discuss Why don't add Bitcoin / Crypto Payments in Afternic.com / Sedo.com / Escrow.com

[ramkumaritrvs]

Hello Np'ers,

As we all are aware of the Crypto / Bitcoin payments is so easy to send and receive, why these big companies didn't take steps into accepting / payout in crypto payments?

> No extra fees like credit card fee / bank fee
> Quicker than bank transfer
> No limitation
> No reversal issue like credit card hack etc.,
and many more features in using crypto payments...

Love to hear feedback from,

@Joe Styler ,@Jackson Elsegood

 

[WhoaDomain.com]

Cryptos are too volatile.

especially if dealing with Bitcoin which takes days even weeks to resolve a transaction and the high fees to transfer bitcoin and convert bitcoin. Then the hassle of going into an exchange just to trade your bitcoin for USD.

maybe Ripple XRP you can do. It's cheap and fast.

But even then. To convert to USD or Fiat. you need to be savvy in the exchanges.

sometimes the amount paid for a domain would end up being more or less than what you started with.

It's like the seller telling the buyer assuming the agreed price was say $1000.

"yea sure! you can pay with crypto. But the price will be anywhere from $800 - $2000. Depending on the current exchange rates."

what domain markets should do is force all users who plan to buy domains to prefund their accounts and make that a default.

 

[Joe Styler]

It is something we are keeping an eye on but not something we have planned in the near future.

 

[ramkumaritrvs]

Seller and buyer should fix the price in bitcoin / crypto instead of usd is 1st option.

2nd option is,
if you are paying for .com domain registration @ namesilo.com by bitcoin payment, they will ask to pay $8.99 worth of bitcoin. Price is volatile but btc price of $8.99 while creating an order will secure the value of it.

As everyone aware of the price volatile, seller may sell it for morethan $$ if he hold / wait for pump (or) price can crash and he might loss few $$ for immediate sell.

 

[Apprich]

Because those companies following world of technology from behind...New companies can easily take over them if they stay behind like these in coming years, world is turning around quite fast.

 

[awwalmb]

Yes volatility is a big issue. Perhaps usd tether (usdt)?

 

[Furquan]

No bitcoin fees,

You are wrong there are 18% to 15% bitcoin transaction fees.

But if you means "Bitcoin Cash" then ya there is little or no fee for bitcoin cash transaction

 

[Joshua Harding]

Cryptos are too volatile.

especially if dealing with Bitcoin which takes days even weeks to resolve a transaction and the high fees to transfer bitcoin and convert bitcoin. Then the hassle of going into an exchange just to trade your bitcoin for USD.

maybe Ripple XRP you can do. It's cheap and fast.

But even then. To convert to USD or Fiat. you need to be savvy in the exchanges.

sometimes the amount paid for a domain would end up being more or less than what you started with.

It's like the seller telling the buyer assuming the agreed price was say $1000.

"yea sure! you can pay with crypto. But the price will be anywhere from $800 - $2000. Depending on the current exchange rates."

what domain markets should do is force all users who plan to buy domains to prefund their accounts and make that a default.

While I agree that volatility is a concern, plenty of exchanges offer instant conversion payment processing. Completely hands off, customer pays in crypto, you receive fiat.

As the crypto space continues to mature, we'll see more and more of these issues resolved, e.g. Request Network.

Keep your eyes peeled on the horizon - crypto has a lot of room to grow, and it's moving fast!

 

[frank-germany]

bitcoinpay.com

put it on your own form

 

[tonyk2000]

Big companies will be the last to add this. This is not say that company "size" is something negative from customers point of view, to the contrary, it may mean more stability and predictability... But, when a company announces that one John Doe is now their "7th Senior Marketing Vice President" and the like - it often means a lot of bureaucracy and lost connection with a reality ("we know better").

 

[biggie]

poll is showing most domainers liked and want to add crypto payments.
.

the tally of the poll, does not reflect what most domainers like or want

it only reflects views of those who voted

imo.....

 

[johname]

Imagine the TOS update that would be needed:

"You understand that if you accept Bitcoins for a payment for your domain sale, that you may lose up to 100 percent of the value of your coins during a moment of a crash. You agree to not hold StopMommy.com libel for any loss in a down turn market if you chose this type of payment. Please sign and send to us by certified mail Thank You."

Companies that are already successful don't want to deal with these financial instruments. And possible partnering in tax invasion, money laundering. Too easy not to do it.

 

[Jason.tv]

I am working on Dneth.com - a domain aftermarket which allows users to buy and sell domains for crypto.

 

[b2betrade]

Undeveloped.com also accepts & payouts in bitcoin.

I got domain sell payment in bitcoin from undeveloped, instant received & also saved almost $150 bank charges.

 

[Apprich]

This.

Besides, integrating new payment methods means development. It's not worth the time and effort to please a limited number of customers. Of course, this could bring in new customers but still.

These companies are already fighting fraud all day long, so adding BTC is not going to help. This would add the dimension of money laundering to their existing problems.

There are full of legit companies on internet already let users buy sell crypto assets. And fraud argument is useless, domainer companies should follow world in advance.
And other argument is Crypto is volatile is meaningless.. Volatile considering what? you take reference of fiat currency for volatility.. But in crypto is complete different they consider fiat is volatile because 1 btc = 1 btc for them. Peep want trade domains with bitcoin or any other crypto. sell domain get bitcoin and they may not want fiat currency.

 

[slader23]

I could see a stable coin like USDT/EURT and JPYT(soon) as @Avtar629 spoke about earlier being used for this kind of transaction, but, the currency itself would need to be audited a lot more frequently. This would actually make the most sense, however, the only issue with this is that none of the current tether pegs are reedeemable for actual fiat, so if the reciepient wanted it to be deposited in fiat the escrow company would need a broker or use BTC futures contracts to be able to deposit it at the original transaction value in USDT/EURT/JPYT minus fees.


The liquidity is there, but the price volatility at this point in time is too high. Relative beta in regards to the movements of bitcoin in comparison to altcoins is also high. BTC/Altcoin escrow services could potentially be a solution (Check out escrowcoin), but it will take some time for it to be perfected.

 

[MattDomainNames]

Epik's Escrow service accepts bitcoin -

https://www.epik.com/services/escrow/

 

[Premiums]

i vote no
crypto "currency" is a scam

 

[Joshua Harding]

Too much risk to be widely used. Keep in mind with thin profit margins when Godaddy registers a.com for $7.99 they may end up losing money on a crypto purchase during high volatility days.

There are plenty of services/exchanges that offer direct conversion from BTC to fiat instantly, negating this potential issue.

 

[Joshua Harding]

so if Godaddy sells say 10,000 domain registrations at $7.99 in a day approximately how much would they net if using the instant BTC exchange you are referring to? Can each domain be exchanged for fiat immediately or must it be a bulk transaction and not 10,000 daily trabsactiosn?

Each transaction would be processed separately, and instantly at the time of purchase. Depending on the liquidity of the exchange or service provider (accounting for slippage + spread), GoDaddy would net between 98-100%.

 

[ramkumaritrvs]

Less security IMO

It's decentralized and more secure than your bank. you have to use secure password and should follow few security tips just like ATM pin.

Volatile is good for me (holder). I sold a domain for 1 bitcoin (@ $3500) and now it's worth $7500+.

I got 2X profit on the sold domain name. If you are afraid of negative / dump price, just sell btc immediately once you received or don't use bitcoin payout.

Holder's or smart investors only prefer Bitcoin payout to hold more.

100% it's risk and there is a chance for your money value go to $0.

Understand the risks and rewards before use it.

Jmo.

 

[Kate]

Cryptos are too volatile.

This.

Besides, integrating new payment methods means development. It's not worth the time and effort to please a limited number of customers. Of course, this could bring in new customers but still.

These companies are already fighting fraud all day long, so adding BTC is not going to help. This would add the dimension of money laundering to their existing problems.

 

[ramkumaritrvs]

It's not worth the time and effort to please a limited number of customers.

poll is showing most domainers liked and want to add crypto payments.

These companies are already fighting fraud all day long, so adding BTC is not going to help. This would add the dimension of money laundering to their existing problems.

I don't think so. money laundering is not possible unless you sell btc for cash. It's a rare case and all currency facing this issue.

most of the people buy and sell btc online. It can't be hide and every transaction have public ledger across thousands nodes.

 

[Mlebo]

I haven't checked does Ecrow.com take crypto?

 

[ramkumaritrvs]

I haven't checked does Ecrow.com take crypto?

No, None of the payment processing companies like escrow, payoneer and marketplaces like afternic,sedo didn't started to using it.

But most of registrar's like namecheap,namesilo,epik and gandi started using bitcoin.