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Accept Bitcoin as an additional option for payment.

Status: Acknowledged
by 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
on ‎02-09-2014 01:25 PM
Yes mtgox is self destructing and it's been months in the process now. Everyone in the bitcoin community has seen this coming. This has no connection to the topic of the thread as a business accepting bitcoin would never deal with mtgox or any other exchange. Overstock.com began accepting bitcoin a few weeks ago and thus far it has been a big success for them. I now use them exclusively for a wide variety of products and paying for them is faster and easier than ever. And stop capitalizing the "c" in bitcoin.
by Valued Contributor
on ‎02-10-2014 10:58 AM
by Valued Contributor
on ‎02-22-2014 12:46 PM
by
on ‎03-08-2014 11:09 PM

@xl

 

It doesn't matter that one exchange is failing. That exchange failing only affect itself and its customer, not Bitcoin. They screwed up. Bitcoin does not allow fraud. MtGox's system were the only problem and they got tricked in resending withdrawals that were already sent. Bad tracking. They got warned they weren't tracking properly for the Bitcoin transactions but didn't bother to fix the issue. If not done properly, you could think transactions didn't go through when it did if you don't check balance. Only possible if you send payments, not when you receive. Zero transaction reversal. MtGox's fault, really.

 

That the price is $1 or $1 trillion doesn't matter. It's trivial to add Bitcoin, no reversal, no currency risk exposure. Payment processor will convert to USD instantly when any transaction is received. Best Buy would get a wire daily to their account. Overstock got over a million in sales quickly. They expect 10 million in sales for first year. It's about ~1% increase in sales. Best Buy should consider it as adding any other small payment provider. Not huge for sales, but certainly worth more in sales than the trouble to add it.

by Valued Contributor
on ‎03-08-2014 11:41 PM

Good point... but what happens if an additional exchange stumbles?

https://www.google.ca/search?q=bitcoin+flexcoin

 

Should we be concerned?

https://www.google.ca/search?q=bitcoin+ceo

 

I notice the charts are continuing to trend down in the last 5 days.

 

by Valued Contributor
on ‎04-04-2014 12:14 AM

Suspended China Bank transfers? Coinbase user names/email addresses posted online? Love the bitcoin price momentum this week.

by Valued Contributor
on ‎04-10-2014 01:46 AM

Hmm...

  • Bitcoin mining plateauing?
  • Heartbleed security concerns?
  • tax law changes?

Does everyone like bargain prices?  Keep the momentum going!

by
on ‎06-21-2016 08:23 AM

I agree with this as well. Bitcoin has huge potential for Best Buy.

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