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Accept Bitcoin as an additional option for payment.

Status: Acknowledged
by Bronc0 on ‎11-23-2013 06:52 PM

 Bitcoin is gaining a lot of attention throughout the world, especially with the tech community, and I think it makes perfect sense for a company like Best Buy to accept Bitcoin as payment. 

 

A small number of businesses have began accepting bitcoin as payment in the last year and the bitcoin community has responed very positively. Some drive 100 miles or more out of their way to support these businesses that have decided to become some of the first to embrace this amazing currency.

 

I know that I would begin shopping at Best buy again just to have an excuse to use my favorite currency, and many others would as well.

 

If you implement it with a service like BitPay which eliminates any risk involved with the volatility of the bitcoin market.

 

I truly feel there would be huge advantages to being on the early side of this and begin accepting bitcoin before the majority of other businesses do.

 

Status: Acknowledged
Thanks for all the input on this idea.
Comments
by jhbtc
on ‎11-23-2013 07:12 PM

I agree with this as well. Bitcoin has huge potential for Best Buy. I would be doing my black friday shopping there if they accepted Bitcoin. Companies like Newegg are looking into doing this; so should Best Buy.

by Valued Contributor
on ‎11-23-2013 08:53 PM

I think it's too soon.  I would like to wait a year or two to ensure the currency is stable.

  • this is a virtual currency, is there any hard assets to back the currency value up?  Perhaps purchasing in Best Buy shares is safer.
  • Ever hear of something call "BarterCard".  It too was a virtual currency.  I don't hear much of it today.
  • does your employer pay you in BitCoin?  The value of BitCoin goes up and down so violently.  If it goes down quickly as it goes up, the currency is worthless.
    http://blockchain.info/charts/market-price
  • Security will take time improve...
    http://en.wikipedia.org/wiki/Bitcoin#Theft_and_exchange_shut_downs
by Bronc0
on ‎11-23-2013 09:07 PM

xl-

 

Yes the bitcoin market has its ups and downs, and as of right now is a risky investment for the individual. However this is about a business accepting it as payment. Using bitpay eliminates the risk involved with the market. Still list the price in US dollars, but when I pay .5BTC for an XBOX One best buy receives the US Dollar amount at the time of purchase. They do not have to play the market like I, the individual wants to. I just wanted to spend my BTC and use it as a currency.

 

No, my employer does not pay me in BTC.

 

Best buy does not have to deal with trading on exchanges (which are improving in security vastly)

 

You are points are making the case as to why individual people should not put a large amount into Bitcoin. These have no effect on best buy accepting it as a form of payment.
They could do so easily, and safely without having to worry about the change in price, and they would appeal to a larger crowd of tech lovers who want to use their digital currency as a currency!

by Valued Contributor
on ‎11-23-2013 10:09 PM

If it's risky for an individual, it is more risky for a large retailer with a large holding of currency.  Everything is fine as the value grows.  But when the value collapses..... the retailer will be unable to pay suppliers.

 

Perhaps for small purchases like coffee or a CD is OK.  But large ticket items like an UltraHD display creates a liability for a retailer.

 

Anyone remember the Internet bubble of 2000?  What about the real estate crisis of 2008?

by Bronc0
on ‎11-23-2013 11:13 PM

You are really trying hard to ignore the part where it is very easy for them to accept it as payment and receive the US Dollar amount through a service like BitPay which is what most businesses that already accept bitcoin use. Bitcoin could be going down in price drastically as the purchase happens, but Best Buy could still receive the appropriate amount in US Dollars.

by Senior Social Media Specialist Senior Social Media Specialist
on ‎11-25-2013 01:35 PM
Status changed to: Tell Us More
The same idea was posted a while back. I'm sure we would need to know a substantial number of our patrons wanted this as an option before we would ever make this change. Would anyone else like to see this as a tender option? Remember to vote for an idea if you like it.
by Bronc0
on ‎11-25-2013 04:57 PM
Allan, Thank you for the response That is Understandable. Its hard to know exactly how many people use and own bitcoin. It is most likely in the hundreds of thousands but less than a million at this point. But it is growing every day. Every day bitcoin forums get questions from people wanting in on this exciting new currency. One subway franchise in Pennslyvania began accepting bitcoin and the entire bitcoin community heard about it that day. Many from all over the northeast traveled hours for a footlong just to show their support for a business that became one of the first. A major company like Best Buy accepting bitcoin would of course be heard by the entire bitcoin community of a few hundred thousand people, but it would also be national news. Any press is good press right? Even if you only implemented it for your online store, or if you selected just a few stores you would see an impact. The last time you saw a post about it bitcoin had a market cap or total worth of less than 100 million dollars. It just recently passed 10 Billion the other day. It is becoming more popular by the day. More and more businesses have started to accept bitcoin as an additional method of payment, and there is every reason to believe a lot more will begin in the near future. But there are considerable advantages to being one of the early ones, or first major retailer on a large scale to accept bitcoin and its anxious to spend community.
by ianmerrill
on ‎11-25-2013 04:59 PM

Hi please start accepting bitcoin!  I purchased hdmi cables earlier today from dinodirect because they took bitcoin as payment.  I had never heard of them before, but I shopped there because they took bitcoin.  I work next door to the Best Buy in Braintree MA.  If Best Buy took bitcoin, I would have just gone and picked up the hdmi cable in the store, so please START TAKING BITCOIN!

by thoerner
on ‎11-25-2013 07:45 PM

I would love to see this as an option. I believe most bitcoin users would love to see this as an option as well. I haven't been to a Best Buy in over a year, but if you started accepting Bitcoin, I'd probably stop in multiple times a month. It would be incredible. PLEASE do this. Thanks!

by Say592
on ‎11-25-2013 08:32 PM
I would also like to see this as an option. I spend several thousand dollars a year at Best Buy for myself, and another couple thousand a year for my business (which accepts Bitcoin via Coinbase). I would certainly make all of those purchases using Bitcoin.
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