2020

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  1. MapleDots

    MapleDots Top Contributor VIP

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    8yr32um.jpg


    For everyone taking crypto as payment....

    I have never dabbled in crypto and have to admit that I don't know a lot about it.

    That gives me a unique perspective whereas I am thinking more from the customers perspective than the sellers. As in why would I possibly pay via crypto, what happens to my funds and the domain does not deliver?

    I'm reading in a lot of topics where domainers are mentioning they dropped paypal (or got cut off) and have switched to crypto for payment.

    Now as an end user of a domain that would scare me away from buying the domain, and I say that because you here so much about crypto funds being stolen.

    To all domainers using crypto...

    1. What barriers have you encountered?
    2. What positives have you encountered?

    Using paypal or similar offers the buyer some protection, is the answer a combination of crypto/paypal?

    Just asking for discussion here.
     
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  2. xynames

    xynames XYNames.com PRO VIP

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    The positives are - in that I’ve accepted it since 2011 - I’m fabulously ahead! versus the value of the dollars I would have accepted - and most especially because I’ve hodled all the way - never sold any crypto.
     
    Last edited: Oct 26, 2020
  3. garptrader

    garptrader Top Contributor VIP ★★★★★★★★★★

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    For a buyer dealing with a seller in another jurisdiction, there could be risk of nondelivery unless an escrow intermediary is involved. One advantage however would be a faster processing time as banks can hold up payment delivery for international transactions. Note that for .crypto domains listed on Opensea.io, I believe the agreement is basically a smart contract. Once a price is agreed upon and the buyer pays, the domain is automatically transffered to the buyer's wallet address.
     
  4. s.g

    s.g Okay, you've cracked it. There is more to us...

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    Not once? No purchases using your crypto? Kind of like receiving a gold nugget for each working day and for each antique book you no longer want, but never ever swapping any of your nuggets for, let's say, a RTW trip or new roof?

    Pure, perpetual investing?
     
    Last edited: Oct 29, 2020
  5. xynames

    xynames XYNames.com PRO VIP

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    Hodl only. I’ll consider selling some at 50,000.
     
    Last edited: Oct 29, 2020
  6. poweredbyme

    poweredbyme Webmaster & Entrepreneur VIP

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    Barriers:
    1- The biggest barrier is the steep learning curve. Just to receive first coin to the first wallet, you need to learn how to install wallet, which wallet is the best, how to keep coins securely and so on.
    2- Operating a business with no fiat, purely on crypto. As crypto is not widely accepted in most of the daily expenses you still need fiat. In other words you need to convert crypto into fiat if you are a domain seller, and need to buy crypto with fiat if you are a domain buyer.
    3- High fluctuation on crypto value in fiat, in other words, BTC/USD rate.

    Positives:
    1- Crypto allows anyone to keep entire financials private.
    2- Crypto is extremely secure compared to traditional payments and the current chaotic financial system.
    3- For a buyer, it's priceless to keep acquiring cost almost 100% private. If you use Paypal or traditional payment methods, almost everyone in the World knows or can learn if they wish how much you paid for what. Traditional payments can be easily tracked even after 500 years later. It can be a big problem in case of the buyer decides to sell it later for a good profit. In fact, acquiring costs, time and seller&buyer names are a kind of trade secrets that the current financial system does not respect.
    4- For a seller, there is no chargeback.
     
  7. Johnhhh

    Johnhhh New Member

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    You might like bitcoin-options.crypto
     
  8. Satoshi's Domains

    Satoshi's Domains Upgraded Member Gold Account

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    We settled on accepting cash as the default payment method, but offering a discount to users that pay in Bitcoin. We save on fees and the buyer saves on the purchase price when using BTC. They basically get to choose between price and greater protection.

    Being crypto only is most likely going to hurt sales. It's also hard to price domains if you really have a USD/EUR/etc value in mind. You can adjust prices fairly easily in Excel, but at least for us that is too much trouble to do on a regular basis. It also prevents you from listing on most, if not all, aftermarket sites.

    Side note, I believe you can also use DAN to cash out in BTC even if you are paid in cash.
     

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